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VIERNES 26 DE FEBRERO DE 2021 | Año XLVI | Número 15.929 | EDICIÓN MADRID | Precio: 1,70 euros

Biden da un giro a la relación con Arabia Saudí

‘CASO KHASHOGGI’

“La arrogancia en la ópera ya no será aceptable” STÉPHANE LISSNER

P26

LAS CUENTAS CON HACIENDA DEL ANTERIOR JEFE DEL ESTADO

Juan Carlos I paga más de cuatro millones en otra regularización Las rentas no declaradas El rey emérito abona al fisco por los vuelos privados de la Fundación ascienden a más de ocho millones en concepto de pagos en especie Zagatka, de Álvaro de Orleans J. M. IRUJO / M. GONZÁLEZ, Madrid Juan Carlos I ha presentado una segunda regularización fiscal, a causa de rentas no declaradas durante varios ejercicios que suman más de ocho millones de euros en pagos en especie, por los

que ha pagado más de cuatro millones a la Agencia Tributaria, según adelantó ayer EL PAÍS en su edición digital. La cantidad corresponde a los vuelos de una compañía de aviones privados que pagó hasta 2018 la Funda-

ción Zagatka, propiedad de su primo lejano Álvaro de Orleans. El disfrute de esos vuelos se considera un pago en especie sujeto al IRPF. Es la segunda regularización que efectúa el rey emérito, quien el pasado 9 de diciembre

La cuota defraudada supera la que regularizó en diciembre, cuando desembolsó 680.000 euros

abonó 678.893 euros por una deuda tributaria de 2016 a 2018. De esta manera, al adelantarse a presentar la regularización antes de que se le comunicara la apertura de una investigación, Juan Carlos I intentaba eludir el delito fiscal.

La cuota defraudada a Hacienda que admite ahora el rey emérito supera con mucho la regularizada en diciembre y también los 120.000 euros anuales que establece la ley como límite para el delito fiscal. PÁGINAS 12 Y 13

El exceso de deuda de las empresas suma hasta 20.000 millones

VACUNARSE EN EL ESTADIO. Un policía municipal recibía ayer la inmunización de AstraZeneca en el estadio Wanda Metropolitano de Madrid, en el inicio de la inmunización de trabajadores esenciales en varias comunidades autónomas. / MANU FERNÁNDEZ (AP) PÁGINA 20 Y MADRID

PSOE y PP pactan sobre RTVE pero se bloquea la negociación del CGPJ Los vetos a jueces impiden un acuerdo C. E. CUÉ / E. G. DE BLAS, Madrid El PSOE y el PP acordaron ayer renovar el consejo de RTVE, cuyo nuevo presidente será José Manuel Pérez Tornero, en el primer gran pacto de la legislatura entre los dos partidos. Pero la negocia-

ción para renovar el Consejo General del Poder Judicial (CGPJ) y otros organismos quedó bloqueada después de que el PP vetara al juez Prada y a candidatos afines a Podemos. PÁGINAS 14, 15 Y 46 EDITORIAL EN LA PÁGINA 8

ANTONIO MAQUEDA, Madrid Los créditos que pueden poner en dificultades a empresas que serían viables de no haber sufrido el impacto de la pandemia y el sobrendeudamiento generado suman entre 7.000 millones y algo más de 20.000 millones de euros, según los cálculos que el Banco de España ha remitido a Economía. Esta cifra no incluye la deuda de compañías cuyo negocio es inviable. El presidente Pedro Sánchez anunció el miércoles, sin dar detalles, un plan de ayudas de 11.000 millones para reforzar la solvencia de pymes y autónomos en la hostelería y el turismo. PÁGINA 38

El Poder Judicial critica por unanimidad la ley de libertad sexual REYES RINCÓN, Madrid Los 21 miembros del pleno del Consejo General del Poder Judicial (CGPJ) respaldaron ayer un informe muy crítico con el anteproyecto de la ley de libertad sexual del Ministerio de Igualdad. El texto, que no es vinculante, cuestiona la definición del consentimiento y la desaparición del delito de abuso sexual. PÁGINA 22

FINANCIAL TIMES NEWS PROY IDER OF THE \ EAR

F R ID A Y 26 F E B R U A R Y 2021

UK £ 250 ChannelIslands £320; Republic of Ireland €3.20

Tighterbudget

LessonsforMerkel

Ataste of normal

UK defies global debí bingewith

Biden’s democracy defence lays bare Germán flaws-PHiLip s t e p h e n s , p a g e 23

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A frican price for Russian vaccine blunts attacks on ‘unethicaT west •> Sputnik V is triple cost o f rivals +>Continent seen as key m arket •> Calis for transparency DAVID PILLINS - LONDON HENRYFOY —MOSCOW The African Union will pay three times more fo r Russia’s Sputnik V jab than the Oxford/AstraZeneca and Novavax vaccines, according to people famil iar with the procurem en t process. The $9.75 price per dose for 300m shots of tlie Russian vaccine, developed by the state-nui Gamaleya Institute, undermines Moscow’s argument that it is offering affordable jabs to coimtries priced out oí deais with western pharmaceuticalsgroups. The deais struck by the AU, which is emerging as one of the world’s biggest vacdne buyers, provide a rare insight into how jab pnces compare, a subject manufacturéis have sought to keep out ofthespotlight “Africa is a key market for Sputnik V,” saíd the Russian Direct Investment Fund, a Kremlin-runweaMifund overseeing Sputnik V's foreign sales, “Our intemational price of just mider $10 per doseis the same for alLmarkets.” Two doses of Sputnik V are required, so the cost per individual is just under $20. RDIF has boasted that the Russian jab’scost is “two times lower than that of other vaccines with similar efficacy rate”, and that its deais with poorer coimtries contrastó with otlier manufacturers prioritising wealthy nations. Kirill Dmitriev, RDIF’s cíiief executive, told the Financial Times: “Countries really see, you know, tmnendous double standards from some of the western nations who promised equal access audbasically are just buying everything for themselves. And they see significant i nequity in vaccine distribution to favour wealthy nations . . . It's franklyunethical.” However, the price ofthe Russian vac cine, which will not start arriving in Africauntil May, compares with the $3 a dose that the AU has agreed for the AstraZeneca and Novavax jabs madeby the Serum Institute of India, according to the people familiar with AU procure-

SE VACCINEA

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behfnd th e e v ictio n o f K evln S n e a d e r from hls role as M cK ln se y ’s g lob al m an a gln g parfner, from co n tra cts in a u fh o rita rla n c o u n trie s to U S law su lts o v e r h ig h ly ad d ictlv e o p lo id s. H ls e xlt w as also a case o f ‘th e p artn ers n ot w a ntln g to take th e m edicine', said one form er p a rfn e r on S n e a d e r’s plans. T h e lo b w ill n ot g e r any e asler fo r e ith er of th e tw o m en llnin g up to s u c c e e d hlm. A n a ly s Is ^ P A G E ii

Editorial Comment ►page22

► EY shalces up Germán un its leaderslüp Audit firm EY has admitted that the demise of disgraced payments groupWlrecai-ddamaged tnist in its Gem ían paitnersM p, proraptlng a move to restructure its leadershipin th e co u n try-page 9

►Losses quadruple for Aston Martin A sharpfall insales for Aston M artin duringthe pandemicand a policy ofdes tocking deale rships led to losses quadrapling at the luxury carmake r. But shares werebuoyedby theprofit outlook - page 9

► ItPMG UK splits top executive roles

An army physicianis immunised in Dakar, Senegal ZebraBersífnr.a/R&jiars

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ment. The AU will pay $6.75 a dose for the BioNTech/Pfizer vaccine and $10 forJohnson &Johnson’s single-dose. Inaddition to 300m Sputnik V doses, the AUsaid it had acquired provisional orders for 670m doses of other jabs, It is buying vaccines on behalf of member States to supplement supplies from Covax, a fácility backed by the World Health Organization that Is providing

vaccines free to 92 countries, including many in Africa. The AU declined to comment onpricing. RDIF has said its vaccine’s 92 per cent efficacy, cost and ease of storage are “unique”. But scientists at the US Food and Drug Adniinistration this week confirmed data showing that J&J’s jab which can also be stored in a normal reffigerator—prevented severo orcritical disease in 86 per cent of US participants and 82 per cent in South Africa wherethe 501.V2 variant was prevale nt. Because only one shot of the J&J vac cine is required, at $10 it would be nearly half the price of Sputnik V. This week, the flrst AstraZeneca vac dne supplied by Covax arrived in Africa when Gitana took delivery of 600,000 doses. Covax had originally hoped to

Scotiandboosted by divergente PAGE 3

EU’s mixedrecordon rollout PAGE A

Cases faDbut scientists cautious PAGE i

Sweeping poli cy diauges au d reform of London's company listiug regiiue will spark a “digital big bang” for the City and turbocharge the UK’s fintech industry, according to a govemmentcommissioned review. The report, tobe published today, warns that the UK’s leading position in the fintech sector is at riskfrom growing global competition and regulatoiy uncertainty causedbyBrexit. The review, carried out by former Worldpay chief Ron Kalifa, is one of a series commissioned by the government to help stiengthen the UK’s posi tion in finance and technology. Bothsectors are under greater tlireat from rivals slnce the UK left tire EU fnjanuary amid growing global competition to attiact and retainfast-growingtechstart-ups.

distribute 15 m doses of vaccine to Africa this month with a further 40m arriving in March, though that timetable appearsto haveslipped. David Malpass, president of the World Bank, said it was true manufacturera were diverting supplies towards richer countries paying more. He called for less secrecy. “We need transparency of their contráete with Covax and the doses that are available from Covax for developingcountries,” he said. BioNTech said it would not comment on pricing but emphasised that it had offered its vaccine to many low- and middle-income countries at cost. Additional reportmg by Scmh Neville in London, Stephanie Findhy in New Delhi, HaimahKucMer inNewYorkandJoeMfíler inFrankfiirt

Changes to the UK's listiug regime were reoommended, such as allowing dual-classshare structures to let founders maintain greater control of their companies after IPOs. The review also proposes a lower free float threshold to allow' companies to list less of their stock. Kalifa saíd that the rapid evolution of financia! Services, from online banking and investment to digital identity and ciyptocurrencies, meant that the UK needed to move quickly. “This is a critical moment. We have to make sure we stay at the forefront of a global industry. We should be setting tlie standards and the protocols for tlteseemerging Solutions.” John Glen, economic secretary to tlte Treasury, said more tlian 70 per cent of digitally active adults in the UKused a fintech Service “but we mustnot rest on

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KPMG UK has announced an overhaul of corporate govemance in the wake of its chair quiuing tltis monthafterhe told staff to “stopmoaning” about workmgconditions dtiring tlte pandem ic.- page 10

Datawafch Covidjab rollout People w ho received at least one v a cc in e d o se Cm)

The UK’s vacdne rollout Is being baile d as one of the biggest tuccess stories in the pandemic. The total number of people who received thefirst jabín th e ilK has slightty exeeeded tha tof all EU countries puf togeíher.

RONALD PHILLIPS

our latiréis. . . allíttakesisabitofcomplacency to slip from being a leader of thepacktoan also-ran”. He said the government would considerthe recommendations in detail. The review was welcomed by executives at many of the largest fintechs, and big institutions such as Barclays. Mark Mullen, cliief executive of Atom Bank, said the review was “essential to main tain niomentiun in tliis key part of our economy and to cont inue to drive better —andeheaper—outcomesforallofus”. The review recomraended the govemnient create a visa to allow access to global talentfor tech businesses, a move likely to be endorsed by ministers as early as next week in the Budget, say people familiar with the matter. A £lbn privately financed “fintech growth fund”ivas also proposed to help filia, percei ved £2bn fundinggap.

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Centrica’s worst resulton record foritsflagship British Gas energy supply ann led to it wamingthat revival efforts “won’tbe easy”aft er bo oldng almost £ l. 6 bn im pairm entand restructuringcosts. —pace 12

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Anew UK state-guaranteed loan progranune w ill be revealedby R ishiSunakin the Budgetnextweek as m inisters tum the taps off on the emergeney coronavirtisschemes worth £ 73bn - page 2

Nicola Sturgeon was aecused by leading Conservative Ruth Davidson of presiding over a “culture of secrete and coverup", am id agrowing c tisis forthe Scottish Natíonalists.—page 3

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Late Edition Today, mostly sunny, a light breeze, high 45. Tonight, turning cloudy, rain and snow showers late, low 36. Tomorrow, cloudy, intervals of rain, high 51. Weather map, Page B12.

VOL. CLXX . . . . No. 58,981

$3.00

NEW YORK, FRIDAY, FEBRUARY 26, 2021

Nursing Homes NORMALCY NEAR, See 80% Drop RESEARCHERS SAY, In Virus Cases

IF U.S. IS CAREFUL

Vaccines Transforming Former Hot Spots LOOKING TO THE SUMMER This article is by Matthew Conlen, Sarah Mervosh and Danielle Ivory.

CHRISTOPHER LEE FOR THE NEW YORK TIMES

A Border City’s Warning Residents of Del Rio, Texas, hit hard by the storm, say they can’t handle a migrant surge, but wonder if anyone is listening. Page A15.

Trump Voters Democrats’ Plan for $15 Minimum Wage in Peril from Elizabeth MacDonough, the Bucking G.O.P. parliamentarian, all but Parliamentary Decision Senate sealed the fate of Democrats’ push WASHINGTON — Democrats Over Stimulus suffered All but Seals Fate in to gradually raise the wage to $15 a major setback on By EMILY COCHRANE

By LISA LERER

In Washington, Republicans stand united in opposition to President Biden’s first major legislative proposal, a $1.9 trillion economic rescue plan that they have labeled a bloated, budget-busting “blue state bailout.” But in rural Maine, Anthony McGill, a self-identified conservative Republican, describes the bill as something else entirely: “Most of it sounds like a good idea,” he said. While Mr. McGill doesn’t agree with all the provisions, he supports the central thrust of the bill — another round of direct stimulus payments to nearly all Americans. “There’s a lot of people that could use those checks. I don’t know about needing them, but we could all use them,” said Mr. McGill, 52, who voted for former President Donald J. Trump in November. “The debt is so far out of hand that it’s a fantasy number at this point. We might as well just blow it out till everything collapses.” As Democrats prepare to vote as soon as Friday to pass the relief package in the House, Republican elected officials are struggling to overcome intraparty divides over whether to embrace the major pieces of the proposal — as well as to reconcile with the fact that many Republican voters support the plan. While Democrats are working swiftly to move their bill, Republicans are consumed by sideshows like false claims of voter fraud and what they call cancel culture, which are two major themes of the annual Conservative Political Action Conference, known as CPAC, starting on FriContinued on Page A19

Thursday in their bid to push through a $15-an-hour minimum wage as part of President Biden’s $1.9 trillion stimulus package, after the Senate’s top rule-enforcer said that the increase could not be included in the bill. The decision effectively knocked out a crucial plank of Mr. Biden’s plan championed by liberals, and demonstrated the perils of Democrats’ strategy to fasttrack passage of the sweeping pandemic aid legislation, part of an effort to steer around Republican obstruction. It underscored that even with

the Senate control of the White House and both chambers of Congress, Mr. Biden and Democrats still face formidable challenges in delivering on their most ambitious promises given their slim majorities and opposition from Republicans. Speaker Nancy Pelosi of California said the House would keep the provision in its version of the stimulus plan, which is set to be voted on on Friday. But the ruling

by 2025, which faces enough opposition from Republicans that it is all but certain to die on its own. The decision also poured fuel on a smoldering debate among Democrats about how to use their Senate majority to achieve Mr. Biden’s agenda. Progressives who have pushed for the elimination of the filibuster — which effectively requires 60 votes to advance any major legislation — pointed to the ruling as evidence that Democrats had no choice but to change the rules of the Senate to enable them to push through crucial polContinued on Page A18

The sexual abuse crisis that has shaken American gymnastics deepened on Thursday when a coach of the 2012 women’s Olympic team was charged with human trafficking and sexually assaulting a teenage girl, before killing himself a short time later. The charges against the coach

By APOORVA MANDAVILLI

Across the United States, and the world, the coronavirus seems to be loosening its stranglehold. The deadly curve of cases, hospitalizations and deaths has yoyoed before, but never has it plunged so steeply and so fast. Is this it, then? Is this the beginning of the end? After a year of being pummeled by grim statistics and scolded for wanting human contact, many Americans feel a long-promised deliverance is at hand. Americans will win against the virus and regain many aspects of their pre-pandemic lives, most scientists now believe. Of the 21 interviewed for this article, all were optimistic that the worst of the pandemic is past. This summer, they said, life may begin to seem normal again. But — of course, there’s always a but — researchers are also worried that Americans, so close to

CHRISTOPHER CAPOZZIELLO FOR THE NEW YORK TIMES

The vaccination rollout is gaining speed after a slow start. the finish line, may once again underestimate the virus. So far, the two vaccines authorized in the United States are spectacularly effective, and after a slow start, the vaccination rollout is picking up momentum. A third vaccine is likely to be authorized shortly, adding to the nation’s supply. But it will be many weeks before vaccinations make a dent in the pandemic. And now the virus is shape-shifting faster than expected, evolving into variants that may partly sidestep the immune system. The latest variant was discovered in New York City only this week, and another worrisome Continued on Page A7

As Mayor Attends to Her City, Her Sister Is Now Among Dead By NICHOLAS BOGEL-BURROUGHS and CAMPBELL ROBERTSON

GABRIELLA ANGOTTI-JONES FOR THE NEW YORK TIMES

Ponytails Now Permitted The Army has relaxed its rules forcing female soldiers to have short hair or a tight bun. Page A16.

Gymnastics Scandal Grows With Abuse Charges Against Coach By ALLYSON WALLER and JULIET MACUR

Throughout the pandemic, there has been perhaps nowhere more dangerous than a nursing home. The coronavirus has raced through some 31,000 long-term care facilities in the United States, killing more than 163,000 residents and employees and accounting for more than a third of all virus deaths since the late spring. But for the first time since the American outbreak began roughly a year ago — at a nursing care center in Kirkland, Wash. — the threat inside nursing homes may have finally reached a turning point. Since the arrival of vaccines, which were prioritized to longterm care facilities starting in late December, new cases and deaths in nursing homes, a large subset of long-term care facilities, have fallen steeply, outpacing national declines, according to a New York Times analysis of federal data. The turnaround is an encouraging sign for vaccine effectiveness and offers an early glimpse at what may be in store for the rest of the country, as more and more people get vaccinated. From late December to early February, new cases among nursing home residents fell by more than 80 percent, nearly double the rate of improvement in the general population. The trendline for deaths was even more striking: Even as fatalities spiked over all this winter, deaths inside the facilities have fallen, decreasing by more than 65 percent. “I’m almost at a loss for words at how amazing it is and how exciting,” said Dr. David Gifford, the chief medical officer for the American Health Care Association, which represents thousands of long-term care facilities across the country. “If we are seeing a robust response with this vaccine with the elderly with a highly contagious disease,” he said, “I think that’s a great sign for the rest of the population.” Experts attribute the improvements in large part to the distribution of vaccines. About 4.5 million residents and employees in longterm care facilities have received at least one dose of the vaccine, according to the Centers for Disease Control and Prevention, including about 2.1 million who have been fully vaccinated. Other factors, including the steep drop in new infections nationwide in recent weeks, may have contributed as well. Continued on Page A6

Concerns Over Variants and Social Behaviors Dent Optimism

and gym owner, John Geddert, once again highlighted the dark side of the marquee Olympic sport that was revealed in the investigation and conviction of Lawrence G. Nassar, the former United States national team doctor, who abused hundreds of girls and women. The Geddert case grew out of the Nassar investigation and Mr. Geddert was suspended by U.S.A.

INTERNATIONAL A9-12

Russia’s 62-Year-Old Mystery Two scholars say an avalanche may have killed nine hikers whose deaths have inspired bizarre theories. PAGE A9

U.S. Hits Iran-Backed Militias President Biden ordered an airstrike in Syria on groups that recently attacked allied personnel in Iraq. PAGE A10

Ally of Nassar Dies by Suicide Before Arrest Gymnastics in 2018 after being accused of abuse. Soon after, he announced his retirement from the Twistars gymnastics club in Dimondale, Mich., the gym he

owned. The accusations against Mr. Geddert, 63, revealed a previously unreported level of abuse at the hands of a coach who helped the 2012 team to a gold medal and had worked closely with Mr. Nassar. It is also now clear that Mr. Nassar’s crimes were far from an aberration in the sport known for its grace, beauty and athletes perContinued on Page A18

In the long season of the pandemic, Washington, D.C., managed to avoid some of the grimmest numbers. Relative to its population, there have been fewer known cases in the city than in most states, and far fewer deaths than in New Orleans or New York City. But one statistic has stood out. Black residents, who make up 46 percent of the city, have died in staggering disproportion. As the coronavirus death toll in Washington reached 1,000 this week, threefourths of the dead were Black. And hours after Mayor Muriel E. Bowser declared Wednesday a day of remembrance for “these 1,000 beautiful souls who passed,” talking of lost “parents, children, cousins, neighbors, classmates, colleagues, friends and our cherished loved ones,” she announced

that the toll also included her only sister, Mercia. “She joins the legion of angels who have gone home too soon due to the pandemic,” the mayor said in a statement. Mercia Bowser, who had spent her life helping children, older people and people with behavior disorders while working for Catholic Charities and the city’s Office on Aging, died on Wednesday morning, the mayor announced. She was 64. The mayor said her sister had been treated for pneumonia related to the virus at MedStar Washington Hospital Center. It was the latest reminder that the virus has been unsparing while killing more than 500,000 people in the United States, spreading from nursing homes to grocery stores to the White House Continued on Page A6

NATIONAL A13-19

TRACKING AN OUTBREAK A4-8

SPORTSFRIDAY B7-9

Past Tweets Haunt a Nominee

Variants Put Progress at Risk

Mangled Car, Tangled Legacy

Republicans have criticized President Biden’s pick for budget director, Neera Tanden. Democrats, after the Trump era, see a double standard. PAGE A14

Cases have fallen more slowly in New York City than nationwide, and the existence of variants underscores the need to ramp up vaccinations. PAGE A8

Tiger Woods’s tribulations tell as much about his cultural influence as his conquests do. Sports of the Times. PAGE B8

Mind Your Slice In the wide-open race to be New York City’s next mayor, candidates who hope to relate would be wise to watch what, and how, they eat. PAGE A13

Face to Face With Racism When a mob attacked the Capitol on Jan. 6, “Black officers fought a different battle,” said Officer Harry Dunn, recalling what he saw that day. PAGE A17

BUSINESS B1-6

Hitting .400 at 83 WEEKEND ARTS C1-14

Tech Life Cycle at Warp Speed

Temporarily the Frick

Clubhouse, a young audio social network, is compelling but has grown-up issues, Kevin Roose writes. PAGE B1

No barriers. No texts. No gold fabric. At the museum’s Madison Avenue sublet, it’s just you and the masters. PAGE C1

Twitter Shakes Off Cobwebs

Singing for Her Life

The social media giant hasn’t changed much over the years, but an acquisition spree signals a new course. PAGE B1

A biopic of Billie Holiday shows her as a heroin user, a figure of towering pain and a not always reliable friend. PAGE C1

Senior softball remains an essential lifeline for many men. A father is playing through the pandemic. PAGE B7 EDITORIAL, OP-ED A20-21

Binyamin Appelbaum

PAGE A20

U(D54G1D)y+"!}!,!?!#

FRIDAY, FEBRUARY 26, 2021 ~ VOL. CCLXXVII NO. 46

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New York City Middle Schools Reopen With Precautions

What’s News Business & Finance he Dow fell more than 550 points to end 1.8% lower as selling that began in the tech sector took down swaths of the market. The Nasdaq and S&P 500 slid 3.5% and 2.4%, respectively. A1 A wave of selling in U.S. government bonds intensified, sending yields soaring. B11 GameStop shares surged for a second day as momentum surrounding the stock continued to build and derivatives activity heated up. B1

Boeing was planning to strengthen engine cowlings on its 777 jets months before two recent serious failures, according to an internal FAA document. B1 Costco will pay its U.S. workers at least $16 an hour starting next week, the company’s CEO told Congress. A2 Initial jobless claims decreased by 111,000 to a seasonally adjusted 730,000 last week, the lowest level since November. A2 The CEO of Brazil’s Petrobras said he would step down, paving the way for an army general picked by Bolsonaro to succeed him. A8 Airbnb posted a steep annual loss, as costs tied to its market debut capped a year in which the pandemic ravaged the travel industry. B1 DoorDash’s revenue more than tripled in the fourth quarter, but the company offered a restrained outlook for growth. B1

World-Wide The Senate parliamentarian told lawmakers that a proposed increase in the minimum wage didn’t comply with Senate rules, dealing a blow to Democrats’ efforts to include it in the $1.9 trillion coronavirus relief package. A1 The U.S. military launched an airstrike in Syria targeting groups affiliated with an Iran-backed militia in response to deadly rocket attacks in northern Iraq earlier this month, U.S. officials said. A1 Biden spoke with King Salman, as the White House reviews policy toward Saudi Arabia and the administration prepares to release a report on the role of Saudi officials in Khashoggi’s 2018 killing. A4 Former U.S. Olympic gymnastics coach John Geddert died by suicide hours after he was charged in Michigan with 20 counts of human trafficking. A3 The House, in a 224-206 vote, passed legislation to ban discrimination on the basis of sexual orientation or gender identity. A4 McConnell said he would support Trump if Republican voters select the former president as the party’s nominee in 2024. A4 Pakistan and India agreed to a cease-fire along their disputed border, long regarded as one of the most dangerous frontiers in the world. A8 The head of Canada’s largest pension fund has traveled to the U.A.E., where he got a Covid-19 vaccine shot, according to people familiar with the matter. B1 CONTENTS Arts in Review A10-11 Banking & Finance B10 Business News.. B3,6 Crossword............... A11 Heard on Street. B12 Mansion............. M1-16

Markets..................... B11 Opinion.............. A13-15 Sports........................ A12 Technology............... B4 U.S. News............. A2-6 Weather................... A11 World News....... A7-8

EURO $1.2176

YEN 106.25

Stocks Slide as Treasury Yields Shoot Up Tech leads the decline, signaling an investor retreat from risk amid signs of recovery BY AKANE OTANI AND ANNA HIRTENSTEIN

MICHAEL LOCCISANO/GETTY IMAGES

AT&T agreed to sell a stake in its pay-TV unit to private-equity firm TPG and carve out the struggling business. A1

HHHH $4.00

BACK TO CLASS: A school safety officer ushers a student in for a temperature check at Sun Yat Sen Middle School 131 in Manhattan on Thursday. The city’s middle schools reopened for a mix of in-person and remote learning for some students.

Democrats Are Dealt a Blow In Push to Raise Wage Floor BY KRISTINA PETERSON AND ANDREW DUEHREN WASHINGTON—The Senate parliamentarian told lawmakers Thursday night that a proposed increase in the minimum wage to $15 an hour didn’t comply with Senate rules, dealing a blow to Democrats’ efforts to include it in the $1.9 trillion coronavirus relief package. The parliamentarian, the neutral arbiter of the chamber’s rules, issued guidance

Biden Orders Airstrike In Syria The U.S. military launched an airstrike in Syria targeting groups affiliated with an Iranbacked militia in response to deadly rocket attacks in northern Iraq earlier this month, U.S. officials said. By Gordon Lubold, Nancy A. Youssef and Benoit Faucon The Pentagon said in a statement that the attack destroyed facilities at a border control point used by Iranian-backed militant groups, including Kataib Hezbollah and Kataib Sayyid al-Shuhada. It wasn’t immediately known how many casualties resulted from the strike, but a U.S. official said casualties likely were minimal. The airstrike was the first known instance in which the Biden administration had approved the use of military force against an adversary since taking office last month. A series of rocket attacks on Feb. 15 in Erbil, Iraq, killed a Filipino national who was a U.S. contractor, while injuring a U.S. service member and other contractors. Since then, the Biden administration has been deliberating a response. President Biden mentioned the rocket attacks in a phone call Tuesday with Iraqi Prime Minister Mustafa Al-Kadhimi. A White House statement afterward said the two agreed and “that those responsible for such attacks must be held fully to account.” The strike, which occurred Thursday at around 6 p.m. ET, appeared to be the most restrained response available, according to two officials. The operation was planned over several days, the officials said. “The operation sends an Please turn to page A8

saying she believed it didn’t meet the guidelines for reconciliation, the process that Democrats are using to pass their relief plan with a simple majority in the Senate, and would be ruled out of order. After two tense days of waiting, the ruling from Elizabeth MacDonough, the chief parliamentarian, comes as lawmakers make final changes to the bill so that it falls within the Senate’s rules. The reconciliation process places a number of restrictions on

what policy measures can be included in the legislation. It also allows Democrats to pass the legislation without GOP support, provided that they lose no votes among their own ranks. Increasing the minimum wage to $15 an hour by 2025 has been a priority for the party’s progressives, though some moderate Democrats in the Senate had raised concerns about including it in President Biden’s coronavirus relief package. Some had advocated for a

smaller increase or voiced concerns about the sharp jump the proposal would mean for tipped wages in restaurants. “We are deeply disappointed in this decision. We are not going to give up the fight to raise the minimum wage to $15 to help millions of struggling American workers and their families,” Senate Majority Leader Chuck Please turn to page A2 Costco to pay its U.S. workers at least $16 an hour.............. A2

The Dow Jones Industrial Average fell more than 550 points Thursday as a wave of selling that began in the technology sector took down swaths of the market. Stocks’ momentum has faltered the past week as investors have faced a sharp and swift rise in bond yields. The yield on the benchmark 10-year Treasury note marked its biggest one-day advance since November and settled at its highest level in a year. Money managers have broadly attributed the shift to bets on the economy picking up, something that should be a boon to corporate profits. But the swiftness with which yields have moved has also had another effect: It has tempered enthusiasm for more richly valued, risky parts of the market. The selloff continued early Friday in Asia with major market benchmarks in Tokyo, Hong Kong and South Korea falling more than 2%. But U.S. Treasury yields fell and stock futures were flat. On Thursday, investors rushed out of some of the hotPlease turn to page A2 Companies join rush to seek public listings.............................. B1 Treasury selloff intensifies, yields rise above 1.5%......... B11

China’s Plan to Assimilate Hong Kong Is Working

INSIDE

Protests quelled, Beijing moves on other remnants of democracy BY WENXIN FAN HONG KONG—Just eight months after Beijing imposed a new national security law to quell a pro-democracy movement, this freewheeling former British colony has all but been brought to heel. Moving with a scope and speed few here anticipated, authorities have used the law to stamp out street protests, ban activists from lobbying foreign governments, gut the city’s legislature and arrest most of the opposition. “Everything that’s happening in Hong Kong today was unimaginable a year ago,” political satirist Sam Ng, whose show was taken off air by a government broadcaster last year, told his 250,000 YouTube followers in January. Beijing is signaling that this is just the start, outlining more institutional changes to

MANSION Senior homeowners are taking on new construction projects, and going modern. M1 BUSINESS & FINANCE Berkshire Hathaway’s Charlie Munger has harsh words for Robinhood ‘casino.’ B1

Famous Feta Pasta Dish Is a Recipe for Failure i

Seemingly simple meal delights, frustrates home cooks; ‘a puddle’ BY ANNIE GASPARRO

pasta recipe sounds almost as easy as making a box of macThe baked-feta pasta that and-cheese: Pour half a cup of went viral on TikTok and other olive oil in a casserole dish, social-media platforms this then dump in two pints of month has people all over the cherry tomatoes and an 8world obsessing over it, mak- ounce block of feta cheese. ing a run on cheese and post- Bake for 40 minutes; broil for ing appetizing pictures of their five. Stir in cooked pasta along creations. The dish is pitched with some fresh basil and as incredibly easy to make, minced garlic. with a gourmet look and taste. Some cooks have found That is, if you don’t screw it ways to go astray. Using too up. little oil will dry out the dish, “You’re supposed to said Finnish food blogger get a really creamy and photographer texture,” said ApraJenni Häyrinen, tim Tripathi, a 23whose recipe went year-old engineer viral. in Bangalore, India. Some bloggers “I just got a pudsaid that failing to dle.” Please turn to page A9 The right stuff Mastering the feta

ensure complete control over the city’s governance and eject opponents. China’s leaders are planning to revamp election rules that select Hong Kong’s top officials as well as grass-roots legislators. The proposals are expected to be formalized at its annual legislation meeting in early March. Hong Kong can be governed only by “patriots” who aren’t opposed to the Communist Party’s leadership, Xia Baolong, the chief of Beijing’s office on Hong Kong affairs, said in a policy speech this week in Beijing. “Those who violate Hong Kong’s national security law aren’t patriots.” Chinese government officials have foreshadowed further steps they believe are necessary in a city where resistance to Communist Party rule remains widespread and people still enjoy many more freedoms than those on the mainland. Please turn to page A9

AT&T to Split Off Its Pay-TV Business BY DREW FITZGERALD AND MIRIAM GOTTFRIED AT&T Inc. agreed to sell a stake in its pay-TV unit to private-equity firm TPG and carve out the struggling business, pulling the telecom giant back from a costly wager on entertainment. The transaction would move the DirecTV and AT&T TV services in the U.S. into a new entity that will be jointly run by the new partners. AT&T will retain a 70% stake in the business. TPG will pay $1.8 billion in cash for a 30% stake. The deal values the new company at $16.25 billion with about $6.4 billion of debt. That is well below the $49 billion—about $66 billion including debt—that the Dallas company paid to buy international satellite operator DirecTV in

2015. AT&T recently struck $15.5 billion off the value of the unit, reflecting the service’s dimmer prospects. AT&T said it would get about $7.8 billion in cash from the transaction to help pay down debts. Those proceeds include $5.8 billion that the new company will borrow from banks and pay back to AT&T. AT&T will be able to stop including results from its U.S. video operations in its consolidated financial reports. The telecom company also agreed to cover up to $2.5 billion in losses tied to DirecTV’s NFL Sunday Ticket package. Bidders including TPG and its rival Apollo Global Management Inc. had been jockeying for the business since The Wall Street Journal earlier reported on the sale process in August. Please turn to page A6