Travel-Ready Center allows passengers with booked tickets to view country-specific entry requirements and schedule tests, and will soon allow customers to upload and store their vaccination records on the website before they travel. American’s online travel tool on the company’s website already allows passengers to store required documents like proof of negative coronavirus tests.

One airline that has been focusing on flights between the United States and international destinations is not a U.S. carrier, but a Middle Eastern one: Emirates. The United Arab Emirates opened up to leisure and business travelers last July and Emirates is already offering direct service to Dubai from Los Angeles, San Francisco, Dallas, Houston, Chicago, Washington, D.C., New York and Boston. Passengers can also connect from there to other destinations in the Middle East, Africa and West Asia. The company recently announced it would resume its flight between Newark and Athens on June 1.

health and cleaning protocols they put in place during the pandemic. Some have been adding on-site virus testing. In addition, so-called “touchless technology,” like phone apps for ordering food, will continue to be rolled out. A report by Medallia Zingle, a communications software maker, found that 77 percent of consumers surveyed said the amount of in-person interaction required at a business will factor into their decision on whether or not they visit that business.

Marriott, one of the world’s largest international hotel companies, with some 7,600 hotels under 30 brands, has implemented a set of practices it calls Commitment to Clean that includes sanitizing properties with hospital-grade disinfectants, using air-purifying systems and spreading out lobby furniture to facilitate social distancing. Some properties offer free coronavirus testing.

Recently the company announced a pilot program introducing self-serve check-in kiosks that create room keys and allow guests to bypass the front desk. It is also adding more “grab and go” food options.

Hyatt, another major international brand, is also continuing to focus on cleanliness. Currently, it is working with the Global Biorisk Advisory Council and Cleveland Clinic to create its Global Care and Cleanliness Commitment. Those practices will “remain in place during the pandemic and beyond,” Amy Weinberg, Hyatt’s senior vice president of loyalty, brand marketing and consumer insights, wrote in an email.

its Hôtel du Palais in Biarritz, France, one of its last remaining closed properties. Almost all Hyatt properties have been open since last December, and in February the company began arranging for guests staying at Hyatt resorts in Latin America who planned to travel back to the United States to get free on-site coronavirus testing.

IHG’s Kimpton brand with 73 hotels in 11 countries plans on modifying its protocols this summer where it feels they are safe and local ordinances allow — for example, bringing back the manager-hosted social hour, a guest favorite.

The four Kimpton hotels in Britain that closed because of the pandemic are currently scheduled to reopen by the end of May. A new Kimpton property in Bangkok that opened in October of 2020 to local guests will welcome international travelers this fall. The company also plans to open a new hotel in Bali and one in Paris later this year.

“Hoteliers are chafing at the bit” to reopen and are able to do so quickly, said Robin Rossman, the managing director of the hospitality analytics company STR. The global hotel sector, though, will likely take up to two years to make a full return, he said.

Geographic Expeditions, which did not run any trips last summer, reported that its bookings have picked up significantly in the past few months. It plans to run 20 international trips this summer, both to familiar destinations such as the Galápagos, and some off the beaten path, including Pakistan and Namibia. There are only about 25 percent fewer guests signed up now than there were for 2019 summer trips, according to the chief executive, Brady Binstadt, and they are “spending more than before — they’re splurging on that nicer hotel suite or charter flight or special experience.”

The company chose its first destinations based on entry requirements and client interest and then adjusted itineraries to avoid crowds, minimize internal flights and make sure guests had access to required testing. One expedition required flying a Covid-19 test into a safari lodge in Botswana via helicopter.

A guest recently moved a Geographic Expeditions trip planned for 2022 departure forward to 2021. The company hopes this will become a trend.

Abercrombie & Kent restarted its small-group and private trips last fall and early winter to places like Egypt, Costa Rica and Tanzania, and is continuing to expand choices as countries open up. “There’s been a noticeable spike in people calling who have had their first vaccine,” said Stefanie Schmudde, the vice-president of product development and operations. Bookings in March rose more than 50 percent over bookings in February, according to the company.

Ms. Schmudde monitors global travel conditions intently, and can rattle off names of countries that have been open to tourists for a few months and those she expects to open soon. She predicts Japan and China will open up this fall, but does not expect Europe to welcome many visitors any time soon.

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Retail Sales Jump and Jobless Claims Drop in New Signs of Recovery: Live Updates

filed first-time claims for state unemployment benefits last week, the Labor Department said Thursday, a decrease of 153,000 from the previous week.

In addition, 132,000 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 20,000 from the previous week.

Neither figure is seasonally adjusted.

In another sign of the recovery underway, retail sales surged in March, the Commerce Department said on Thursday, as Americans spent their latest round of government stimulus checks and the continued roll out of coronavirus vaccines lured more people back into stores.

The 9.8 percent increase last month was a strong comeback from the nearly 3 percent drop in February.

With the pandemic’s end seemingly in sight, the economy is poised for a robust comeback. But weekly applications for unemployment claims have remained stubbornly high for months, frustrating the recovery even as businesses reopen and vaccination rates increase.

“The job market conditions for job seekers have really improved extremely quickly between January and now,” said Julia Pollak, a labor economist at the job site ZipRecruiter. “But there are still huge barriers to returning to work.”

Jobless claims for the next few months could remain much higher than they were before the pandemic as the labor market adjusts to a new normal.

Concerns about workplace safety persist, especially for workers who are not yet vaccinated. Many children are still attending schools remotely, complicating the full-time work prospects for their caregivers.

But there is hope on the horizon as those barriers begin to fall. President Biden moved up the deadline for states to make all adults eligible for vaccination to April 19, and every state has complied. Students who have been learning remotely will begin to return to the classroom in earnest.

“This was the deepest, swiftest recession ever, but it’s also turning into the fastest recovery,” Ms. Pollak said. “And I don’t think we should lose sight of that just because some of the measures are a little stubborn.”

A store in Lower Manhattan. Retail sales rebounded in March, highlighting the importance of stimulus payments to consumer spending.
Credit…Gabby Jones for The New York Times

Retail sales surged in March, the Commerce Department said on Thursday, as Americans spent their latest round of government stimulus checks and the continued roll out of coronavirus vaccines lured more people back into stores.

The 9.8 percent increase last month was a strong comeback from the nearly 3 percent drop in February, when previous stimulus money had dissipated and a series of winter storms made travel difficult across much of the United States.

The rebound in March sales shows how, a year after the nation’s economy locked down to prevent the spread of the virus, consumer spending remains highly dependent on government support. It also reflects that many areas of consumption frozen by the pandemic have bounced back. Sales of clothing and accessories rose 18 percent, while restaurants and bars saw a 13 percent increase.

President Biden’s $1.9 trillion American Rescue Plan, which was signed into law last month, provides direct payments of $1,400 to lower-income Americans. Many of these checks began arriving in households toward the end of last month, when economists saw signs that spending was ramping up again, such as increased hotel occupancy and travel through airports.

Economists at Morgan Stanley had predicted that core retail sales would jump 6.5 percent in March, driven by the stimulus checks that started arriving in people’s bank accounts around March 17. The investment bank said 30 percent of consumers tend to spend their checks within the first 10 days, suggesting that many other consumers have yet to spend their checks, which could strengthen April sales.

More broadly, American consumers are also feeling increasingly optimistic as more people become vaccinated and venture out more frequently. One measure of consumer confidence, tabulated by the Conference Board, said confidence increased about 20 points in March from February, fueled by increased income and stronger business and employment expectations.

The Thomson Reuters offices in Times Square. The company’s media organization will begin charging for access to its website.
Credit…Andrew Kelly/Reuters

Reuters will begin charging for access to its website as it tries to capture a slice of the digital subscription business.

The company, one of the largest news organizations in the world, announced the new paywall on Thursday, as well as a redesigned website aimed at a “professional” audience wanting business, financial and general news.

After registration and a free preview period, a subscription to Reuters.com will cost $34.99 a month, the same as Bloomberg’s digital subscription. The Wall Street Journal’s digital subscription costs $38.99 a month, while The New York Times costs $18.42 monthly.

Reuters.com attracts 41 million unique visitors a month. Months of audience research showed that those readers were divided in two separate groups: those wanting breaking news and professionals looking for context and analysis about how news affected their industry, Josh London, chief marketing officer at Reuters, said in an interview.

Reuters will roll out new sections on its website for subscribers in coming weeks that include coverage of legal news, sustainable business, energy, health care and the auto industry. It also plans to introduce industry-specific newsletters.

Mr. London described the new website as “the largest digital transformation at Reuters in a decade.” He declined to provide specifics on digital subscription goals but said that it represented “a major opportunity for us.”

Arlyn Gajilan, the digital news director at Reuters, said she expected to expand the digital team working on the revamped website.

On Monday, Reuters announced that Alessandra Galloni, a global managing editor, would become its next editor in chief. Ms. Galloni, who will be the first woman to helm the news agency in its history, starts her new role on Monday. She takes over from Stephen J. Adler, who retired after running Reuters for a decade.

Ms. Gajilan said that Ms. Galloni had been closely involved in the new direction of Reuters.com.

“She’s a very strong advocate for all things digital at Reuters,” Ms. Gajilan said.

Coinbase’s market debut was displayed on the Nasdaq tower in Times Square on Wednesday.
Credit…Gabby Jones for The New York Times

U.S. stocks are set to rise when trading begins on Thursday as more companies report first-quarter earnings and retail sales data is expected to show a big increase in spending in March.

The S&P 500 was expected to open 0.5 percent higher, futures indicated.

After a bumper market debut, Coinbase shares rose 11 percent in premarket trading. On Wednesday, the cryptocurrency exchange ended its first day of trading at $328.28 a share, valuing the company at nearly $86 billion — more than 10 times its last valuation as a private company.

Shares in Bank of America rose 2.5 percent in premarket trading after the company reported better-than-expected revenue from sales and trading. The bank joins its peers in reporting a jump in earnings. On Wednesday, executives at Goldman Sachs, JPMorgan Chase and Wells Fargo all delivered upbeat economic forecasts.

Retail sales rose 5.8 percent in March, according to economists surveyed by Bloomberg, rebounding from a 3 percent drop the previous month.

Dan Rozycki, president of the Transtec Group in Texas, is looking at alternatives for his semiconductor supplies.
Credit…Ilana Panich-Linsman for The New York Times

Shortages of semiconductors, fueled by pandemic interruptions and production issues at multibillion-dollar chip factories, have sent shock waves through the economy. Questions about chips are reverberating among both businesses and policymakers trying to navigate the world’s dependence on the small components.

Most attention has focused on temporary closings of big U.S. car plants. But the chips are in everything from cash registers and kitchen appliances, and the problem is affecting many other sectors, particularly the server systems and PCs used to deliver and consume internet services that became crucial during the pandemic, Don Clark reports for The New York Times.

“Every aspect of human existence is going online, and every aspect of that is running on semiconductors,” said Pat Gelsinger, the new chief executive of the chip maker Intel who attended the meeting with the president on Monday. “People are begging us for more.”

The chip shortage potentially affects just about any company adding communications or computing features to products. Many examples were described in 90 comments filed by companies and trade groups to a supply chain review by President Biden, including a laundry list of needs from industry giants like Amazon and Boeing.

Dan Rozycki is the president of a small engineering firm, that sells small sensors used to monitor construction sites to ensure concrete is hardening properly. His firm is for now among the lucky chip users. It planned ahead and has enough chips to keep making the roughly 50,000 sensors it supplies each year to construction sites. But his distributor has warned him it might not be able to deliver more of them until late 2022, he said.

“Is that going to halt those projects?” Mr. Rozycki asked. He is scouring the market for other distributors that might have the two needed chips in stock. Other possibilities include redesigning the sensors to use different chips.

Instagram is developing a service for children as a way to keep those under 13 off its main platform.
Credit…Jenny Kane/Associated Press

An international coalition of 35 children’s and consumer groups called on Instagram on Thursday to scrap its plans to develop a version of the popular photo-sharing app for users under age 13.

Instagram’s push for a separate children’s app comes after years of complaints from legislators and parents that the platform has been slow to identify underage users and protect them from sexual predators and bullying.

But in a letter to Mark Zuckerberg, the chief executive of Facebook — the company that owns the photo-sharing service — the nonprofit groups warned that a children’s version of Instagram would not mitigate such problems. While 10- to 12-year-olds with Instagram accounts would be unlikely to switch to a “babyish version” of the app, the groups said, it could hook even younger users on endless routines of photo-scrolling and body-image shame.

“While collecting valuable family data and cultivating a new generation of Instagram users may be good for Facebook’s bottom line,” the groups, led by the Campaign for a Commercial-Free Childhood in Boston, said in the letter to Mr. Zuckerberg, “it will likely increase the use of Instagram by young children who are particularly vulnerable to the platform’s manipulative and exploitative features.”

The coalition of nonprofit groups also includes the Africa Digital Rights’ Hub in Ghana; the Australian Council on Children and the Media; the Center for Digital Democracy in Washington; Common Sense Media in San Francisco; the Consumer Federation of America; and the 5Rights Foundation in Britain.

Stephanie Otway, a Facebook spokeswoman, said that Instagram was in the early stages of developing a service for children as part of an effort to keep those under 13 off its main platform. Although Instagram requires users to be at least 13, many younger children have lied about their age to set up accounts.

Ms. Otway said that company would not show ads in any Instagram product developed for children younger than 13, and that it planned to consult with experts on children’s health and safety on the project. Instagram is also working on new age-verification methods to catch younger users trying to lie about their age, she said.

“The reality is that kids are online,” Ms. Otway said. “They want to connect with their family and friends, have fun and learn, and we want to help them do that in a way that is safe and age-appropriate.”

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How Working From Home Changed Wardrobes Around the World

Have months of self-isolation, lockdown and working from home irrevocably changed what we will put on once we go out again? For a long time, the assumption was yes. Now, as restrictions ease and the opening up of offices and travel is dangled like a promise, that expectation is more like a qualified “maybe.” But not every country’s experience of the last year was the same, nor were the clothes that dominated local wardrobes. Before we can predict what’s next, we need to understand what was. Here, eight New York Times correspondents in seven different countries share dispatches from a year of dressing.

Italian Vogue called “a luxury version of classic two-piece sweats.”

Fabio Pietrella, the president of Confartigianato Moda, the fashion arm of the association of artisans and small businesses, said that while consumer trends indicated a shift from “a business look to comfort,” it was “not too much comfort.” Italian women, he said, had eschewed sportswear for “quality knitwear” that guarantees freedom of movement but with “a minimum of elegance.”

flyest city on the planet.

In the Senegalese capital, at Africa’s westernmost tip, men in pointy yellow slippers and crisp white boubous — loosefitting long tunics — still glide down streets dredged with Saharan dust. Young women still sit in cafes sipping baobab juice in patterned leggings and jeweled hijabs. Everyone from consultants to greengrocers still wears gorgeous prints from head to toe.

Occasionally they now wear a matching mask.

While much of the world was shut up at home, many people in West Africa were working or going to school as normal. Lockdown in Senegal lasted just a few months. It was impossible for many people here to keep it up. They depend on going out to earn their living.

the poet and revolutionary Amílcar Cabral loved.

joint report by the Boston Consulting Group and Retailers Association of India.

While infections were low during the winter, the past few weeks have seen cases rising to staggering levels in many parts of the country. Right now, it looks as though many people will be working from home for most of 2021 too.

For Ritu Gorai, who runs a moms network in Mumbai, that means she has barely shopped at all, instead using accessories like scarves, jewelry and glasses to jazz up her look and add a little polish.

For Sanshe Bhatia, an elementary schoolteacher, it has meant trading her long kurtas or formal trousers and blouses for caftans and leggings. In order to encourage her class of 30 kids to get dressed in the morning rather than attending lessons in their pajamas, she takes care to look neat and makes sure her long hair is brushed properly.

into a tailspin,” interviews with a range of Parisians suggest a compromise of sorts had been reached.

When Xavier Romatet, the dean of the Institut Français de la Mode, France’s foremost fashion school, went back to work, he didn’t wear a suit, but he did wear a white shirt under a navy blue cashmere sweater and beige chinos, as he would at home. He paired his outfit with sneakers by Veja, a French eco-friendly brand.

Similarly, Anne Lhomme, the creative director of Saint Louis, the luxury tableware brand, dresses the same whether remotely or in person. A favorite look, she said, includes a camel-colored cashmere poncho “designed by a friend, Laurence Coudurier, for Poncho Gallery” and loosefitting plum silk pants. Also lipstick, earrings and four Swahili rings she found in Kenya.

light blue or white shirts, which I buy at Emile Lafaurie or online from Charles Tyrwhitt, with a round-collar sweater if it’s cold” — and, from the waist down, “Uniqlo pants in stretch fabric.”

And Sophie Fontanel, a writer and former fashion editor at Elle, said, “I am often barefoot at home, alone, wearing a very pretty dress.”

Daphné Anglès

Fifth, as well as high-fashion labels, have focused on bright satin, silk and linen shirts with bow ties or stand-up collars, striped patterns or gathered sleeves. The trend for such showy tops has led to a boom in clothing subscription services.

One such platform, AirCloset, announced that 450,000 users had subscribed in October 2020, three times more than in the same period in 2019. Often users request tops only (one bottom item is usually included), and there is now a limit of three in any one order.

“Customers prefer brighter colors to basics such as navy or beige for online meetings, or they prefer asymmetric design tops,” said Mari Nakano, the AirCloset spokeswoman. About 40 percent of subscribers are working mothers for whom the subscription service saved time because they didn’t have to be bothered with washing. They just put the tops in a bag, return them and then wait for the next package to arrive with their new items.

Hisako Ueno

Ushatava, an independent label of sleek, geometrically tailored sleek designs in mostly muted natural colors. It was founded in Yekaterinburg, a city in the Ural Mountains that in the last few years has turned into a Russian fashion hub. 12Storeez, another rising brand from Yekaterinburg, saw its turnover balloon by 35 percent over the last year, even as the market overall shrank by a quarter, said Ivan Khokhlov, one of the founders.

Nastya Gritskova, the head of a P.R. agency in Moscow, said the effect of the pandemic was that for the first time in the Russian capital people stopped “paying attention at who wears what.” Yet last fall, when the government eased coronavirus-related restrictions, things started going back to normal.

“There isn’t a pandemic that can make Russian women stop thinking about how to look beautiful,” she said.

Ivan Nechepurenko


Elisabetta Povoledo, Ruth Maclean, Mady Camara, Flávia Milhorance, Shalini Venugopal Bhagat, Daphné Anglès, Hisako Ueno and Ivan Nechepurenko contributed reporting.

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Former Condé Nast Editor Plans a Vanity Fair for the Substack Era

A former editor at Vanity Fair has been working for more than a year to create a digital publication with a business twist: Its writers will share in subscription revenue.

Think of it as Vanity Fair meets Substack, the subscription newsletter platform that has attracted big-name authors.

The new company behind the publication, Heat Media, hopes to unveil it in the coming months, four people with knowledge of the matter said. The start-up is partly the brainchild of Jon Kelly, a former editor at Vanity Fair who worked under its previous editor in chief, Graydon Carter.

If all goes to plan, the start-up’s contributors would include writers whose contacts include the power elite of Hollywood, Silicon Valley, Washington and Wall Street. An annual subscription would cost $100 and could include a daily newsletter, a website and access to events, the people said. The publication does not yet have a name. One under consideration is Puck, the name of an American humor magazine of the late 1800s and early 1900s.

invest in the “geek culture” website Fandom, which recently acquired gaming website Focus Multimedia. Last year, a TPG affiliate acquired the soccer site Goal.com, and the firm recently announced plans to acquire a stake in DirectTV.

The cash from the two firms would give the start-up some security at a time when some of the biggest players in digital publishing, such as BuzzFeed, Vice, Vox Media and Group Nine, have stumbled as the pandemic ravaged the ad industry.

Mr. Kelly’s business partners are Joe Purzycki, a founder of the podcasting company Luminary Media, and Max Tcheyan, who helped build the sports site The Athletic, the people said.

Two people who have seen a pitch deck on the company’s plans said that its potential competitors are the Washington news site Axios, the tech news site The Information and Vanity Fair.

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Fervor Over Coinbase I.P.O. Spreads: Live Business Updates

Coinbase, a company that allows people and companies to buy and sell various digital currencies, begins publicly trading on Wednesday, after its shares received a reference price of $250 each on Tuesday evening.

Coinbase, which makes money through transaction fees, estimated it took in $1.8 billion in revenue in the first three months of the year as crypto prices have soared. On Wednesday, the fervor continued: Dogecoin, a cryptocurrency which started as a joke, jumped to a new high (albeit just 14 cents), and Bitcoin, the largest cryptocurrency, climbed above $64,000 to its own record high.

Shares in blockchain-linked companies also rose in premarket trading. Riot Blockchain shares rose nearly 5 percent. Shares in Bit Digital, a Chinese bitcoin mining company, rose nearly 25 percent in premarket trading in the United States.

Brian Armstrong, co-founder and chief executive of Coinbase, at the company’s office in San Francisco in 2017.
Credit…Michael Short/Bloomberg

Coinbase, the cryptocurrency exchange, is set to begin trading on the Nasdaq on Wednesday — and probably at a much higher valuation than the $65 billion preliminary estimate set last night. Here’s what you need to know about crypto’s move into the mainstream.

The company is the first major crypto business to trade publicly in the U.S. Its size means that its stock is likely to be held by mainstream index funds, giving average investors (indirect) exposure to the world of crypto. “Hopefully Coinbase going public and having its direct listing is going to be viewed as kind of a landmark moment for the crypto space,” Brian Armstrong, Coinbase’s chief executive, told Andrew in a CNBC interview.

Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream. On Wednesday, Coinbase, a start-up that allows people to buy and sell cryptocurrencies, goes public on Nasdaq, marking the biggest step yet toward wider acceptance.

From Crypto Art to Trading Cards, Investment Manias Abound

Each market frenzy seems crazier than the last. But all have the same roots.

Why an Animated Flying Cat With a Pop-Tart Body Sold for Almost $600,000

A fast-growing market for digital art, ephemera and media is marrying the world’s taste for collectibles with cutting-edge technology.

Coinbase Users Say Crypto Start-Up Ignored Their Pleas for Help

As Coinbase prepares to be the first major cryptocurrency company to go public, it is struggling with basic customer service, users said.

Cryptocurrency Start-Up Underpaid Women and Black Employees, Data Shows

An analysis of internal pay data at the San Francisco company Coinbase shows disparities that were much larger than those in the tech industry.

Satoshi Tsunakawa, the chairman of Toshiba, in 2017. He will succeed Nobuaki Kurumatani, the company’s chief executive and president, whose departure was announced Wednesday.
Credit…Toru Hanai/Reuters

Toshiba announced on Wednesday the resignation of its top executive, Nobuaki Kurumatani, a move that comes as the Japanese conglomerate faces a potential buyout and a shareholder-initiated investigation into its management practices.

The board appointed Satoshi Tsunakawa — the current chairman and previous president — to replace Mr. Kurumatani, the company said in a brief statement. It did not explain the reason for the change.

Toshiba, once among the crown jewels of Japanese industry, a maker of products ranging from personal printers to railroad locomotives, has struggled in recent years, overshadowed by the legacy of a major accounting scandal and its acquisition of the American nuclear power company Westinghouse, which declared bankruptcy in 2017.

Seeking to rebuild, Toshiba looked for a new leader from outside its own ranks, and in 2018 it appointed Mr. Kurumatani, an executive with CVC Capital Partners, a private equity company based in Europe, as chief executive. It was an unusual decision for a company that had long been headed by company insiders. Last year, he was appointed president, solidifying his control over the firm.

During a news conference Wednesday, board member Osamu Nagayama deflected questions about the resignation, saying that Mr. Kurumatani, 63, had been considering the move for months and had come to the decision with his family. Unusually, Mr. Kurumatani did not make an appearance, but in a letter that was read aloud to reporters, he said he had chosen to resign after “achieving my mission to rebuild the company.”

The announcement on Wednesday followed months of unrest at Toshiba as disgruntled shareholders agitated for reforms aimed at improving the company’s performance and increasing its value.

Toshiba investors tried to shake up the company’s management at the annual general meeting last summer. But Mr. Kurumatani was re-elected — albeit with less than 60 percent of the vote — following a showdown that angered some key shareholders and raised questions about whether the company had inappropriately interfered in the decision.

Effissimo Capital Management, a Singapore-based hedge fund that holds about 10 percent of the company and had led the campaign to unseat its management team, subsequently called for an investigation into the outcome. Other shareholders agreed, voting, over management’s objections, to begin an independent inquiry in March.

Earlier this month, Toshiba announced that it had received a buyout offer from CVC Capital Partners for a reported $20 billion, a substantial premium on the company’s share price. The offer has raised questions of conflict of interest, as Mr. Kurumatani had previously served as president of CVC’s Japan office.

In recent years, Japanese companies have increasingly been the focus of activist investors from abroad, who believe that sclerotic management and opaque governance practices have prevented many of Japan’s blue chip firms from achieving their full value.

Hisako Ueno contributed reporting.

Lemonade, which sells insurance to consumers online, went public in July. Individual investors make up about half of its shareholder base.
Credit…Associated Press

Dozens of companies are suddenly paying more attention to individual investors.

Small investors who buy single stocks have not been a major force in financial markets for the better part of half a century. They were growing in influence before the pandemic, partly because of the popularity of free trading apps such as Robinhood.

But with millions of Americans stuck at home during the pandemic, the trading trend escalated, Matt Phillips reports for The New York Times.

“Retail trading now accounts for almost as much volume as mutual funds and hedge funds combined,” Amelia Garnett, an executive at Goldman Sachs’s Global Markets Division, said on a recent podcast produced by the firm. “So, the retail impact is really meaningful right now.”

Tesla has long eschewed traditional communications with Wall Street. Ark Investment Management — the high-flying, tech-focused exchange-traded fund company run by the investor Cathie Wood — and Palantir Technologies, are also trying to reach small investors directly.

Before Lemonade, a company that sells insurance to consumers online, went public in July, it went on a traditional tour of Wall Street, meeting big investors and talking up its prospects. However, the company has since discovered that more than half of its shares are held by small investors, excluding insiders who own the stock, said Daniel Schreiber, its chief executive.

That has prompted a strategy adjustment. In addition to spending time communicating with analysts whose “buy” or “sell” ratings on the stock can move its price, Mr. Schreiber said, he has made a point of doing interviews on podcasts, websites and YouTube programs popular with retail investors.

“I think that they are, today, far more influential on, and command far more following in terms of stock buying or selling power than the mighty Goldman Sachs does,” Mr. Schreiber said. “And we’ve seen that in our own stock.”

East Austin, Texas, in February, when a huge storm left more than $10 billion in losses that insurers could dispute.
Credit…Bronte Wittpenn/Austin American-Statesman, via Associated Press

Two months after the storm crippled large swaths of Texas, insurers are sketching out a legal strategy to pin the costs on utilities and power companies that they say failed to adequately prepare for bitterly cold weather.

At stake could be more than $10 billion in insured losses for insurers and their business partners, as well as almost-certain premium increases for property owners if the insurers have to pay for the damage themselves, Mary Williams Walsh reports for The New York Times.

But decades of deregulation have made the state’s power grid a dizzying web of companies that could make determining fault tricky. Insurers will also have to show that the damage was the result of “gross negligence.” And there are dozens of small companies in the supply chain — some of which have gone bankrupt since the storm — that interact with one another in myriad ways.

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Insurers are trying to pass on costs of the Texas storm by blaming power companies.

Two months after the storm crippled large swaths of Texas, insurers are sketching out a legal strategy to pin the costs on utilities and power companies that they say failed to adequately prepare for bitterly cold weather.

At stake could be more than $10 billion in insured losses for insurers and their business partners, as well as almost-certain premium increases for property owners if the insurers have to pay for the damage themselves, Mary Williams Walsh reports for The New York Times.

  • The insurers say the power companies and utilities failed to prepare for a major winter storm, even though past cold snaps and climate-change data had made the danger clear.

  • In 1989 and 2011, wintry weather caused so much damage that state and federal regulators spent months investigating the causes and issued detailed recommendations for hardening the electrical system against storms. “It doesn’t look like anybody did anything,” said Lawrence T. Bowman, a lawyer in Dallas who represents insurers in liability disputes.

But decades of deregulation have made the state’s power grid a dizzying web of companies that could make determining fault tricky. Insurers will also have to show that the damage was the result of “gross negligence.” And there are dozens of small companies in the supply chain — some of which have gone bankrupt since the storm — that interact with one another in myriad ways.

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Texas Froze and California Burned. To Insurers, They Look Similar.

In California, insurers were able to point to a state law, since amended, that held power utilities liable for the fires their equipment started, even without a finding of negligence. In Texas, the law requires a showing of gross negligence. And last month, the biggest target of consumer blame — the Electric Reliability Council of Texas, or ERCOT — was effectively granted sovereign immunity by the Texas Supreme Court. The ruling, in an unrelated case, left standing a state appellate decision that ERCOT is “a quasi-governmental regulator, performing an essential public service” and therefore can’t be sued.

ERCOT’s liability insurer isn’t taking any chances, though. Last week, the Cincinnati Insurance Company filed a lawsuit in federal court in Texas seeking a ruling that it has no duty to provide a legal defense for ERCOT, or to make it whole for the sums it would have to pay for property damage or injuries. ERCOT bought a liability-insurance policy from Cincinnati, but the insurer said that the coverage applied only to damage caused by accidents, and that the harm from February’s power outages was “foreseeable, expected and/or intended.”

Estimates of the damage from the storm vary greatly, but none are small. Karen Clark & Company, which models catastrophe losses, has predicted that insured losses from the storm will reach $18 billion, spread over 20 states. But the firm says more than half the losses were in Texas, which years ago isolated itself from neighboring grids, making it impossible for unaffected providers to pick up the slack.

The damage was so extensive that freelance adjusters had to be flown in from other states just to handle all the claims.

“Some families couldn’t get hold of their insurance companies for weeks,” said Tom Formeller, a stucco and exterior-painting contractor in Houston who reinvented himself as an emergency plumber after the storm.

In normal times, he said, families would have paid him upfront for the repairs, then waited for their insurance checks. But with unemployment high from the pandemic, some families didn’t have the cash, so Mr. Formeller capped their pipes for free and told them to pay when they could.

“I had one 78-year-old woman, by herself, who’d been going without water for nine days,” he said. The woman told Mr. Formeller that she would get a loan to pay him, but he sorted out the delay with her insurer and completed $13,000 in repairs.

Even if the power suppliers are forced to pick up the costs of damage from the winter storm, it’s not clear what — if any — steps they might take to prepare for the next one. In a recent survey of Texans by the University of Houston, about half rejected the notion of winter-proofing the grid if it meant they would pay more for power.

Clifford Krauss contributed reporting.

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England reopens shops and some pubs and restaurants after three months of lockdown.

Britain reopened large parts of its economy on Monday, allowing people in England back in shops, hair salons and outdoor areas of pubs and restaurants, a long-awaited milestone after three months of lockdown, and a day after the country recorded its lowest daily coronavirus death toll since September.

Under the second stage of the government’s gradual reopening, libraries, community centers and some outdoor attractions like zoos will also return, though outdoor gatherings remain limited to six people or two households.

For many in England, the return was a hopeful — if not definitive — sign that the worst of the pandemic was behind them, after a new variant of the virus detected last year in the country’s southeast spun out of control around Christmas, overwhelming hospitals and causing tens of thousands of deaths.

a New York Times database. But after months of restrictions and an aggressive vaccination program that has offered a dose to about half of Britain’s population, those figures declined to 1,730 daily cases and seven deaths reported on Sunday.

greatest rate of excess deaths in Europe.

But now E.U. countries — hampered by a vaccine rollout slower than Britain’s and a scare over a possible links between the AstraZeneca vaccine and blood clots — are facing a third wave of coronavirus infections. France, Italy and other countries have recently imposed new lockdown measures.

In England, business owners reopened on Monday with hope — and some anxiety that the numbers of infections could go up again. Still, “we’re looking confident we won’t be seeing anything like that again,” said Nicholas Hair, the owner of The Kentish Belle, a London pub that opened its doors to patrons one minute after midnight.

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Covid-19 Live Updates: Regeneron’s Antibody Drug Can Help Prevent Infections, Study Says

clinical trial results announced on Monday. The drug, if authorized, could offer another line of defense against the disease for people who are not protected by vaccination.

The findings are the latest evidence that such lab-made drugs not only prevent the worst outcomes of the disease when given early enough, but also help prevent people from getting sick in the first place.

Using the cumbersome drugs preventively on a large scale won’t be necessary: Vaccines are sufficient for the vast majority of people and are increasingly available.

Still, antibody drugs like Regeneron’s could give doctors a new way to protect high-risk people who haven’t been inoculated or who may not respond well to vaccination, such as those taking drugs that weaken their immune system. That could be an important tool as rising coronavirus cases and dangerous virus variants threaten to outpace vaccinations.

Regeneron said in a news release that it would ask the Food and Drug Administration to expand the drug’s emergency authorization — currently for high-risk people who already have Covid but are not hospitalized — to allow it to be given for preventive purposes in “appropriate populations.”

There’s “a very substantial number of people” in the United States and globally who could be a good fit to receive these drugs for preventive purposes, said Dr. Myron Cohen, a University of North Carolina researcher who leads monoclonal antibody efforts for the Covid Prevention Network, a National Institutes of Health-sponsored initiative that helped to oversee the trial.

“Not everyone’s going to take a vaccine, no matter what we do, and not everyone’s going to respond to a vaccine,” Dr. Cohen said.

Regeneron’s new data come from a clinical trial that enrolled more than 1,500 people who lived in the same household as someone who had tested positive for the virus within four days. Those who got an injection of Regeneron’s drug were 81 percent less likely to get sick with Covid compared to volunteers who got a placebo.

Dr. Rajesh Gandhi, an infectious diseases physician at Massachusetts General Hospital who was not involved in the study, said the data were “promising” for people who have not yet been vaccinated. But he said that the study did not enroll the type of patients that would be needed to assess whether the drug should be used preventively for immunocompromised patients. “I would say we don’t yet know that,” Dr. Gandhi said.

Regeneron’s cocktail, a combination of two drugs designed to mimic the antibodies generated naturally when the immune system fends off the virus, got a publicity boost last fall when it was given to President Donald J. Trump after he got sick with Covid.

The treatment received emergency authorization in November. Doctors are using it, as well as another antibody cocktail from Eli Lilly, for high-risk Covid patients.

But use of the antibody drugs has been slowed not by a shortage of doses, but by other challenges, though access has improved in recent months. Many patients don’t know to ask for the drugs or where to find them.

Many hospitals and clinics have not made the treatments a priority because they have been time-consuming and difficult to administer, in large part because they must be given via intravenous infusion. Regeneron plans to ask the F.D.A. to allow its drug to be given via an injection, as it was administered in the results of the study announced on Monday, which would allow it to be given more quickly and easily.

Decorating the exterior of an Italian restaurant in London on Sunday. Pubs and restaurants were permitted to reopen outdoor spaces on Monday.
Credit…Andrew Testa for The New York Times

Britain reopened large parts of its economy on Monday, allowing people in England back in shops, hair salons and outdoor areas of pubs and restaurants, a long-awaited milestone after three months of lockdown, and a day after the country recorded its lowest daily coronavirus death toll since September.

Under the second stage of the government’s gradual reopening, libraries, community centers and some outdoor attractions like zoos will also return, though outdoor gatherings remain limited to six people or two households.

For many in England, the return was a hopeful — if not definitive — sign that the worst of the pandemic was behind them, after a new variant of the virus detected last year in the country’s southeast spun out of control around Christmas, overwhelming hospitals and causing tens of thousands of deaths.

At its winter peak, Britain reported as many as 60,000 daily cases a day and 1,820 daily deaths, according to a New York Times database. But after months of restrictions and an aggressive vaccination program that has offered a dose to about half of Britain’s population, those figures declined to 1,730 daily cases and seven deaths reported on Sunday.

Prime Minister Boris Johnson has so far gone ahead with the gradual easing of measures that he had announced, reopening schools on March 8, reducing restrictions on outdoor gatherings on March 29, and allowing large parts of the economy to reopen on Monday.

Mr. Johnson said on Monday that the reopening was “a major step forward in our road map to freedom.” Still, he urged caution.

“I urge everyone to continue to behave responsibly and remember ‘hands, face, space and fresh air’ to suppress Covid,” he said.

Scotland, Wales and Northern Ireland, where devolved governments are responsible for coronavirus restrictions, have laid out similar plans to reopen their economies.

The apparent success represents a turnaround for Mr. Johnson’s government, which struggled to stem cases earlier in the pandemic and at one point reported the greatest rate of excess deaths in Europe.

But now E.U. countries — hampered by a vaccine rollout slower than Britain’s and a scare over a possible links between the AstraZeneca vaccine and blood clots — are facing a third wave of coronavirus infections. France, Italy and other countries have recently imposed new lockdown measures.

In England, business owners reopened on Monday with hope — and some anxiety that the numbers of infections could go up again. Still, “we’re looking confident we won’t be seeing anything like that again,” said Nicholas Hair, the owner of The Kentish Belle, a London pub that opened its doors to patrons one minute after midnight.

Global Roundup

A train station in Mumbai, on Monday.
Credit…Niharika Kulkarni/Reuters

Even as India hit a record for daily coronavirus infections, and its total caseload rose to second in the world behind the United States, the images that dominated Indian news media on Monday were of a crowded religious festival along the banks of the Ganges River.

The dissonance was a clear manifestation of the confusing messages sent by the authorities just as India’s coronavirus epidemic is spiraling, with a daily high of 168,000 cases and 900 deaths reported on Monday.

Yet millions of devotees have thronged the holy city of Haridwar for the monthlong Kumbh Mela, or pitcher festival, when Hindu pilgrims seek absolution by bathing in the Ganges. Officials have said that about one million people will participate every day, and as many as five million during the most auspicious days, all crowded into a narrow stretch along the river and searching for the holiest spot to take a dip.

Already, fears are running high that one of the most sacred pilgrimages in Hinduism could turn into a superspreading event.

Dr. S. K. Jha, a local health officer, said that an average of about 250 new cases had been registered each day recently. Experts have warned that many more infections are going unrecorded, and that devotees could unwittingly carry the virus with them as they return to their homes across the country.

India is in the grip of the world’s fastest growing outbreak, with more and more jurisdictions going back into varying stages of lockdown. Infections are spreading particularly fast in Mumbai, the country’s financial hub, and the surrounding state of Maharashtra, where the government has announced a partial weekday lockdown and near-total closure over the weekends.

The situation is also worsening in the capital, New Delhi, which reported more than 10,000 new cases on Sunday, surpassing the previous daily high of nearly 8,500. The state government has imposed a curfew and ordered restaurants and public transport systems to run at half capacity. Arvind Kejriwal, Delhi’s top official, has said more restrictions may follow.

Hospitals in several states are reporting shortages of oxygen, ventilators and coronavirus testing kits, and some are also running low on remdesivir, a drug used in serious Covid-19 cases. India has halted the export of remdesivir until the situation improves.

India is also trying to ramp up its vaccination drive, with about three million people being inoculated daily and 104 million doses administered so far. But with many vaccination centers nationwide expressing concern over possible shortages, India’s large pharmaceutical industry has sharply reduced its exports of the AstraZeneca vaccine in order to keep more doses at home, creating serious challenges for other countries that had been relying on those shipments.

On Monday, Indian experts recommended the use of Russia’s Sputnik-V coronavirus vaccine, which would become the third available in the country if approved by the authorities.

After months of lower-than-expected infections and deaths from the virus, critics say Indian officials have sent dissonant messages about the seriousness of the crisis. Police officers are enforcing curfew and mask rules, sometimes resorting to beatings captured on videos shared across social media. But senior political leaders, including the prime minister, Narendra Modi, have been holding large rallies for local elections.

Mr. Modi’s Hindu nationalist government has also allowed the religious festival to proceed — in contrast to what happened last spring, at the start of the pandemic, when India’s health ministry blamed an Islamic seminary for fanning a far smaller outbreak. Critics say rhetoric from members of Mr. Modi’s party contributed to a spate of attacks against Muslims, a minority of about 200 million people in a Hindu-dominated country of 1.3 billion.

In other news around the world:

Anna Schaverien, Constant Méheut and Niki Kitsantonis contributed reporting.

A vaccination center at the Royal Exhibition Building in Melbourne, Australia, last month.
Credit…James Ross/EPA, via Shutterstock

Australia has given up on the goal of vaccinating its entire population against Covid-19 by the end of the year, following updated advice from health officials that younger people should not receive the AstraZeneca vaccine, as well as delays in the delivery of doses.

The Australian government said last week that it had accepted a recommendation by a panel of health experts that people under 50 receive the Pfizer-BioNTech vaccine instead of the one developed by AstraZeneca, which had been the centerpiece of Australia’s vaccination program. The change in guidance came after European regulators found links between the AstraZeneca vaccine and rare blood clots, prompting several countries to restrict use of the shot.

Prime Minister Scott Morrison said Friday that the government had ordered another 20 million doses of the Pfizer vaccine, doubling what it had already purchased. But they are not expected to be available until the fourth quarter of this year, dealing a blow to the government’s previously stated goal of inoculating all of its 25 million people by then.

Mr. Morrison appeared to acknowledge the change in timeline in a Facebook post on Sunday.

“The government has also not set, nor has any plans to set any new targets for completing first doses,” Mr. Morrison said. “While we would like to see these doses completed before the end of the year, it is not possible to set such targets given the many uncertainties involved.”

Public health experts have criticized Mr. Morrison’s government for relying too heavily on the AstraZeneca vaccine, a relatively cheap and easy-to-use shot but one whose troubles have jeopardized inoculation efforts in multiple countries. They said the setback to Australia’s vaccination program risked undermining the country’s success in containing the spread of the coronavirus since recording its first case in January 2020.

“We’re in a position a year later where that hard-won success is jeopardized by a completely incompetent approach to a vaccine rollout,” said Bill Bowtell, a public health policy expert and adjunct professor at the University of New South Wales in Sydney.

Australia has made four separate agreements for the supply of Covid-19 vaccines that would give it a total of 170 million doses, enough to inoculate its population more than three times over. Plans to manufacture almost all of its 54 million AstraZeneca doses domestically were approved last month.

But the Australian government has been under fire for weeks over the sluggish pace of its vaccination rollout, which began in late February. By the end of March, when the government had aimed to vaccinate four million people, only about 600,000 had actually been inoculated. As of Sunday, Australia had administered fewer than 1.2 million doses.

Australian officials have attributed the slow rollout to delays in the delivery of millions of vaccine doses manufactured in the European Union, which has curbed exports amid its own supply shortages. The export restrictions mainly affect the AstraZeneca vaccine.

After enduring strict lockdowns for much of the past year, Australians are now enjoying relatively normal life in a country that has all but stamped out the virus. But public health experts warn that until more of the population is vaccinated, those freedoms are precarious.

“Having eliminated Covid, they thought a mass vaccination campaign would lock that in,” Mr. Bowtell said of the Australian public. “Now they are being deeply disillusioned.”

Covid-19 vaccinations at a monastery in Bangkok this month.
Credit…Adam Dean for The New York Times

Thailand is facing its worst coronavirus outbreak just as millions of people head to their home provinces during the country’s biggest travel holiday.

The latest wave of infections, which has sent at least eight cabinet members into isolation, is centered in a Bangkok nightlife district said to be popular with government officials and wealthy partygoers. The country, which until now has largely kept the virus under control, set a record Monday for new daily cases with 985.

One top health official warned that Thailand could soon face as many as 28,000 new cases a day in the worst-case scenario. The government announced it would set up field hospitals as Covid-19 wards at existing facilities begin to fill up.

Officials ordered the closure of hundreds of bars and nightclubs, but critics say the government has been inconsistent in its efforts to bring the outbreak under control. The prime minister, Prayuth Chan-ocha, stopped short of banning travel between provinces for the Songkran holiday, which begins on Tuesday and marks the beginning of the Thai New Year.

“Whatever will be, will be,” he said last week in explaining his decision. “The reason is it’s a matter that involves a huge number of people. The government will have to try to cope with that later.”

Dozens of provinces have imposed their own restrictions on travelers coming from Bangkok and other affected areas, prompting many Thais to cancel their trips. But many others set off over the weekend.

During earlier outbreaks, the government often acted quickly to require face masks, ban foreign tourists, impose quarantine restrictions and lock down hard-hit areas. It has reported fewer than 34,000 cases — mostly from a January surge traced to a seafood market near Bangkok — and just 97 deaths.

But it has been lax in testing and slow to vaccinate. So far, it has procured about 2.2 million doses and given at least one to about 500,000 people. Thailand’s population is 70 million.

Vaccine production is not expected to begin in earnest until June, when a manufacturer in Thailand is scheduled to begin producing 10 million doses a month of the AstraZeneca vaccine.

Health officials were alarmed by the recent discovery of dozens of cases of the highly infectious coronavirus variant first identified in Britain. The finding highlighted the inadequacy of Thailand’s virus testing and suggested that its quarantine procedures have not been as effective as officials believed.

Tourism operators have been especially angered by the government’s lackadaisical approach to obtaining vaccine supplies. The tourism industry, which normally accounts for about 20 percent of the nation’s economy, is highly dependent on foreign visitors and has been calling for widespread vaccinations to speed its recovery.

The outbreak in Bangkok has also prompted questions about the activities of some top officials and their aides.

The transportation minister, Saksayam Chidchob, who was hospitalized with Covid-19, was criticized for not being forthcoming about his whereabouts during times when he may have been exposed to the virus. He denied visiting the gentlemen’s club at the center of the outbreak and said he believed he had contracted the virus from an aide.

Eyan Gallegos, 11, a middle schooler in Washington, completing his homework in his room.
Credit…Gabriella Demczuk for The New York Times

Parents with school-age children have struggled to combine their usual work and family responsibilities this past year with at least some degree of home-schooling.

But mothers and fathers of middle-schoolers — the parenting cohort long known to researchers as the most angst-ridden and unhappy — are connecting now in a specific sort of common misery: the pressing fear that their children, at a vital point in their academic and social lives, have tripped over some key developmental milestones and may never quite find their footing.

Experts say some of their worries are justified — up to a point. The pandemic has taken a major toll on many adolescents’ emotional well-being.

Yet as the nation begins to pivot from trauma to recovery, many mental-health experts and educators are trying to spread the message that parents, too, need a reset. If adults want to guide their children toward resilience, these experts say, then they need to get their own minds out of crisis mode.

Early adolescence is considered a critical period, a time of brain changes so rapid and far-reaching that they rival the plasticity and growth that take place in the newborn to 3-year-old phase.

These changes make children more capable of higher-level thinking and reasoning. They also make them crave social contact, attention and approval.

Remote learning and social distancing are in many ways the opposite of what children in this age group want and need.

It’s been hardest on middle schoolers,” said Phyllis Fagell, a therapist and school counselor who wrote the 2019 book “Middle School Matters.” “It is their job to pull away from parents, to use these years to really focus on figuring out where they are in the pecking order. And all of that hard work that has to happen in these years was just put on hold.”

Yet Ms. Fagell and many other experts in adolescent development were adamant that parents should not panic — and that the spread of the “lost year” narrative needed to stop.

Getting a full picture of what’s going on with middle schoolers, they agreed, requires holding two seemingly contradictory ideas simultaneously in mind: The past year has been terrible. And most middle schoolers will be fine.

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After months of near-total lockdown, Britain begins to reopen.

Scotland, Wales and Northern Ireland are following separate but similar timetables, under which some restrictions eased on Monday in England will remain in place a while longer.

Despite chilly weather with occasional snow flurries, the moment was greeted with an enthusiasm born of more than a year of deprivation — as the once unimaginable notion of conscripting to government decree has become a way of life.

Prime Minister Boris Johnson called it “a major step forward in our road map to freedom.”

In the first weeks of the global health crisis — when the World Health Organization was still debating whether to call the coronavirus outbreak a pandemic — a new word entered the popular lexicon.

Lockdown in English. Le confinement in French. El confinamiento in Spanish. But first came fengcheng in China, literally meaning to lock down a city.

At the time, as images from ghostly streets of Wuhan, China, started to grab the world’s attention and it became clear that the virus respected no national borders, there was a debate about whether Western democracies could — or should — resort to such extreme measures.

As hospitals struggled to deal with a flood of patients and death tolls soared, the debate was overtaken by the reality that traditional methods of infectious disease control, like testing and contact tracing, had failed.

Britain, which held out longer than many of its European neighbors, entered its first national lockdown on March 26, 2020.

Since then, lockdown has come to mean many things to many people — dictated as often by individual circumstance and risk assessment as government decree.

While no country matched China’s draconian measures, liberal democracies have been engaged in a yearlong effort to balance economic, political and public health concerns.

Last spring, that meant that much of the world looked alike, with about four billion people — half of humanity — living under some form of stay-at-home order.

A year later, national approaches to the virus vary wildly. And no region has relied on lockdowns to the extent Europe has.

Although it is difficult to compare lockdowns, since the use of the word differs in different places, researchers at Oxford University’s Blavatnik School of Government have developed a system ranking the rules’ stringency. They found that Britain has spent 175 days at its “maximum stringency level.”

“In this sense, we can say that the U.K. is globally unique in spending the longest period of time at a very high level of stringency,” said Thomas Hale, an associate professor of global public policy at Oxford.

Though there was still a winter chill in the air Monday morning, people in Britain flocked to stores and restaurants. After so many false dawns, there was a widespread hope that, this time, there would be no going back.

Treating a Covid-19 patient in an intensive care unit at Homerton University Hospital in London, in January.
Credit…Andrew Testa for The New York Times

The British lockdown that is being eased on Monday is the nation’s third. But it was first aimed at containing a variant of the coronavirus — offering an early warning to the world of the threat posed by the evolution of the virus and the difficulties in trying to control this particular form.

When the variant, known as B.1.1.7, was first discovered late last year in the southeastern English county of Kent, much about it was a mystery.

It appeared to be more contagious, but to what degree? Was it more deadly? How far had it spread?

The picture is becoming clearer. The most recent estimates suggest it is about 60 percent more contagious than the original form of the virus, and significantly more deadly.

That same variant is now spreading across continental Europe, prompting governments like those of France and Italy to impose new national lockdowns. The variant has also added urgency to the vaccination campaign in the United States — which is getting doses into millions of arms every day but still might not be fast enough to avoid yet another wave.

The vaccines being used in many countries have shown to be effective against it.

Britain’s vaccination campaign was launched with an urgency dictated by the moment, prioritizing first doses to spread a degree of protection as quickly and widely as possible.

Even after the lockdown was put in place, the variant propelled the country’s daily fatality rates to levels not seen since the peak of the pandemic’s first wave in April.

On Friday, the number of people with Covid-19 on their death certificate was just shy of 150,000.

But another statistic now offers hope. Nearly 32 million people have been given at least one dose of a vaccine — roughly half the adult population.

Officials are confident the combined effects of the lockdown and mass vaccination will provide a wall of protection. But, as England’s chief medical officer Chris Witty warned, it is a “leaky wall.”

A large majority of people under the age of 50 have yet to be offered a jab. And with supplies constrained around the world, eligibility is unlikely to be expanded for weeks or more.

A line outside an athletic wear shop in central London early Monday. 
Credit…Alberto Pezzali/Associated Press

The once-routine act of visiting a clothes store or shoe merchant took on a new meaning for the first shoppers who made an early-morning pilgrimage to Oxford Street, London’s busiest retail road that in recent months has been a desolate stretch of boarded up shops and empty stores.

Outside Niketown, JD Sports and Foot Locker, crowds were lining up by 7 a.m. as groups of mostly young men waited in line for a chance to get their hands on new sneakers.

Julian Randall, a dedicated collector who has spent the last 15 years amassing sneakers, left his London home at 2 a.m. to be there. He said he preferred to buy in store, rather than online, where it was harder to find specific shoes at a reasonable price.

“It’s virtually impossible to hop online and buy the shoes online — you don’t even have a chance,” he said. “In this day and age, we are in a recession, and I don’t want to be paying resell prices for shoes. I want to buy retail.”

The shops have remained mostly shuttered since the week of Christmas, when nonessential stores were forced to close across the region, but elsewhere in England, the closures have been in place even longer after coronavirus cases surged.

Retailers hope that there will be a splurge in spending by people who have amassed a record amount of savings — nearly $250 billion according to government estimates, roughly 10 percent of the Britain’s gross domestic product.

But for many stores, it is too late.

The flagship store of the British retailer Topshop on Oxford Circus, once a destination for fashion-hungry young adults, permanently shut its doors after its parent company, Arcadia Group, filed for bankruptcy last year.

Plywood boards cover the front of Debenhams, another retail chain that floundered during the pandemic, its extensive window displays now bare. The two companies crumbled within days of one another, as the country bounced from one lockdown to the next and the pandemic hastened the end of British high-street brands that were already teetering on the edge.

But the shuttered windows stood alongside some hopeful signs. Plastered in big letters on the shop front of John Lewis, a British department store, there was a clear message: “Come on in London, brighter days are coming.”

(Even that retailer has struggled, and it has explored converting parts of its Oxford Street store into office space.)

For those stores that did reopen, coronavirus precautions seemed to be front of mind, at least as the day began. Bokara Begum wanted to be as safe as she could during her shopping outing to Primark, so she arrived as doors swung open to beat the crowd.

“It’s just after 7 a.m., so I took advantage of that and came out here early,” she said, two brown paper bags in tow. “I was a bit panicky, really — I thought there would be a massive queue.”

Customers with their first pints of beer outside The Kentish Belle in London shortly after midnight on Monday.
Credit…Mary Turner for The New York Times

One man showed up in his robe. Another couple had made a two-hour trek from a neighboring county.

A little over a dozen patrons, shivering in the Arctic chill gripping England, stood at the ready as Nicholas Hair, owner of The Kentish Belle, counted the seconds until the clock ticked over to a minute past midnight.

“Ladies and gentlemen, take your seats!” he said to applause.

Then, for the first time in months, he poured and served a pint.

“I mean, I’ve not seen my friends like this together for so long,” said Ryan Osbourne, 22. “When we have an opportunity like today to bring my friends together, it’s incredible.”

Not all pubs will be allowed to reopen on Monday — only the estimated 15,000 with outdoor space, for outdoor service only. And most of those will open later in the day.

But Mr. Hair had secured a special license to open The Kentish Belle, a small pub specializing in artisanal beers in a quiet southeast London neighborhood, at the earliest possible opportunity.

Credit…Mary Turner for The New York Times

He was circled by news crews as he prepared to open.

The past year had been “dreadful,” he said, adding that he had not been able to access government funding for the past two months. “There are a lot of businesses like this that won’t survive.”

Uma Nunn, 43, traveled from Surrey to attend the night’s festivities. “We just wanted to show our support,” she said.

Her husband, Benjamin Nunn, a beer writer who spent the last open day for pubs at The Kentish Belle, said he thought it only fitting to return for the first. “This is one of the big things in my life, beer and music,” he said. “Now to be able to get that started up again, it’s energizing, it’s exciting.”

“It’s the middle of he night but hey, hopefully this will never happen again,” he added.

Decorating a restaurant before its reopening on April 12.
Credit…Andrew Testa for The New York Times

For the past year, the British economy has yo-yoed with the government’s pandemic restrictions. On Monday, as shops, outdoor dining, gyms and hairdressers reopened across England, the next bounce began.

The pandemic has left Britain with deep economic wounds that have shattered historical records: the worst recession in three centuries and record levels of government borrowing outside wartime.

Last March and April, there was an economic slump unlike anything ever seen before when schools, workplaces and businesses abruptly shut. Then a summertime boom, when restrictions eased and the government helped usher people out of their homes with a popular meal-discount initiative called “Eat Out to Help Out.”

Beginning in the fall, a second wave of the pandemic stalled the recovery, though the economic impact wasn’t as severe as it had been last spring. Still, the government has spent about 344 billion pounds, or $471 billion, on its pandemic response. To pay for it, the government has borrowed a record sum and is planning the first increase in corporate taxes since 1974 to help rebalance its budget.

By the end of the year, the size of Britain’s economy will be back where it was at the end of 2019, the Bank of England predicts. “The economy is poised like a coiled spring,” Andy Haldane, the central bank’s chief economist said in February. “As its energies are released, the recovery should be one to remember after a year to forget.”

Even though a lot of retail spending has shifted online, reopening shop doors will make a huge difference to many businesses.

Daunt Books, a small chain of independent bookstores, was busy preparing to reopen for the past week, including offering a click-and-collect service in all of its stores. Throughout the lockdown, a skeleton crew “worked harder than they’ve ever worked before, just to keep a trickle” of revenue coming in from online and telephone orders, said Brett Wolstencroft, the bookseller’s manager.

“The worst moment for us was December,” Mr. Wolstencroft said, when shops were shut in large parts of the country beginning on Dec. 20. “Realizing you’re losing your last bit of Christmas is exceptionally tough.”

He says he is looking forward to having customers return to browse the shelves and talk to the sellers. “We’d sort of turned ourselves into a warehouse” during the lockdown, he said, “but that doesn’t work for a good bookshop.”

With the likes of pubs, hairdressers, cinemas and hotels shut for months on end, Brits have built up more than £180 billion in excess savings, according to government estimates. That money, once people can get out more, is expected to be the engine of this recovery — even though economists are debating how much of this windfall will end up in the tills of these businesses.

Monday is just one phase of the reopening. Pubs can serve customers only in outdoor seating areas, and less than half, about 15,000, have such facilities. Hotels will also remain closed for at least another month alongside indoor dining, museums and theaters. The next reopening phase is scheduled for May 17.

Over all, two-fifths of hospitality businesses have outside space, said Kate Nicholls, the chief executive of U.K. Hospitality, a trade group.

“Monday is a really positive start,” she said. “It helps us to get businesses gradually back open, get staff gradually back off furlough and build up toward the real reopening of hospitality that will be May 17.”

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