Eighteen months into the pandemic, Jerome H. Powell, the Federal Reserve chair, has offered the strongest sign yet that the Fed is prepared to soon withdraw one leg of the support it has been providing to the economy as conditions strengthen.
At the same time, Mr. Powell made clear on Friday that interest rate increases remained far away, and that the central bank was monitoring risks posed by the Delta variant of the coronavirus.
The Fed has been trying to bolster economic activity by buying $120 billion in government-backed bonds each month and by leaving its policy interest rate at rock bottom. Officials have been debating when to begin slowing their bond buying, the first step in moving toward a more normal policy setting. They have said they would like to make “substantial further progress” toward stable inflation and full employment before doing so.
Mr. Powell, speaking at a closely watched conference that the Kansas City Fed holds each year, used his remarks to explain that he thinks the Fed has met that test when it comes to inflation and is making “clear progress toward maximum employment.”
six million fewer jobs than before the pandemic. And the Delta variant could cause consumers and businesses to pull back as it foils return-to-office plans and threatens to shut down schools and child care centers. That could lead to a slower jobs rebound.
Mr. Powell made clear that the Fed wants to avoid overreacting to a recent burst in inflation that it believes will most likely prove temporary, because doing so could leave workers on the sidelines and weaken growth prematurely. While the Fed could start to remove one piece of its support, he emphasized that slowing bond purchases did not indicate that the Fed was prepared to raise rates.
“We have much ground to cover to reach maximum employment, and time will tell whether we have reached 2 percent inflation on a sustainable basis,” he said in his address to the conference, which was held online instead of its usual venue — Jackson Hole in Wyoming — because of the latest coronavirus wave.
The distinction he drew — between bond buying, which keeps financial markets chugging along, and rates, which are the Fed’s more traditional and arguably more powerful tool to keep money cheap and demand strong — sent an important signal that the Fed is going to be careful to let the economy heal more fully before really putting away its monetary tools, economists said.
told CNBC on Friday that he supported winding down the purchases “as quickly as possible.”
“Let’s start the taper, and let’s do it quickly,” he said. “Let’s not have this linger.”
James Bullard, the president of the Federal Reserve Bank of St. Louis, said on Friday that the central bank should finish tapering by the end of the first quarter next year. If inflation starts to moderate then, the country will be in “great shape,” Mr. Bullard told Fox Business.
“If it doesn’t moderate, then I think the Fed is going to have to be more aggressive in 2022,” he said.
ushered in a new policy framework at last year’s Jackson Hole gathering that dictates a more patient approach, one that might guard against a similar overreaction.
But as Mr. Bullard’s comments reflected, officials may have their patience tested as inflation climbs.
The Fed’s preferred price gauge, the personal consumption expenditures index, rose 4.2 percent last month from a year earlier, according to Commerce Department data released on Friday. The increase was higher than the 4.1 percent jump that economists in a Bloomberg survey had projected, and the fastest pace since 1991. That is far above the central bank’s 2 percent target, which it tries to hit on average over time.
“The rapid reopening of the economy has brought a sharp run-up in inflation,” Mr. Powell said.
They warn that if the Fed overreacts to today’s inflationary burst, it could wind up with permanently weak inflation, much as Japan and Europe have.
White House economists sided with Mr. Powell’s interpretation in a new round of forecasts issued on Friday. In its midsession review of the administration’s budget forecasts, the Office of Management and Budget said it expected the Consumer Price Index inflation rate to hit 4.8 percent for the year. That is more than double the administration’s initial forecast of 2.1 percent.
initially expected. But they still insist that it will be short-lived and foresee inflation dropping to 2.5 percent in 2022. The White House also revised its forecast of growth for the year, to 7.1 percent from 5.2 percent.
Slow price gains sound like good news to anyone who buys oat milk and eggs, but they can set off a vicious downward cycle. Interest rates include inflation, so when it slows, Fed officials have less room to make money cheap to foster growth during times of trouble. That makes it harder for the economy to recover quickly from downturns, and long periods of weak demand drag prices even lower — creating a cycle of stagnation.
“While the underlying global disinflationary factors are likely to evolve over time, there is little reason to think that they have suddenly reversed or abated,” Mr. Powell said. “It seems more likely that they will continue to weigh on inflation as the pandemic passes into history.”
Mr. Powell offered a detailed explanation of the Fed’s scrutiny of prices, emphasizing that inflation is “so far” coming from a narrow group of goods and services. Officials are keeping an eye on data to make sure prices for durable goods like used cars — which have recently taken off — slow and even fall.
Mr. Powell said the Fed saw “little evidence” of wage increases that might threaten high and lasting inflation. And he pointed out that measures of inflation expectations had not climbed to unwanted levels, but had instead staged a “welcome reversal” of an unhealthy decline.
Still, his remarks carried a tone of watchfulness.
“We would be concerned at signs that inflationary pressures were spreading more broadly through the economy,” he said.
Roller-coaster operators and lemonade slingers at Kennywood amusement park, a Pittsburgh summer staple, won’t have to buy their own uniforms this year. Those with a high school diploma will also earn $13 as a starting wage — up from $9 last year — and new hires are receiving free season passes for themselves and their families.
The big pop in pay and perks for Kennywood’s seasonal work force, where nearly half of employees are under 18, echoes what is happening around the country as employers scramble to hire waiters, receptionists and other service workers to satisfy surging demand as the economy reopens.
For American teenagers looking for work, this may be the best summer in years.
As companies try to go from hardly staffed to fully staffed practically overnight, teens appear to be winning out more than any demographic group. The share of 16- to 19-year-olds who are working hasn’t been this high since 2008, before the unfolding global financial crisis sent employment plummeting. Roughly 256,000 teens in that age group gained employment in April — counting for the vast majority of newly employed people — a significant change after teenagers suffered sharp job losses at the beginning of the pandemic. Whether the trend can hold up will become clearer when jobs data for May is released on Friday.
It could come with a downside. Some educators warn that jobs could distract from school. And while employment can itself offer learning opportunities, the most recent wave of hiring has been led by white teens, raising concerns that young people from minority groups might miss out on a hot summer labor market.
antique roller coaster and snapping people into paddle boats when she thought it paid $9 — so when she found out the park was lifting pay to $13 an hour, she was thrilled.
“I love it,” she said. She doesn’t even mind having to walk backward on the carousel to check that everyone is riding safely, though it can be disorienting. “After you see the little kids and they give you high-fives, it doesn’t matter at all.”
It’s not just Kennywood paying up. Small businesses in a database compiled by the payroll platform Gusto have been raising teen wages in service sector jobs in recent months, said Luke Pardue, an economist at the company. Teens took a hit at the onset of the pandemic but got back to their pre-coronavirus wage levels in March 2021 and have spent the first part of May seeing their wages accelerate above that.
raised the starting pay to $10 an hour and dropped the minimum age for applicants from 16 years old to 15. It seems to have worked: More teenagers applied and the city has started interviewing candidates for the open positions.
“Between 2020 and 2021, it seems like a lot of the retail starting salaries really jumped up, and we just kind of had to follow suit if we wanted to be competitive and get qualified applicants,” said Trace Stevens, the city’s director of parks and recreation.
Apps for Apps” deal in which applicants who were interviewed received a free appetizer voucher. Restaurants and gas stations across the country are offering signing bonuses.
But the perks and better pay may not reach everyone. White teens lost employment heavily at the beginning of the pandemic, and they’ve led the gains in 2021, even as Black teens have added comparatively few and Hispanic teens actually lost jobs. That’s continuing a long-running disparity in which white teens work in much greater numbers, and the gap could worsen if the current trajectory continues.
More limited access to transportation is one factor that may hold minority teens back from work, Ms. Sasser Modestino said. Plus, while places like Cape Cod and suburban neighborhoods begin to boom, some urban centers with public transit remain short on foot traffic, which may be disadvantaging teens who live in cities.
“We haven’t seen the demand yet,” said Joseph McLaughlin, research and evaluation director at the Boston Private Industry Council, which helps to place students into paid internships and helps others to apply to private employers, like grocery stores.
Ms. Sasser Modestino’s research has found that the long-running decline in teen work has partly come from a shift toward college prep and internships, but that many teens still need and want jobs for economic reasons. Yet the types of jobs teens have traditionally held have dwindled — Blockbuster gigs are a thing of the past — and older workers increasingly fill them.
Teenagers who are benefiting now may not be able to count on a favorable labor market for the long haul, said Anthony P. Carnevale, the director of Georgetown University’s Center on Education and the Workforce.
“There may be what will surely be a brief positive effect, as young people can move into a lot of jobs where adults have receded for whatever reason,” he said. “It’s going to be temporary, because we always take care of the adults first.”
Educators have voiced a different concern: That today’s plentiful and prosperous teen jobs might be distracting students from their studies.
When in-class education restarted last August at Torrington High School, which serves 330 students in a small city in Wyoming, principal Chase Christensen found that about 10 of his older students weren’t returning. They had taken full-time jobs, including working night shifts at a nursing home and working at a gravel pit, and were reluctant to give up the money. Five have since dropped out of or failed to complete high school.
“They had gotten used to the pay of a full-time worker,” Mr. Christensen said. “They’re getting jobs that usually high schoolers don’t get.”
If better job prospects in the near term overtake teenagers’ plans for additional education or training, that could also spell trouble. Economic research consistently finds that those who manage to get through additional training have better-paying careers.
Still, Ms. Sasser Modestino pointed out that a lot of the hiring happening now was for summer jobs, which have less chance of interfering with school. And there may be upsides. For people like Ms. Bailley, it means an opportunity to save for textbooks and tuition down the road. She’d like to go to community college to complete prerequisites, and then pursue an engineering degree.
“I’ve always been interested in robots, I love programming and coding,” she said, explaining that learning how roller coasters work lines up with her academic interests.
Shaylah Bentley, 18 and a new season pass taker at Kennywood, said the higher-than-expected wage she’s earning will allow her to decorate her dorm room at Slippery Rock University. She’s a rising sophomore this year, studying exercise science.
“I wanted to save up money for school and expenses,” she said. “And have something to do this summer.”
Fox News once devoted its 7 p.m. and 11 p.m. time slots to relatively straightforward newscasts. Now those hours are filled by opinion shows led by hosts who denounce Democrats and defend the worldview of former President Donald J. Trump.
For seven years, Juan Williams was the lone liberal voice on “The Five,” the network’s popular afternoon chat show. On Wednesday, he announced that he was leaving the program, after months of harsh on-air blowback from his conservative co-hosts. Many Fox News viewers cheered his exit on social media.
Donna Brazile, the former Democratic Party chairwoman, was hired by Fox News with great fanfare in 2019 as a dissenting voice for its political coverage. She criticized Mr. Trump and spoke passionately about the Black Lives Matter movement, which other hosts on the network often demonized. Ms. Brazile has now left Fox News; last week, she quietly started a new job at ABC.
Onscreen and off, in ways subtle and overt, Fox News has adapted to the post-Trump era by moving in a single direction: Trumpward.
amounted to an existential moment for a cable channel that is home to Trump cheerleaders like Sean Hannity and Laura Ingraham: the 2020 election.
Fox News’s ratings fell sharply after the network made an early call on election night that Joseph R. Biden Jr., the Democratic presidential nominee, would carry Arizona and later declared him the winner, even as Mr. Trump advanced lies about fraud. With viewers in revolt, the network moved out dissenting voices and put a new emphasis on hard-line right-wing commentary.
the network fired its veteran politics editor, Chris Stirewalt, who had been an onscreen face of the early call in Arizona for Mr. Biden. This month, it brought on a new editor in the Washington bureau: Kerri Kupec, a former spokeswoman for Mr. Trump’s attorney general William P. Barr. She had no journalistic experience.
opinion shows at 7 and 11 — with segments that lament “cancel culture” and attack Mr. Biden — are attracting bigger audiences than the newscasts they replaced. And the niche right-wing network Newsmax has failed to sustain its postelection audience gains.
In some ways, the Murdochs are making a rational business decision by following the conservatives who have made up the heart of the Fox News audience; recent surveys show that more than three-quarters of Republicans want Mr. Trump to run in 2024.
But under Roger Ailes, the network’s founder, who shaped its look and feel, Fox News elevated liberal foils like Alan Colmes, a Democrat who shared equal billing in prime time with Mr. Hannity until the end of 2008, and moderates like Mr. Williams.
“Roger’s view was you had to have some unpredictability and you had to challenge the audience; you couldn’t just be reading Republican talking points every night,” said Susan R. Estrich, a Democratic lawyer and former commentator on Fox News who negotiated Mr. Ailes’s exit from the network amid his sexual misconduct scandal.
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Ms. Estrich recalled that Mr. Ailes had defended Megyn Kelly, the former Fox News host, when Mr. Trump, then a presidential candidate, attacked her in misogynist terms. Now, she said, “instead of trying to broaden their audience, Fox News is narrowing it and digging in.”
Rick Santorum, after he was criticized for remarks about Native Americans.
Ms. Brazile said she had left Fox News of her own accord.
“Fox never censored my views in any way,” she wrote in an email. “Everyone treated me courteously as a colleague.” Ms. Brazile added: “I believe it’s important for all media to expose their audiences to both progressive and conservative viewpoints. With the election and President Biden’s first 100 days behind us, I’ve accomplished what I wanted at Fox News.”
an outcry from the Anti-Defamation League.
A pro-Trump drift at Fox News is not new: George Will, a traditional conservative who opposed Mr. Trump’s candidacy, lost his contributor contract in 2017. Shepard Smith, a news anchor who was tough on Mr. Trump, left in 2019.
Some Fox News journalists, though, say privately that they are increasingly concerned with the network’s direction. Kristin Fisher, one of the network’s rising stars in Washington and a White House correspondent, left Fox News last month despite the network’s effort to keep her. She had faced criticism from viewers in November after a segment in which she aggressively debunked lies about election fraud advanced by Mr. Trump’s lawyers.
The longtime Washington bureau chief, Bill Sammon, resigned in January after internal criticism over his handling of election coverage, around the time that Mr. Stirewalt was fired. (Mr. Stirewalt was let go along with roughly 20 digital journalists at Fox News, which the network attributed to a realignment of “business and reporting structure to meet the demands of this new era.”)
Mr. Sammon has effectively been replaced by Doug Rohrbeck, a producer with extensive news experience on Bret Baier’s newscast and Chris Wallace’s Sunday show. Still, some Fox journalists were surprised when the network hired Ms. Kupec, the former Barr spokeswoman, to work under Mr. Rohrbeck. (In 2019, CNN hired Sarah Isgur, the spokeswoman for former Attorney General Jeff Sessions, as a political editor. After protests from staff, she was shifted to an on-air role and later left the network.)
Fox News International, a streaming service available in 37 countries in Asia and Europe.
Despite continuing criticism from liberals, Fox News remains a financial juggernaut for the Murdoch empire; it is expected to earn record advertising revenues this year, the network said.
Even as its programming decisions seem aimed at attracting Trump supporters, Fox News does face one roadblock: Mr. Trump. The former president has maintained his stinging criticism of Fox News, which, he has claimed, betrayed him by calling the election for Mr. Biden.
On Friday, after criticism from Paul Ryan, the former House speaker, Mr. Trump wrote that “Fox totally lost its way and became a much different place” after the Murdochs appointed Mr. Ryan to the Fox Corporation board.
The hedge fund that wants to buy Tribune Publishing, the owner of some of the nation’s major metropolitan newspapers, has one final hurdle to cross.
Shareholders of the newspaper company, whose titles include The Chicago Tribune, The Baltimore Sun and The New York Daily News, will vote on Friday on whether to approve the company’s sale to Alden Global Capital, an investor with a reputation for slashing costs and cutting jobs at the approximately 200 newspapers it already owns.
Alden’s effort to buy Tribune has faced resistance: Journalists at Tribune’s papers protested the sale and publicly pleaded for another buyer to step in. A Maryland hotel executive who had planned to purchase the The Baltimore Sun offered a glimmer of hope when he emerged with a last-minute offer for the entire company. He was backed for a brief time by a Swiss billionaire.
But the rival bid never fully came together, so the choice facing Tribune’s shareholders is to approve or reject Alden’s offer. Tribune’s board has recommended that they vote for the sale.
Chicago Tribune Guild president, begged Dr. Soon-Shiong to vote “No” on Friday.
“As Tribune Publishing’s second-largest shareholder, you can single-handedly keep Alden from sealing the deal,” Mr. Pratt wrote. “We’re not asking you to buy the company, though that would be great. But we are asking you to use your power to stop Alden from consolidating its own.”
Alden began buying up news outlets more than a decade ago and owns MediaNews Group, the second-largest newspaper group in the country, with titles including The Denver Post and The Boston Herald. While buying a newspaper may sound like a questionable investment in an era of shrinking print circulation and advertising, Alden has found a way to eke out a profit by laying off workers, cutting costs and selling off real estate.
“Alden’s playbook is pretty straightforward: Buy low, cut deeper,” said Jim Friedlich, the chief executive of The Lenfest Institute for Journalism, a journalism nonprofit that owns The Philadelphia Inquirer. “There’s little reason to believe that Alden will approach full ownership of Tribune any differently than they have their other news properties.”
Stewart W. Bainum Jr., the hotel magnate from Baltimore who made a last-ditch effort to rival Alden’s bid.
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“This is the strategic logic of the acquisition, and one would hope — but not expect — that the savings from these synergies will be reinvested in local journalism and digital transformation,” he said.
Tribune, Alden Global Capital and Mr. Bainum declined to comment ahead of the vote.
Tribune agreed in February to sell to Alden, which had pursued ownership for years, in a deal that valued Tribune at roughly $630 million.
While a sale to Alden now seems inevitable, the twists and turns of recent weeks had seemed to favor Tribune’s reporters.
Mr. Bainum emerged as a potential savior in February, when he announced that he would establish a nonprofit to buy The Baltimore Sun and other Maryland newspapers from Alden once its purchase of Tribune went through. But his deal with Alden soon ran aground as negotiations stalled over the operating agreements that would be in effect as the papers were transferred.
So Mr. Bainum made a bid for the whole company on March 16, outmatching Alden with an offer that valued the company at about $680 million. He was then joined by Hansjörg Wyss, a Swiss billionaire who lives in Wyoming and had expressed an interest in owning The Chicago Tribune. Mr. Bainum would have put up $100 million, with Mr. Wyss financing the rest.
Tribune agreed to consider the bid from the pair, who formed a company called Newslight, saying on April 5 that it would enter negotiations because it had determined that the deal could lead to a “superior proposal.” Part of the discussions included access to Tribune’s finances.
exiting the bid after his associates reviewed the books. Part of the reason for his decision, according to people with knowledge of the matter, was the realization that his plans to transform the Chicago newspaper into a competitive national daily would be near impossible to pull off.
Mr. Bainum notified Tribune on April 30 that he would increase the amount of money that he would personally put toward the financing from $100 million to $300 million, as he hunted for like-minded investors to replace Mr. Wyss. In addition to needing to fund the balance of his bid, $380 million, Mr. Bainum’s offer was contingent on finding someone to take on responsibility for The Chicago Tribune, according to three people with knowledge of the discussions.
The Centers for Disease Control and Prevention is finally catching up to the science.
For months, research about Covid-19 has pointed to two encouraging patterns. First, the underlying virus that causes Covid rarely spreads outdoors. Second — and even more important — fully vaccinated people are at virtually no risk of serious disease and only a minuscule risk of spreading the virus to others.
But the C.D.C., which has long been a cautious agency, has been unwilling to highlight these facts. It has instead focused on tiny risks — risks that are smaller than those from, say, taking a car trip. The C.D.C.’s intricate list of recommended Covid behavior has baffled many Americans and frightened others, making the guidance less helpful than it might have been.
Yesterday, the agency effectively acknowledged it had fallen behind the scientific evidence: Even though that evidence has not changed in months, the C.D.C. overhauled its guidelines. It said fully vaccinated people could stop wearing masks in most settings, including crowded indoor gatherings.
The change sends a message: Vaccination means the end of the Covid crisis, for individuals and ultimately for society.
long accepted without upending our lives, like riding in a car, taking a swim or exposing ourselves to the common cold.
‘Evidence-based’ and ‘bold’
The announcement also sends a message to the unvaccinated (who, the C.D.C. emphasized, should continue wearing masks in most settings): Life is starting to return to normal, and a vaccine shot is your best protection against a deadly virus. It is also the best way to protect your community and the rest of the world. And the long vaccine waits and difficult sign-up procedures are disappearing in most places.
Some experts praised the announcement. “Good move for the C.D.C. and our country,” Dr. Howard Forman, a Yale School of Medicine professor and former Senate staff member, wrote on Twitter. “They must stop making perfect the enemy of very good. And this is a step in that direction.”
Dr. Uché Blackstock, the C.E.O. of Advancing Health Equity, wrote: “I’m ecstatic about this news! It’s evidence-based and it’s bold. I hope that the updated guidelines incentivize more people to get vaccinated.”
Other experts worried that encouraging vaccinated people not to wear masks might cause unvaccinated people to shed them too — the so-called slippery-slope argument. It is a common concern whenever health authorities lift behavior restrictions. But history suggests it is often overblown. An absolutist message often fails, Julia Marcus of Harvard Medical School has noted, especially when it urges people to take steps that do not actually protect them.
criticized the C.D.C. during a hearing this week for not hewing to the data — and she argued that the change would lead to safer behavior. “This really matters because if people don’t have confidence in the C.D.C. guidance, if they believe it is driven more by politics than science, then they are likely to disregard the C.D.C. guidelines that we should be following,” Collins said.
will not fall to zero, and it is important to remember that. But zero is not a realistic goal, and the freezing of normal life has brought big costs of its own: children who are not learning; parents who cannot return to the work force; businesses that cannot rehire their workers; and millions of people who miss everyday forms of human companionship.
When Covid was raging out of control, these costs were nonetheless smaller than the alternative. With vaccines widely available, that’s no longer the case.
The C.D.C. has not fully shed its caution. It has not withdrawn its exaggeration of outdoor risks for the unvaccinated. And yesterday’s guidance continues to direct vaccinated people to wear masks and remain physically distant in some circumstances.
Some of those exceptions — like nursing homes, hospitals, homeless shelters and prisons — probably make sense. Many people in these settings are vulnerable, and masks can continue to provide protection, from both small Covid risks and other contagious diseases.
The rationale for other exceptions — like airplanes and public transportation, as well as airports and other travel hubs — is less clear, and the C.D.C. did not offer a public explanation for why vaccinated people need a mask on a bus but not in a bar.
in spreading the virus, a little extra caution is not beyond comprehension. It will not last forever, either. Yesterday’s about-face showed that while the C.D.C. may be slow, officials there take their mission seriously and do not enjoy being out of step with science.
“This is a watershed moment in the pandemic,” Dr. Lucy McBride, an internist, wrote on Twitter. “Next up: unmasking kids outdoors. Please, C.D.C.??”
“After a year of hard work and so much sacrifice, the rule is very simple: Get vaccinated, or wear a mask until you do,” President Biden said.
Biden and Republican senators meeting at the White House removed their masks. “Get vaccinated!” said Senator Joe Manchin of West Virginia, on a visit to his home state with Jill Biden. “We feel free.”
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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.”
The Swiss billionaire Hansjörg Wyss, who seemingly came out of nowhere last month to make a serious offer for Tribune Publishing, a major newspaper chain, has decided to take himself out of the bidding, according to three people with knowledge of the matter.
Two of the people said the decision came about in recent days, after Mr. Wyss’s associates examined the Tribune’s finances as part of a due diligence process.
The two people added that Mr. Wyss had come to believe it would be difficult for him to realize his ambition of transforming The Chicago Tribune — the company’s flagship paper and the one he was most interested in — into a national publication. The three people with knowledge of the matter spoke on the condition of anonymity because they were not authorized to discuss the deal publicly.
Mr. Wyss, who made his fortune as a medical device manufacturer, had joined the Maryland hotel executive Stewart Bainum Jr. in a bid that seemed as if it had a chance of preventing Tribune from becoming fully owned by its largest shareholder, the New York hedge fund Alden Global Capital.
In late March, Mr. Wyss and Mr. Bainum had put together an offer of $18.50 a share, which valued the chain at $680 million. It came more than a month after Tribune had reached a nonbinding agreement to sell itself to Alden at $17.25 a share. On April 5, Tribune Publishing said that its special committee had determined that the bid from Mr. Wyss and Mr. Bainum would be reasonably expected to lead to a “superior proposal,” when compared with the Alden bid.
Because Alden is known for slashing costs at the roughly 60 daily newspapers it controls through its MediaNews Group subsidiary, journalists at Tribune publications cheered the surprise entry of Mr. Wyss and Mr. Bainum into the bidding.
Mr. Wyss and Mr. Bainum declined to comment. Tribune’s special committee also declined to comment.
Mr. Bainum, who had taken a special interest in another Tribune paper, The Baltimore Sun, remains committed to pursuing ownership of Tribune Publishing. With Mr. Wyss no longer at his side, he is seeking new financing, the three people said. Mr. Bainum told the Tribune’s special committee of Mr. Wyss’s departure on Friday, two of the people said, and confirmed his exit from the deal in writing on Saturday.
Mr. Wyss, who was born in Bern, Switzerland, and has a home in Wyoming, first visited the United States as an exchange student in 1958 and worked as a journalist as a young man. A decade ago, as the chief executive of the Swiss-based medical device maker Synthes, he oversaw its sale to Johnson & Johnson for roughly $20 billion.
Tribune Publishing, the newspaper chain that includes The Chicago Tribune, The Daily News and The Baltimore Sun, said on Monday that it has begun serious discussions about a sale of the company to a pair of bidders who came through with an offer nearly two months after Tribune agreed to sell itself to Alden Global Capital, a New York hedge fund.
The new bid, which is greater than the amount offered by Alden, was made on Thursday by Stewart W. Bainum Jr., a Maryland hotel magnate, and Hansjörg Wyss, a Swiss billionaire who made his fortune as a manufacturer of medical devices.
The two have joined together in a company called Newslight. Tribune Publishing announced on Monday that it would “engage in discussions and negotiations” with Mr. Bainum and Mr. Wyss. The company added that, for now, it will not “terminate the Alden merger agreement or enter into any merger agreement with Newslight, Mr. Bainum or Mr. Wyss.”
Until recently, it looked as though Alden Global Capital would almost certainly become the next owner of Tribune. Late last month, Mr. Wyss emerged as a surprise new player, telling The New York Times that he would team up with Mr. Bainum in a bid for the chain. On Thursday, Mr. Wyss and Mr. Bainum submitted their bid, which valued Tribune at $18.50 a share, beating Alden’s offer of $17.25.
reported earlier by The Wall Street Journal.
Tribune Publishing said on Monday that its special committee had determined that the competing bid from Mr. Wyss and Mr. Bainum would be reasonably expected to lead to a “superior proposal” than the Alden bid.
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But the Tribune advised caution, telling shareholders, “There can be no assurance that the discussions with Newslight and its principals will result in a binding proposal.”
Nearly two months ago, Mr. Bainum had reached a nonbinding agreement to establish a nonprofit that would buy The Sun and two other Tribune-owned Maryland newspapers from Alden, for $65 million, after the Alden-Tribune deal gained shareholder approval. That agreement ran into trouble soon after it was made, however. Last month, Mr. Bainum, the chairman of Choice Hotels International, one of the world’s largest hotel chains, made a bid for all of Tribune, offering $18.50 a share.
After considering the bid from Mr. Bainum last month, Tribune said it still favored the agreement with Alden, which had solid financing. At the same time, the board informed Mr. Bainum that he was free to find backers to make his offer more attractive. He did just that by joining with Mr. Wyss.
opinion essay in which two former Chicago Tribune reporters, David Jackson and Gary Marx, warned that Alden would create “a ghost version of The Chicago Tribune.” Other Tribune journalists, from California to Maryland, have led campaigns to persuade local benefactors to buy Tribune Publishing, or at least one of its papers.
Mr. Wyss, who lives in Wyoming, said he joined the effort to buy Tribune because of his belief in a robust press. “I don’t want to see another newspaper that has a chance to increase the amount of truth being told to the American people going down the drain,” he said in the interview last month.
Wyoming announced on Wednesday that residents 16 years or older were now eligible to get a Covid-19 vaccine in the state. New Mexico and South Dakota said that they would make all residents 16 years or older eligible on April 5, and Pennsylvania said it would do the same for all adults on April 19.
In all, 43 states have now sped up their vaccination efforts at a time when health officials are warning of a possible fourth surge of coronavirus cases.
The pace of vaccinations has been picking up across the country as more states changed their eligibility timelines. As of Tuesday, an average of 2.7 million shots a day are being administered across the country, about 10 percent more than the average a week earlier, according to a New York Times analysis of data from the Centers for Disease Control and Prevention.
“I want to take this opportunity and invite you to choose to get your free Covid-19 shot as soon as possible,” Gov. Kristi Noem of South Dakota said in announcing her state’s eligibility expansion.
Times analysis of C.D.C. data. South Dakota ranks third with 34 percent.
President Biden called earlier this month for states to open eligibility to all adults by May 1. On Monday, he directed his coronavirus response team to ensure that by April 19, there would be a vaccination site within five miles of 90 percent of Americans’ homes.
The number of Americans, and especially Black Americans, who have been vaccinated or want to be vaccinated has risen significantly since January, according to a recent poll by the Kaiser Family Foundation. The survey also found that Republicans and white evangelical Christians continue to be skeptical of getting a virus vaccine.
Ms. Noem, a Republican who leads a Republican-majority state, acknowledged those concerns on Wednesday.
“There will never be the heavy hand of government mandating that you get the vaccine,” she said. “We will trust our people to do the right thing.”
A Swiss billionaire who has donated hundreds of millions to environmental causes is a surprise new player in the bidding for Tribune Publishing, the major newspaper chain that until recently seemed destined to end up in the hands of a New York hedge fund.
Hansjörg Wyss (pronounced Hans-yorg Vees), the former chief executive of the medical device manufacturer Synthes, said he had agreed to join with the Maryland hotelier Stewart W. Bainum Jr. in a bid for Tribune, an offer that could upend Alden Global Capital’s plan to take full ownership of the company, Marc Tracy of The New York Times writes.
Mr. Wyss, who has given away some of his fortune to help preserve wildlife habitats in Wyoming, Montana and Maine, said he was motivated to join the Tribune bid by his belief in the need for a robust press. “I have an opportunity to do 500 times more than what I’m doing now,” he said.
Alden, which already owns roughly 32 percent of Tribune Publishing shares, is known for drastically cutting costs at the newspapers it controls through its MediaNews Group subsidiary. Last month, the hedge fund reached an agreement with Tribune, whose papers include The Daily News, The Baltimore Sun and The Chicago Tribune, to buy the rest of the company’s shares.
The sale of Tribune, which the newspaper company hopes to conclude by July, requires regulatory approval and yes votes from company shareholders representing two-thirds of the non-Alden stock.