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Un juez del Supremo anula todas las condenas a Lula da Silva BRASIL
“En vez de desempleo vamos a tener posempleo” P27 KAZUO ISHIGURO
P4
Las diferencias en el Gobierno retrasan las ayudas directas Sánchez presiona a Calviño con la convocatoria de un Consejo extraordinario para el viernes CLAUDI PÉREZ, Madrid La división interna en el Gobierno retrasa el anunciado plan de 11.000 millones de euros en ayudas directas a empresas para evitar una oleada de cierres. El Ministerio de Economía, que dirige Na-
Bárcenas le cuenta al fiscal las “mentiras” del PP por su caja b PABLO ORDAZ, Madrid El extesorero del PP Luis Bárcenas explicó ayer ante la Audiencia Nacional con todo lujo de detalles —nombres, fechas, cantidades y artimañas— la financiación ilegal del PP desde Fraga hasta Rajoy, a quien asegura haber entregado 25.000 euros de las últimas partidas de dinero negro. Bárcenas regaló al fiscal un resumen: “Lo que se pagaba en negro era la diferencia entre lo real y lo de mentira”. PÁGINAS 14 Y 15
dia Calviño, ha elevado hasta unos 5.000 millones el montante de las transferencias no reembolsables. Unidas Podemos hizo pública su propuesta, con membrete del Ministerio de Derechos Sociales, que encabeza Pablo Iglesias, en la que reclama que esa cifra se eleve a 8.000 millones. Calviño se enfrenta a otro foco de tensión con otros ministros socialistas por las condiciones asociadas a las ayudas. El asunto fundamental es el papel de las comunidades autónomas en la gestión de las transferencias no reembolsables para las empresas, que algunos ministros quieren limitar. El decreto debía ir hoy al Consejo de Ministros de hoy, pero las divisiones lo impidieron. Pedro Sánchez añadió presión a la vicepresidenta económica al anunciar que convoca un Consejo extraordinario para este viernes. PÁGINA 37
Podemos vota en contra de retirar la inmunidad a Puigdemont P16
Una mujer participaba ayer en las concentraciones en la Puerta del Sol de Madrid. / DAVID FERNÁNDEZ (EFE)
El feminismo cambia marchas masivas por símbolos en el 8-M El mundo vive un insólito Día de la Mujer por la pandemia. El Constitucional avala la prohibición de los actos en Madrid PILAR ÁLVAREZ, Madrid El feminismo cambió las movilizaciones masivas por concentraciones limitadas, símbolos y homenajes en un 8 de marzo marcado por la pandemia. En filas y con distancias de seguridad, con bailes y mascarillas, en bicicleta o desde los balcones, la protesta del Día Internacional de la Mujer pu-
La acusación de racismo sacude a la corona británica Los laboristas piden investigar las denuncias de los duques de Sussex
Enrique y Meghan, en la entrevista. / REUTERS
RAFA DE MIGUEL, Londres La entrevista con los duques de Sussex en la CBS, en la que Enrique y Meghan acusaron a la familia real británica de racismo, manipulación y crueldad, reaviva el debate sobre la monarquía y abre otra crisis en su seno. El palacio de Buckingham guardó silencio, como el Gobierno de Johnson, mientras que los laboristas pidieron que se investigue la denuncia. PÁGINA 2
so el foco en los efectos de la crisis sanitaria. El Tribunal Constitucional ratificó la prohibición de celebrar actos en la Comunidad de Madrid, lo que habían recurrido los sindicatos, pese a lo cual se produjeron pequeñas concentraciones en la Puerta del Sol. La jornada tuvo eco en toda España y en el mundo —con especial vigor
en México—, pese a las restricciones sanitarias. La ONU recordó que, a este ritmo, la igualdad en el reparto del poder en el mundo se demorará otros 130 años. La presidenta de la Comisión Europea, Ursula von der Leyen, prometió situar la igualdad de género en el centro de la recuperación económica. PÁGINAS 20 A 22
FINANCIAL TIMES NEWS PROVIDER OF THE \ EAR
TUESDAY 9 MARCH 2021
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Workingforworkers
Hydrogen rising
How the virus triggered a comeback
The reignited race to eradicate dirty energy - n e w s e r i e s , p a g e 21
Í O r U n í O n S - S A R A H O ’CONIMOR, PA G E 23
Women’s day Pandemic hits mothers more
Briefing ►Retai] sales rise in spite of lockdown The planned reopemngofschools and more spending on homes helped reta il sales toretum to growtliinFebmaiy, upbylpercent, despitethe lockdmvn,sayindustiy data.-PAGE 2:ft view, page 22
Activists calling for more gender equality march durtng Inte mational Women’s Day in París, France, yesterday. A global survey of Financial Times’ readers hasfound thattw o in five working mothers have take n, or are considering taking, a step back at w ork as the pandemic forces parents to juggle their careers and child care. The findings add to signs that lockdowns have hit working women harder because of school closures and th eir over-representation in precaiious sectors such as re ta d . And w hile m any fathers have taken on more chores, tlie división of household labour duringthe crisis has fallen back on oíd p atterns where women take the lead.
►Apollo to end Athene feud with merger Buyoutflrm Apollo isto mergewitliAtheneHolding, the life ínsurancecompanyitcreated at the heightof t he financial crisis, luán effort to end tensions over the fees tliatit charges thetm it.- pase 9-, lex , page 24
►Royal rift aired in explosive interview The royal family isreeling from aüegations of racism by Prince H airy and Meghan Markle in an explosive Oprah Winfrey interview that aired around the world.- PAGE 4
►Deliveroo outlines London IPO details Amazon-backed online food-orderingcompany Deüveroo laid out plans for itsLondonstockmarket debutas itrevealed a 54per cent growth in sales but losses of f 224min 2020.— page <¡; lex. page 24
Worklno mothers bear brunt page 8
►GE closes in on Iits.1i plane-leasing sale
Bailey wams of ffesh BoE fears over post-pandemic inflation •• Caution on in teres t rates CHR1S GILES —
ECONOMICS EDITOR
Andrew Bailey has signalkd renewed concern about the possibility of rising inflation as the TJK recovera from the coronavirus crisis, saying that the rislcs are now “increasingly two-sided The Bank of England governor said that the central bankwouldnot raisethe in terest rate in response to a rapid recovery. It would need to see “clear evidence” tliat inflation would be sustainable a t the 2 p e r cent targ et before it moved. But he highlighted that the BoE was working on die preparations for negative interest rates if the recovery disappointed and on how best to tighten p o lic y if rap id s p en d in g gro w th increased inflaüonary pressures.
Forecasts likely to be stronger •• Budget to help job figures
“These decisions are detached from our current or likely policy decisions, but do recognise the increasingly twosided n atu re of the risks we face,” he said at a Resolution Foundationevent. Financial m arket expectations of future inflation and interest rates have risensharplyin recent weeks followlng a vaccine-fuelled Lniprovement in the economic outlook. The Office for Budget Responsibility last week higlilightedthe risk that rising borrowingcosts could leave a larger hole in tlie governmeut ’s finances. Charlie Bean, an OBR com m ittee member, toldMPs yesterday that higher interest rates were a “downside risk” to its forecasts, bu t said there was no reasonto believethat recent m arketmoveinents would lead to markedly higher
i n t e r e s t r a te s la t e r in th e y e a r. G overnm ent borrowing costs were largely umuoved after Balley’s speech, rising 0.01 percentagepoints to 0.77 per cent for 10-year debt. These interest rates have risen more tlian 50 per cent over tlie past month on investor expec tations of a m ore rapid recovery and concem s about inflation eroding the valueof their investments. Markets no longer expect the BoE to set negative interest rates to stimulate the eoonomy and instead forecastthat it wül start raising rates in 2022. Bailey said th e next BoE forecasts w ere likely to be stronger than last month’s projections because they would take account of the additional stinndus the government added in the Budget last week. This would help to keep the
Andrew Bailey said the bank was working on preparations for negative interest raf es if the recovery disappointed
peak of unem ploym ent lower than the 775per cent previously forecast. “Our last forecast was pre-Budget,” Bailey said. adding that in the next fore cast in May, “we wül have a lower pro file of unemployment in the near te n n and probably lower throughout [the fore cast]”. Bailey said that a stronger recovery would not tiecessarily lead to inflation because the longer-term outlook for p n c e s d ep en d ed on th e b alance between demand and supply. Both were highly uncertaiu, he said. In the short term, the BoE’s focus was on raising the inflation rate, he added. “Viewed from where we are today, our taskis to get inflation up tow ardsthe [2 per cent] target.”
Johnson’s 'Global Brltaln’ visión set to Irk partners The ‘Global Brltaln’ securlty and foreígn policy strategy, Borls Johnson’s post-Brexít visión that has been repeatedly delayed arnld the battleto control the coronavirus pandemic, will flnally be published next week. However, the document is likely to rankle with the UK’s forelgn defence partners. While Washington Is likely to belrritated If the Brirish army's slze Is reduced, Europeans are wa ry of the UICs ambítions in Asía. A n a ly sise p a g e 3
Greensill Capital filed for adm iuistration yesterday, warning th a t It was in “se ve re financial distress” an d had b een h it by d efau lts fro m its m ain custom er, GFG Alliance, puttm g th o u sands of Steel jobs a t ris k Greensill has about $5bn of exposure to metáis magnate Sanjeev Gupta’s GFG, which was “experiencing financial difficulties” and had “started todefault” on obligations to Greensill. Documents filed in court yesterday revealed that GFG said in a February 7 letter tliat if Greensill stopped provi di ng working capital itwouldfallinto insolveney. GFG’s operations, which inelude UIÍbased Liberty Steel, continued to trade yesterday but if the group were to fall, it would put tens oftliousands ofsteeland
engineeringjobs around the world at risk, including5,000 in the UK. Union offidals are due to meet Gupta today to seek assurances over the future of his businesses. The Community Steel unión said Gupta needed to tell thern “how he plaus to protect jobs” at sites including its alum inium sm elter in LochaberinScotland. Kwasi Kwarteng, the business secretary, held an em ergeney meeting on Sunday with Jon Ferriman, chief execu tive of Liberty Steel, which is the UK’s third-largeststeel producen Thefilingm arksthe latest stageofthe unravelling of Greensill, which has operations extending from the UK to Australia. The group specialises in sup ply chain finance, where businesses borrow m oney to pay suppllers. It was throw n into crisis last week after its main insurer refused to renew a $4.6bn
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Hakan Afilia, the chief executive oflstanbuksstock exchangeoperator, has steppeddown before aUS t nal o f his former ba nk over allegations that it helped Inui evade sanctions.- page 8
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contract and CreditSuisse froze $lObn offunds Linked to thecompany. Greensill is lawyers said yesterday that the loss of theinsurance “caused the real crunch”, adding that CTedit Stiisse, d ting “events of default”, had demanded repayment of a $140m loan extended to Greensill in October. The lawyers said Greensill had “no conceivable way” of repaying it. TheGreensiU ffling aiso pavés the way for US prívate equity group Apollo Glo bal Manageme nt to buy parts of the ai ling business. Apollo has made a $59.5m cash offer for Greensill’s intellectual property and IT systems, according to the court documents that say the US group is “theonly credíblebidder”. Apollo would not take on any financing for GFG, people familiar with the mattersaid. GFGdedined to comment.
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The Bidenadministration faces a Kabu l backlash as Afghanistan officialsliitout atAntony Blinken’s “coerdve” planto kickstartstalled peace talles with a UN-led summit and aninterimgovernment.- page 4
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Thousands of British Steeljobs at risk as Greensill files for administration KAYE WIGGINS, ROBERT S M IT H , 5 YLVIA PFEIFER A ND JIM PICKARD
US conglomera teGeneralElectric is near inga dealto sellGecas, itsaircraft leasingunit, to Irishgroup AerCap for more than $50bn, its latest moveto restructure its business.- pace 10-. lex. page iu
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Late Edition Today, partly cloudy, noticeably milder, high 60. Tonight, clear skies, low 41. Tomorrow, mostly sunny skies, remaining mild, high 56. Weather map appears on Page B5.
VOL. CLXX . . . . No. 58,992
$3.00
NEW YORK, TUESDAY, MARCH 9, 2021
© 2021 The New York Times Company
Relief Package THOSE VACCINATED Widens Reach CAN BE MASKLESS Of Health Law
IN SMALL GROUPS
2-Year Expansion Sets Up a Midterm Battle NEW GUIDANCE BY C.D.C. By SHERYL GAY STOLBERG
THE NEW YORK TIMES
A family grieving a man who was shot dead by security forces in Myanmar this month. Scores have been killed since the Feb. 1 coup.
In Myanmar, Side Deals and Scandal Mar the Lincoln Project themselves up in the new enterVicious Tactics drafting and filing papers to An Anti-Trump Group prise, create TLP Media in September Define Military A few days before the presiden- Was Split by Cash and October, records show. Its aim This article is by Danny Hakim, Maggie Astor and Jo Becker.
By RICHARD C. PADDOCK
The soldiers from Myanmar’s army knocked on U Thein Aung’s door one morning last April as he was having tea with friends, and demanded that all of them accompany the platoon to another village. When they reached a dangerous stretch in the mountains of Rakhine State, the men were ordered to walk 100 feet ahead. One stepped on a land mine and was blown to pieces. Metal fragments struck Mr. Thein Aung in his arm and his left eye. “They threatened to kill us if we refused to go with them,” said Mr. Thein Aung, 65, who lost the eye. “It is very clear that they used us as human land mine detectors.” The military and its brutal practices are an omnipresent fear in Myanmar, one that has intensified since the generals seized full power in a coup last month. As security forces gun down peaceful protesters on city streets, the violence that is commonplace in the countryside serves as a grisly reminder of the military’s long legacy of atrocities. During decades of military rule, an army dominated by the Bamar majority operated with impunity against ethnic minorities, killing civilians and torching villages. The violence continued even as the army ceded some authority to an elected government in a power-sharing arrangement that started in 2016. The next year, the military drove more than 700,000 Rohingya Muslims out of the country, an ethnic cleansing campaign that a United Nations panel has described as genocidal. Soldiers have battled rebel ethnic armies with the same ruthlessness, using men and boys as human shields on the battlefield and raping women and girls in their homes. The generals are now fully back in charge, and the Tatmadaw, as the military is known, has turned its guns on the masses, who have mounted a nationwide civil disobedience movement. The crackdown widened on Monday in the face of a general strike, with security forces seizing control of universities and hospitals and annulling press licenses of five media organizations. At least three protesters were shot dead. More than 60 people have been killed since the Feb. 1 coup, an increasingly bloody crackdown Continued on Page A8
tial election, the leadership of the anti-Trump Lincoln Project gathered at the Utah home of Steve Schmidt, one of the group’s cofounders, and listened as he plotted out the organization’s future. None of the dissident Republican consultants who created the Lincoln Project a year earlier had imagined how wildly successful it would be, pulling in more than $87 million in donations and producing scores of viral videos that doubled as a psy-ops campaign intended to drive President Donald J. Trump to distraction. Confident that a Biden administration was on the horizon, Mr. Schmidt, a swaggering former political adviser to John McCain and Arnold Schwarzenegger, pitched the
and Misconduct other attendees on his post-Trump vision for the project over a breakfast of bagels and muffins. And it was ambitious. “Five years from now, there will be a dozen billion-dollar media companies that don’t exist today,” he told the group, according to two people who attended. “I would like to build one and would invite all of you to be part of that.” In fact, Mr. Schmidt and the three other men who started the Lincoln Project — John Weaver, Reed Galen and Rick Wilson — had already quietly moved to set
was to transform the original project, a super PAC, into a far more lucrative venture under their control. This was not the only private financial arrangement among the four men. Shortly after they created the group in late 2019, they agreed to pay themselves millions of dollars in management fees, three people with knowledge of the deal said. One of the people said a contract was drawn up among the four men but not signed. A spokeswoman for the Lincoln Project was broadly dismissive and said, “No such agreement exists and nothing like it was ever adopted.” The behind-the-scenes moves Continued on Page A14
WASHINGTON — President Biden’s $1.9 trillion coronavirus relief bill will fulfill one of his central campaign promises: to fill the holes in the Affordable Care Act and make health insurance affordable for more than a million middle-class Americans who could not afford insurance under the original law. The bill, which will probably go to the House for a final vote on Wednesday, includes a significant, albeit temporary, expansion of subsidies for health insurance purchased under the act. Under the changes, the signature domestic achievement of the Obama administration will reach middle-income families who have been discouraged from buying health plans on the federal marketplace because they come with high premiums and little or no help from the government. The changes will last for only two years. But for some, they will be considerable: The Congressional Budget Office estimated that a 64-year-old earning $58,000 would see monthly payments decline from $1,075 under current law to $412 because the federal government would take up much of the cost. The rescue plan also includes rich new incentives to entice the few holdout states — including Texas, Georgia and Florida — to finally expand Medicaid to those with too much money to qualify for the federal health program for the poor, but too little to afford private coverage. “For people that are eligible but not buying insurance, it’s a financial issue, and so upping the subsidies is going to make the price point come down,” said Ezekiel Emanuel, a health policy expert and professor at the University of Pennsylvania who advised Mr. Biden during his transition. The bill, he said, would “make a big dent in the number of the uninsured.” But because those provisions last only two years, the relief bill almost guarantees that health care will be front and center in the 2022 midterm elections, when Republicans will attack the measure as a wasteful expansion of a health law they have long hated. Meantime, some liberal Democrats may complain that the changes prove only that a patchwork approach to health care coverage will never work. “Obviously it’s an improvement, but I think that it is inadequate given the health care crisis that we’re in,” said Representative Ro Khanna, a progressive Democrat from California who favors Continued on Page A15
Long-Separated Families Get Hopeful Glimpse at the Next Phase By RONI CARYN RABIN
Federal health officials on Monday told millions of Americans now vaccinated against the coronavirus that they could again embrace a few long-denied freedoms, like gathering in small groups at home without masks or social distancing, offering a hopeful glimpse at the next phase of the pandemic. The recommendations, from the Centers for Disease Control and Prevention, arrived almost exactly a year after the virus began strangling the country and Americans were warned against gatherings for fear of spreading the new pathogen. Now the agency has good news for long-separated families and individuals struggling with pan-
DOUG MILLS/THE NEW YORK TIMES
About 31.3 million Americans have been fully vaccinated. demic isolation: Vaccinated grandparents can once again visit adult children and grandchildren under certain circumstances, even if they remain unvaccinated. Vaccinated adults may begin to plan mask-free dinners with vaccinated friends. As cases and deaths decline nationwide, some state officials are rushing to reopen businesses and schools; governors in Texas and Mississippi have lifted statewide mask mandates. Federal health officials have repeatedly warned against loosening restrictions too quickly, fearing that the moves may set the stage for a fourth surge of infections and deaths. The new recommendations are intended to nudge Americans onto a more cautious path with clear boundaries for safe behavior, while acknowledging that most of the country remains vulnerable and many scientific quesContinued on Page A5
Children Fill Detention Centers Amid Migration Surge at Border By ZOLAN KANNO-YOUNGS and MICHAEL D. SHEAR
FACUNDO ARRIZABALAGA/EPA, VIA SHUTTERSTOCK
British tabloids on Monday after Prince Harry and his wife, Meghan, spoke to Oprah Winfrey.
A Royal Interview With Echoes of Princess Diana By SARAH LYALL
Anyone who remembers the funeral of Diana, the Princess of Wales, in 1997 can’t help being haunted by the wrenching sight of her two young sons, Princes William and Harry, walking slowly behind her coffin as it made its way to Westminster Abbey. Their hands were clasped in front; their heads were bowed. Harry looked so small in his suit.
INTERNATIONAL A7-11
Saved by the Pandemic A tiny Spanish village finds itself rejuvenated by people who fled big cities during the lockdown. PAGE A10
Son Saw His Wife Hurt by Press and In-Laws That image has reverberated down the years, a ghostly reminder of the princes’ traumatic childhood, and it hovered again in the background as Prince Harry and his wife, Meghan, spoke to Oprah Winfrey on Sunday night.
While the British tabloids like to cast Meghan in the villainous role of the Duchess of Windsor — the American divorcée who lured away their king in 1936 and lived with him in bitter exile, causing an irreparable family rift — Harry and Meghan seem determined to position her instead as a latterday Diana, a woman mistreated by her in-laws, more sinned against than sinning.
Continued on Page A11
WASHINGTON — Thousands of migrant children are backed up in United States detention facilities along the border with Mexico, part of a surge of immigration from Central Americans fleeing poverty and violence that could overwhelm President Biden’s attempt to create a more humane approach to those seeking entry into the country. The number of migrant children in custody along the border has tripled in the past two weeks to more than 3,250, according to federal immigration agency documents obtained by The New York Times, and many of them are being held in jail-like facilities for longer than the three days allowed by law. The problem for the administration is both the number of children
NATIONAL A12-17
BUSINESS B1-7
Revisiting Campus Due Process
Lessons of Pandemic Spending
The Biden administration will examine Trump-era rules on sexual misconduct that afforded greater protections to students accused of assault. PAGE A13
Lost jobs and lockdowns forced almost everyone to change spending habits. We talked to people in five households about pandemic budgeting. PAGE B1
Cuomo Inquiry Takes Shape An ex-U.S. prosecutor and an employment lawyer will lead the investigation into harassment accusations. PAGE A17 TRACKING AN OUTBREAK A4-6
crossing the border and what to do with them once they are in custody. Under the law, the children are supposed to be moved to shelters run by the Health and Human Services Department, but because of the pandemic the shelters until last week were limiting how many children they could accommodate. The growing number of unaccompanied children is just one element of an escalating problem at the border. Border agents encountered a migrant at the border about 78,000 times in January — more than double the rate at the same time a year ago and higher than in any January in a decade. Immigration authorities are expected to announce this week that Continued on Page A14
SCIENCE TIMES D1-7
SPORTSTUESDAY B8-10
ARTS C1-6
Throwing Us a Curve
A U.S. Star at Home in Italy
Now He’s a Filmmaker, Too
Prof. Sarah Hart discusses Mozart, “Moby Dick” and the beauty of cycloids, inverted, above, or otherwise. PAGE D1
Weston McKennie has had a whirlwind journey in the last year that has taken him to Juventus, one of the powers in world soccer. PAGE B8
Eddie Huang discusses his debut drama, “Boogie,” and what it was like to work alongside Pop Smoke, who has a starring role in the movie. PAGE C1
Child Marriage on the Rise
City’s High Schools to Reopen
What Neanderthals Heard
The pandemic has worsened economic distress and other factors that encourage such unions. PAGE A7
The 488 public schools in New York are scheduled to resume in-person instruction on March 22. PAGE A6
Scientists have been studying the evolution of language by reconstructing hearing in early humans. PAGE D1
EDITORIAL, OP-ED A18-19
Paul Krugman
PAGE A18
U(D54G1D)y+#!#!?!$!=
TUESDAY, MARCH 9, 2021 ~ VOL. CCLXXVII NO. 55
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DJIA 31802.44 À 306.14 1.0%
NASDAQ 12609.16 g 2.4%
STOXX 600 417.25 À 2.1%
10-YR. TREAS. g 12/32 , yield 1.594%
OIL $65.05 g $1.04
GOLD $1,677.70 g $20.30
Review of Security at Capitol Finds Gaps in Staffing, Training
What’s News Business & Finance he Nasdaq fell into correction territory, losing 2.4% as a selloff in U.S. government bonds that has sapped demand for tech shares continued. The Dow, meanwhile, gained 1% amid a market rotation into cyclical sectors. The S&P 500 shed 0.5%. A1, B11
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GameStop’s board named Chewy co-founder and GameStop investor Ryan Cohen to lead a panel dedicated to transforming the retailer. B1 Zoom Video’s CEO transferred roughly 40% of his ownership in the company, a stake valued at about $6 billion, after Zoom shares more than tripled last year. B1 A candidate for Tegna’s board withdrew his nomination, citing potential conflicts of interest and an incident he says demonstrated cultural insensitivity by the firm’s CEO. B1 Amazon-backed Deliveroo took the first step to list on the London Stock Exchange. B1 American Airlines said it would raise $7.5 billion backed by its frequent-flier program to repay a loan from the federal government. B3 Christian Louboutin is selling a 24% stake to Exor, an investment firm controlled by Italy’s Agnelli family. B3
World-Wide People who are fully vaccinated against the coronavirus can gather privately in small groups without masks or physical distancing, the CDC said, relaxing safety guidelines for inoculated individuals under some circumstances. A1 The House looked on track to pass the latest version of the $1.9 trillion coronavirus relief package later this week, as liberal Democrats swallowed their frustration with the Senate’s changes. A2 A task force reviewing security at the U.S. Capitol after the Jan. 6 assault recommended adding hundreds more officers to the Capitol Police and other measures. A4 Texas Lt. Gov. Patrick called on the state’s grid operator and regulator to reverse $16 billion in electricity overcharges flagged by an independent market monitor. A6 New York’s attorney general appointed two veteran lawyers to lead an investigation into alleged sexual harassment by Gov. Cuomo. A3 Biden signed an executive order directing his administration to review policies related to how schools handle allegations of sexual harassment and assault. A3 Jury selection in the murder trial of an ex-police officer accused of killing George Floyd was put on hold after prosecutors filed for a delay. A3 A televised interview with Prince Harry and Meghan Markle has thrust the British monarchy into the center of a discussion over the role of race in British society. A16 CONTENTS Arts in Review.... A11 Business News...... B3 Capital Journal...... A4 Crossword............... A11 Heard on Street. B12 Markets..................... B11
Opinion.............. A13-15 Personal Journal A9-10 Sports........................ A12 Technology............... B4 U.S. News............. A2-6 Weather................... A11 World News...... A7,16
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Nasdaq Falls Into Correction As Yields Take Off BY ANNA HIRTENSTEIN AND AMBER BURTON
WIRED: Members of the National Guard at the fence surrounding the Capitol on Monday as a task force recommended changes in security, including an increase in police officers and creation of a rapid-reaction force after the Jan. 6 riot. A4
CDC Relaxes Safety Guidance For Fully Vaccinated People BY BRIANNA ABBOTT People who are fully vaccinated against the new coronavirus can gather privately in small groups without masks or physical distancing, the federal Centers for Disease Control and Prevention said, relaxing safety guidelines for inoculated individuals under some circumstances. The CDC said Monday that fully vaccinated people should
continue to take precautions in most circumstances to prevent the spread of the virus that causes Covid-19. People who are fully immunized should continue to wear masks and keep their distance from others in public or while visiting unvaccinated people at higher risk for severe cases of Covid-19, the CDC said. The agency said vaccinated people should continue to hold off on long trips and left its
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Apollo To Solidify Ownership Of Athene BY MIRIAM GOTTFRIED AND LESLIE SCISM Apollo Global Management Inc. said it is buying the portion of Athene Holding Ltd. it doesn’t already own, in a move to consolidate the investment firm’s ownership of its highly successful insurance affiliate. For Apollo, which owns 35% of Athene already and has a long-term agreement to manage its assets, the merger is aimed at simplifying the relationship and better aligning the interests of both companies’ shareholders. It values Athene at $11 billion. The move also represents the latest step in Apollo’s bid to improve its governance in the wake of revelations of ties between co-founder and Chief Executive Leon Black and disgraced financier Jeffrey Epstein. Apollo co-founder Marc Rowan, the architect of the firm’s insurance strategy, is preparing to assume the CEO role. Mr. Black said in January he would step down in the wake of a board review of his ties to Epstein, who killed himself in his Manhattan jail cell in 2019 after being indicted on Please turn to page A4
travel guidance unchanged. “Our guidance must balance the risk to people who have been fully vaccinated, the risks to those who have not yet received the vaccine, and the impact on the larger community transmission of Covid-19,” CDC Director Rochelle Walensky said. The updated guidance comes as government officials, businesses and individuals try to map a path back toward normalcy, one year after the pan-
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Greensill filed for insolvency protection, days after regulators took over its banking unit and Credit Suisse froze investment funds critical to its operations. A1
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Investors rotate out of tech stocks into cyclical shares, pushing the Dow industrials higher
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Apollo said it is buying the portion of Athene it doesn’t already own, in a move to consolidate the firm’s ownership of its highly successful insurance affiliate. A1
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JASON GAY Roger Federer, tennis’s most decorated men’s player, returns to the court. A12
By Julie Steinberg, Duncan Mavin and Patricia Kowsmann froze investment funds that were critical to the startup’s operations. The unwinding has rippled to holders of the Credit Suisse funds, German municipalities that deposited money with Greensill’s bank, and a duo of
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Treasury bond yields rise after stimulus gains............. B11
Many Power Bills Rose After Deregulation BY SCOTT PATTERSON AND TOM MCGINTY
BUSINESS & FINANCE The cooling in the tech market tests star stock picker Cathie Wood and her firm. B1
venture-capital investors. Greensill specialized in supply-chain finance, a type of short-term cash advance to companies to stretch out the time they have to pay their bills. The firm was once valued at $4 billion based on investments from SoftBank Group Corp.’s Vision Fund. The collapse marks a high-profile blow for the mammoth Japanese investor. Founded by Australian-born Lex Greensill, the company billed itself as a technology startup that competed with traditional banks such as Citigroup Inc. and JPMorgan Chase Please turn to page A7
What’s Fido Thinking? Put Down the Phone Already i
House aims to pass modified coronavirus aid bill soon..... A2 Your Health: Navigating daily life after vaccination............. A9
In nearly every state they operate in, retail energy firms have charged more than utilities
Greensill Collapses, Files for Protection LONDON—Greensill Capital filed for insolvency protection on Monday, days after regulators took over its banking unit and Credit Suisse Group AG
demic first shut down much public life and business as usual across the country. New cases, hospitalizations and deaths related to Covid-19 have fallen in recent weeks following a winter surge, and the effort to inoculate people against the Please turn to page A6
Technology stocks continued falling Monday, pulling the Nasdaq Composite into correction territory, as a selloff in U.S. government bonds extended into a sixth week and sapped demand for the once highflying shares. The Nasdaq dropped 310.99 points, or 2.4%, to 12609.16, extending the declines from its Feb. 12 record to more than 10%. Rising bond yields dent the allure of growth stocks like those of big tech companies. Apple shares dropped $5.06, or 4.2%, to $116.36, extending their declines for the year to 12%. Netflix and Facebook posted declines of more than 3%, while Tesla, another investor favorite, shed $34.95, or 5.8%, to $563. Shares of the electric-vehicle maker have dropped more than 20% in 2021. Meanwhile, a rotation in the stock market continued: The Dow Jones Industrial Average surged 306.14 points, or 1%, to 31802.44 following progress on a new fiscal stimulus bill that brightened economic prospects. The blue-chip index—which is weighted more heavily toward cyclical sectors—surged as Please turn to page A2
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Twenty years ago, a new breed of energy companies promised consumers that deregulation of the electricity industry would cut their power bills. The opposite happened. U.S. consumers who signed up with retail energy companies that emerged from deregulation paid $19.2 billion more than they would have if they’d stuck with incumbent utilities from 2010 through 2019, a Wall Street Journal analysis of U.S. Energy Information Adminis-
tration data found. Retail energy companies buy electricity from generators—power-plant operators, wind farms, solar-power firms—and sell it to consumers, usually over the local utilities’ wires. Giving consumers a choice between their old utilities and new rivals, the argument for deregulation went, would create competitive pricing. But in nearly every state, they have charged more than their incumbent utilities in Please turn to page A8 Texas official seeks reversal of electricity overcharges... A6
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Pet psychics claim to relay animals’ inner monologues BY MICHAEL M. PHILLIPS Once or twice a year, Terri O’Hara visits a ranch in Littleton, Colo., to talk with the animals. Ms. O’Hara strolls through the barn, mingles with the herd and sits down with the poultry. She says she drinks in telepathic images that reveal animals’ inner thoughts, be they profound or mundane.
On a typical visit, Ms. among the ranch hands. O’Hara will report that a geldRanch owner Bernadette ing is concerned that human Spillane takes these reports staff members get into account when dangerously undermanaging the propfoot around the erty. The ranch is a feeding stations. The sanctuary for resminiature steer is cued horses, and miffed that the male Ms. Spillane says pig has a female comthey line up to unpanion and he doesn’t. burden themselves The alpacas divulge that Please turn to page A8 Let’s chat cliques are forming
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