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Belarus’s forced landing of airliner sends shock waves through industry.

Some airlines in Eastern Europe began diverting their planes to avoid Belarus airspace on Monday, a day after that country’s leader sent a fighter jet to force down a Ryanair flight, allowing the authorities to seize an opposition journalist on board.The shocking move has unleashed a storm of criticism against Aleksandr G. Lukashenko, the Belarus president who has clung to power despite huge protests last year. The European Union is considering penalties against the country. At least two airlines said that they were diverting flights away from Belarus airspace as a precaution, but most carriers seem to be waiting to be told what to do by the European authorities.In an interview on Monday with an Irish radio broadcaster, Ryanair’s chief executive, Michael O’Leary, condemned the actions of the Belarus authorities, who ordered the plane, flying from Athens to Vilnius, Lithuania, to land in the Belarus capital of Minsk and then arrested a dissident journalist on board, Roman Protasevich, and his companion.“This was a case of state-sponsored hijacking, state-sponsored piracy,” Mr. O’Leary told interviewers on Newstalk.Mr. O’Leary, however, said he was waiting for instructions from European Union authorities in Brussels about whether to steer other flights away from Belarus.“We, like all

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Bitcoin Prices Stabilize After Volatile Weekend

Over the weekend, the price of Bitcoin briefly fell to around $31,000, more than 50 percent down from its high last month. It has recovered somewhat and is currently trading at around $37,000.“About $20 billion of long positions were liquidated last week,” Sam Bankman-Fried, the chief executive of the crypto derivatives exchange FTX, told the DealBook newsletter. “In terms of price movements: the biggest part of it is liquidations,” he said, suggesting the worst is over.But he also noted news from China late Friday of a crackdown on Bitcoin mining and trading. This added to other news of official scrutiny that has spooked crypto investors in recent days, from Hong Kong, Canada and the United States. .dw-chart-subhed { line-height: 1; margin-bottom: 6px; font-family: nyt-franklin; color: #121212; font-size: 15px; font-weight: 700; } Bitcoin price As of 8:20 a.m. Eastern on May 24. Shaded area shows daily trading range.CoinDeskBy The New York TimesCompanies with Bitcoin on their balance sheets may be getting nervous. For accounting purposes, cryptocurrency is valued at its purchase price in company accounts. If it goes up in value, this isn’t reflected in a company’s

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Small Businesses Have Surged in Black Communities. Was It the Stimulus?

New research finds a big rise in new businesses despite the pandemic, particularly in predominantly Black neighborhoods.Over the last year, multiple stimulus measures from the federal government have helped families buy groceries, pay rent and build a financial cushion. This aid might have also helped start a new era of entrepreneurship.There has been a surge in start-ups in America that experts have yet to fully explain. But a new study — using data that allows researchers to more precisely track new businesses across time and place — finds that the surge coincides with federal stimulus, and is strongest in Black communities.

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The Faces of Mothers Who Bore the Burden of the Pandemic

For a business article on the price that working moms paid, a photographer couldn’t take portraits in person. But shooting them remotely led to a different connection.Times Insider explains who we are and what we do, and delivers behind-the-scenes insights into how our journalism comes together.As a freelance photographer, I was contacted by The New York Times in February to create a series of portraits of 15 mothers in Los Angeles who had been forced out of their jobs because of the pandemic.I had become a mother during the pandemic, so this story struck a particular chord with me. I had lost some work as the coronavirus shut down the country, and it scared me to begin motherhood while record numbers of women were leaving the work force.As soon as I had my heart set on taking the assignment, my editor, Crista Chapman, and I realized this would be difficult to execute. I was working in Florida for a few months and would need at least a week in California, and my doctor advised against being away from my breastfeeding infant for multiple days. Also, Los Angeles County was just beginning to recover from a devastating wave of Covid-19, so

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Mark Levitan, Who Measured the True Face of Poverty, Dies at 73

He came up with a more realistic threshold, changing the way New York City determines who is impoverished and persuading the Obama White House to follow suit.Mark Levitan, who was instrumental in providing New York City officials with a more realistic measure of poverty, and in persuading the federal government to follow suit, died on Thursday at a hospital in Manhattan. He was 73.His son, Dan, said the cause was complications of leukemia. Dr. Levitan lived in Brooklyn.The results of Dr. Levitan’s alternative method of measurement were nothing to boast about: In 2006, the first year that the new formula was applied, the overall poverty rate in the city leapt by more than four percentage points compared with the official benchmark, and among older people it soared to a stunning 32 percent from 18.1 percent.But by calculating the added benefits of tax credits, food stamps and housing subsidies to poor people while also taking into account the local costs of rent, transportation, health care and child care, economists, using Dr. Levitan’s methodology, could also calibrate which anti-poverty programs were doing the most good for which group.In 2011, for example, Dr. Levitan found that food stamps and other benefits helped keep

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Existing-Home Sales Declined in April, With a Tight Supply and Record Prices.

Soaring prices and a shortage of available homes are starting to hold back the blazing U.S. housing market.Sales of existing homes fell 2.7 percent in April, the National Association of Realtors said Friday. It was the third straight monthly decline after a surge in transactions earlier in the pandemic.Mortgage rates have crept up since the start of the year, which has likely put a crimp in demand. But the main force holding back sales isn’t a lack of willing buyers. It is a lack of homes for them to buy — especially at prices they can afford.The median sales price of an existing home was $341,600 in April, up 19.1 percent from a year earlier. Both the price and the increase were record highs. The number of homes on the market rose in April but was down 20.5 percent from a year ago and remained close to a record low.As a result, competition for homes can be intense. The Realtors said that 88 percent of homes sold in April were on the market for less than a month. A quarter of buyers paid cash. At Redfin, the online brokerage, half of all homes sold in recent weeks have gone for

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U.S. backs a 15 percent global minimum tax on big companies as it tries to enlist other countries.

The Biden administration proposed a global tax on multinational corporations of at least 15 percent in the latest round of international tax negotiations, Treasury Department officials said on Thursday, a lower-than-expected offer as the U.S. looks to reach a deal with countries that fear hiking their rates will deter investment.

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Is It Time to Panic About Inflation? Ask These 5 Questions First.

Focus on exactly how and why prices are changing over time, and how these shifts might affect you.A price list at a bakery in 2017. Some price increases are more worrisome than others.Vincent Tullo for The New York TimesTo understand why inflation is so worrying to so many people, you could look at price charts for lumber or used cars or New York strip steaks. There is no doubt that the prices of many of the things people buy are rising at an uncomfortably rapid rate.But to really understand why there is a persistent longer-term buzz of inflation concern, you have to wrestle with the ways in which money itself is fundamentally ephemeral.Ultimately, most money is a mere electronic entry in the ledger of a bank. It is worth only what it will buy, and what it will buy changes all the time. Or as the humor publication The Onion once wrote, money is “just a symbolic, mutually shared illusion.”When prices move abruptly — as when an economy that has been partly shut down for more than a year tries to reboot — that inherent uncertainty becomes all too real. When wild swings like

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Fed Minutes April 2021: Officials Hint They Might Soon Talk About Slowing Bond-Buying

Federal Reserve officials were optimistic about the economy at their April policy meeting, and they began to tiptoe toward a conversation about dialing back support for the economy, as government support and business reopenings fueled consumer spending and paved the way for a rebound.Fed policymakers have said they need to see “substantial” further progress toward their goals of inflation that averages 2 percent over time and full employment before slowing down $120 billion in monthly bond purchases. The buying is meant to keep borrowing cheap and bolster demand, hastening the recovery from the pandemic recession.Officials said “it would likely be some time” before their desired standard was met, minutes from the central bank’s April 27-28 meeting released Wednesday showed. But they noted that a “number” of officials said that “if the economy continued to make rapid progress toward the committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.”Confusing, and at times conflicting, data released since the April 27-28 gathering could make the Fed’s assessment of when to dial back support — or even to start talking about doing so in earnest — difficult. A report

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A Fed vice chair says trying to choke off inflation could ‘constrain’ the recovery.

Randal K. Quarles, the Federal Reserve’s vice chair for supervision and regulation, said that the central bank was monitoring inflation but that for now it expected the pickup underway to be temporary — and that reacting too soon would come at a cost.“For me, it’s a question of risk management,” Mr. Quarles said during testimony before the House Financial Services Committee. “History would tell us that the economy is unlikely to undergo these inflationary pressures for a long period of time.”Mr. Quarles pointed out that after the global financial crisis, the central bank lifted interest rates to guard against inflationary pressures. The expected pickup never came, and in hindsight the moves were “premature,” he said. He suggested that the central bank should avoid repeating that mistake.“We’re coming out of an unprecedented event,” Mr. Quarles said, noting that officials have the tools to tamp down inflation if it does surprise central bankers by remaining elevated. The Fed could dial back bond purchases or lift interest rates to slow growth and weigh down prices.He said that the key is for the central bank to be prepared, but that if it tried to stay ahead of inflation now it could end up “significantly

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