More stories

  • in

    Americans Invested Billions in Chinese Companies. Now Their Money Is Stuck.

    TikTok’s turn in geopolitical cross hairs highlights the narrowing paths to liquidity for investments in Chinese companies.When investors talk about “zombie” companies, they’re usually referring to distressed start-ups that are hobbling along, unable to grow and unlikely to ever return the money they’ve raised.But as deal makers feverishly debated efforts this week by lawmakers to force TikTok’s Chinese parent company, ByteDance, to sell the app, they talked about a new version: China zombies.China zombies may have booming businesses, but they’re unlikely to provide investors with any immediate return because they’re stuck in geopolitical cross hairs.It’s not just the investors in ByteDance who, after handing it more than $8 billion, are stuck. What looked like a mammoth growth opportunity just a few years ago — inspiring investors to pour money into companies like Ant Financial, PingPong and Geekplus — has turned hostile.“There’s more out there like ByteDance,” Evan Chuck, a partner at the advisory firm Crowell, said of companies with investors who may find themselves in this position. “It’s only really heating up further.”Selling is increasingly a long shot. Take TikTok. Even if ByteDance puts the app up for sale, the Chinese government is unlikely to allow the company’s most valuable asset, its recommendation algorithm, to be included. The country introduced new export control rules for technologies like that algorithm in 2020, just as TikTok was nearing a deal with U.S. buyers (which eventually fell apart).We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Assessing Donald Trump’s Claims That He Would Have Done Better

    The war in Ukraine. Hamas’s attack on Israel. Inflation. The former president has insisted that none would have occurred if he had remained in office after 2020.Aside from falsely insisting that he did not lose the 2020 election, former President Donald J. Trump has peddled a related set of theories centered on one question: What would the world have looked like had he stayed in office?Mr. Trump, in rallies and interviews, has repeatedly asserted — more than a dozen times since December, by one rough count — that three distinct events, both in the United States and abroad, are a product of the 2020 election.“There wouldn’t have been an attack on Israel. There wouldn’t have been an attack on Ukraine. And we wouldn’t have had any inflation,” he declared during a rally in January in Las Vegas. The next month in South Carolina, he baselessly claimed that Democrats had admitted as much.Politicians routinely entertain what-ifs, which are impossible to prove or rebut with certainty. But Mr. Trump’s suppositions underscore the ways in which he often airs questionable claims without explanation and which might not be supported by the broader context.And unlike simply attacking an opponent’s record or making a campaign promise, such alternative realities enjoy the benefit of being untestable.“People already grapple with how to hold elected officials accountable,” said Tabitha Bonilla, an associate professor of political science at Northwestern University who has researched campaign promises and accountability. “And what is super interesting here is that there’s no way to hold someone accountable at all, because there’s no way to measure any of this.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Kellyanne Conway Has Some Weak Advice for Her Party

    It is beyond obvious at this point that abortion is the Achilles’ heel of the Republican Party. The prospect of a national abortion ban almost certainly helped Democrats stave off a red wave in the 2022 midterm elections, and assisted them the following year in both statewide and state legislative races in Virginia and Kentucky. The prospect of abortion bans has also pushed voters in states such as Ohio and Michigan to approve sweeping affirmations of reproductive freedom in their respective state constitutions. And abortion looms over the 2024 race, as well; Democrats will spend countless millions to tell Americans that a vote for Trump, or any Republican on the ballot, is a vote for a national abortion ban.Republican strategists are well aware that abortion is an albatross around the party’s neck. Their advice? Find new language.“If it took 50 years to overturn Roe v. Wade, it’s going to take more than 50 minutes, 50 hours or 50 weeks to explain to people what that means, and more importantly, what it doesn’t mean, and to move hearts and minds,” said Kellyanne Conway, a former adviser to Donald Trump, at Politico’s Health Care Summit on Wednesday. During the conversation, she advised Republican candidates to focus on “concession” and “consensus” and to turn the conversation toward exceptions. She also urged Republicans to avoid ballot initiatives on abortion, for fear that they could mobilize voters against them.I have no doubt that Republicans will take this advice; they are desperate to neutralize the issue. But the Republican abortion problem isn’t an issue of language, it’s an issue of material reality. The reason voters are turned off by the Republican position on abortion has less to do with language and more to do with the actual consequences of putting tight restrictions on reproductive rights. Countless Americans have direct experience with difficult and complicated pregnancies; countless Americans have direct experience with abortion care; and countless Americans are rightfully horrified by the stories of injury and cruelty coming out of anti-abortion states.No amount of rhetorical moderation on abortion will diminish the impact of stories like that of K Monica Kelly, who had to travel from Tennessee to Florida to end a potentially life-threatening pregnancy, thanks to Tennessee’s strict post-Dobbs abortion ban. Nor will it obscure the extent to which the most conservative Republicans are gunning for other reproductive health services, from hormonal birth control to in vitro fertilization.It is too much to say that Republicans cannot save themselves from the political consequences of their assault on abortion rights, but if they do, it won’t be because they find another way to try to put lipstick on a pig.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Landline Users Remain Proudly ‘Old-Fashioned’ in the Digital Age

    When millions of AT&T customers across the country briefly lost their cellphone service last month, Francella Jackson, 61, of Fairview Heights, Ill., said she picked up her well-worn Southwestern Bell push-button landline phone and called her friends “just so we could laugh at the people who could not use their phones.”“Why, isn’t it great that we can talk and have a great conversation?” she recalled saying. “We had a good laugh.”Derek Shaw, 68, of York, Pa., said he has an Android mobile phone, but prefers talking on his black cordless landline at home. The sound quality is better, he said, and the phone is easier to hold during long conversations. Mr. Shaw said that he also likes talking to people face to face rather than on Zoom and never got rid of his vinyl record collection when CDs got hot in the 1990s.“I’ve never even thought about giving up my landline,” he said. “I’ll go kicking and screaming when I have to.”The fashion designer Adrienne Vittadini in 1984.Susan Wood/Getty ImagesTo many, landline phones have come to seem as essential as steamships and telegrams in the smartphone era. But to those who still use them, they offer distinct advantages. Prompted by the AT&T outage on Feb. 22 and a push by AT&T to phase out traditional landlines in California, those who have them are speaking out in defense of their old phones.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Does Everyone Want to Be on the ‘Mommy Track’?

    When I caught up recently with Liz Koelsch, one of the moms that my friend Jessica Bennett profiled for our 2021 “primal scream” project — a look at motherhood during the pandemic’s peak — a lot had changed in her life. In the four years since Covid-19 was declared a national emergency, Koelsch, who was a single mom when we first met her, got married to a great guy. She completed an associate degree in paralegal studies. And she’s finally happy at work because she has moved to a job that is mostly remote and her boss is “all about time flexibility.”“I switched jobs so many times during Covid. I think I had five jobs because they just weren’t working for what was going on in my personal life,” Koelsch told me. Now, she works four days from home, one day in the office, and her life is manageable. “I can throw a load of laundry” in and “on my 15 minute break I can start soup and it’s ready by dinnertime. It’s this whole great way of living. I don’t want to give it up.” She and her new husband are trying for a child together. Remote work, and Washington State’s paid family and medical leave program, will make having another kid possible for her.When I followed up with a bunch of parents whom The Times heard from in 2020 and 2021 to find out how they’re faring these days, two topics came up most frequently. One was the negative effect of the increased volatility and outrageous expense of child care (which I wrote about on Wednesday). The other was a new flexibility, for many, around work. Parents who have increased opportunities to work remotely, or even just managers who are more understanding about their caregiving commitments, told me that these were largely positive changes in their lives.Reading through the responses of parents who said that more flexible work situations had improved their lives made me realize that a lot of the framing of the return-to-office discourse has missed the point. I’ve seen a fair number of headlines over the past few years like this one, “WFH Goes From New Path to Dead End for Working Mothers,” and this one, “‘You Are Mommy Tracked to the Billionth Degree,’” suggesting that for ambitious moms, working from home is a mistake.But while it may be more challenging for some moms to advance if they choose to work from an office less frequently (though I’m optimistic that will change over time as remote work is normalized), what I’m hearing these days from many mothers — and fathers — is that climbing the ladder is not top of mind. With those mommy-track headlines, it’s also worth remembering that working remotely isn’t just a corporate mom thing. While college-educated mothers of young children are more likely to work remotely than other college-educated women, “Looking narrowly at just college graduates, remote work patterns for women and men look more evenly distributed, with men slightly more likely to work remotely than women,” according to an analysis by my newsroom colleagues Ben Casselman, Emma Goldberg and Ella Koeze.The idea of being “mommy tracked” also sets up and cements a false binary: You’re either going straight to the top as fast as possible or you’re going to stagnate forever. More and more, parents are rejecting the notion that this is the only way to think about their work-life balance, particularly while their kids are young. They’re more concerned about having jobs that allow them to both make ends meet and still have the time and energy to enjoy their families.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    India’s 2024 General Election: What to Know

    Why does this election matter?How does India vote?Who is running and who is likely to win?When will we find out the results?Where can I find out more information?What other elections are happening?Why does this election matter?India is holding its multiphase general elections from April 19 to June 1, in a vote that will determine the political direction of the world’s most populous nation for the next five years.The usually high-turnout affair, which was formally set on Saturday, is a mammoth undertaking described as the biggest peacetime logistical exercise anywhere.Prime Minister Narendra Modi, whose power is well entrenched, is seeking a third term. In his decade at the helm, he has projected himself as a champion of India’s development, trying to address some of the basic failures — like antiquated infrastructure and a lack of clean water and toilets — holding the country back from reaching its potential as a major power. But his push to reshape India’s secular democracy as a Hindu-first nation has aggravated the religious and ethnic fault lines in the hugely diverse country.In a region of frequent political turmoil, India is deeply proud of its nearly undisrupted electoral democracy since its founding as a republic more than 75 years ago. Although independent institutions have come under assault from Mr. Modi’s efforts to centralize power and the ruling party is seen as having an unfair advantage over political fund-raising, voting in India is still seen as free and fair, and results are accepted by candidates.How does India vote?India has a parliamentary system of governance. The party leading the majority of the 543 seats in the upper house of the Parliament gets to form the government and appoint as prime minister one of its winning candidates.The country has over 960 million eligible voters, with about 470 million of them women. Turnout in Indian elections is usually high, with the parliamentary elections in 2019 drawing a 67 percent turnout.

    #story h1, .nytapp-hybrid-article h1 {
    font-style: normal;
    font-weight: 700;
    font-size: 2.5rem;
    line-height: 1;
    }

    #story li p a,
    .nytapp-hybrid-article li p a {
    text-decoration-color: var(–color-content-secondary) !important;
    color: var(–color-content-primary);
    text-underline-offset: 3px;
    }

    #story li p a:visited,
    .nytapp-hybrid-article li p a:visited {
    text-decoration-color: var(–color-content-secondary) !important;
    color: var(–color-content-primary);
    text-underline-offset: 3px;
    }

    #story li > p,
    .nytapp-hybrid-article li p {
    font-family: nyt-cheltenham, nyt-imperial,georgia,’times new roman’,times,serif;
    font-size: 20px;
    font-weight: 300;
    }

    @media screen and (min-width: 600px) {

    #story li > p {
    font-size: 22px;
    }

    }

    @media screen and (min-width: 1024px) {

    h2:not(#styln-toplinks-title) {
    padding-top: 40px;
    }

    #story h1, .nytapp-hybrid-article h1 {
    font-size: 2.938rem;
    line-height: 1;
    }

    }

    We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    2 Novels to Make You Sweat and Shiver

    A love affair between jurors; reclaiming a classic.Jenn Ackerman for The New York TimesDear readers,Could I interest you in a literary field trip to the sauna? The oak branch whipping is optional. The cold plunge is not.Every so often these shocks to the system are tremendously welcome: a way to clear the mind, heart and qi, even if the dry sauna is filled with groaning men in a midlife trance. Even if the ice bath is really a repurposed meat freezer with no apparent filtration system.The novels I recommend here come close to replicating these extremes — a sudden shove from humid to arctic that stuns the senses. As with any good water circuit, you’ll be marveling at the effects for days.—Joumana“The Body in Question,” by Jill CimentFiction, 2019We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    In Paris, the Olympics Clean Up Their Act

    How do you produce a global sporting event, with millions of people swooping down on one city, in the age of global warming?That is the test for the Paris Olympics this summer.The organizers say they’re putting the games on a climate diet. These Olympics, they say, will generate no more than half the greenhouse gas emissions of recent Olympics. That means tightening the belt on everything that produces planet-warming emissions: electricity, food, buildings, and transportation, including the jet fuel that athletes and fans burn traveling the world to get there.An event that attracts 10,500 athletes and an estimated 15 million spectators is, by definition, going to have an environmental toll. And that has led those who love the games but hate the pollution to suggest that the Olympics should be scattered around the world, in existing facilities, to eliminate the need for so much new construction and air travel. That’s why Paris is being watched so closely.It is making more space for bikes and less for cars. It’s doing away with huge, diesel-powered generators, a fixture of big sporting events. It’s planning guest menus that are less polluting to grow and cook than typical French fare: more plants, less steak au poivre. Solar panels will float, temporarily, on the Seine.But the organizers’ most significant act may be what they are not doing: They aren’t building. At least, not as much.Construction of bike lanes at Boulevard Haussman.Yulia Grigoryants for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More