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Goldman Sachs Will Ask Most Workers to Return in June: Live Updates

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Recognition…Johannes Eisele / Agence France-Presse – Getty Images

Goldman Sachs plans to call on most of the workers in its United States and UK offices to return to the office in June, according to a person familiar with the matter. This makes Goldman Sachs one of the first major banks to request an end to remote work.

In a memo expected to be sent to bank employees Tuesday, Goldman officials will urge workers to prepare to return to the office in the second half of June, the person said. The memo is aimed at employees who are based in the company’s New York headquarters, as well as other US cities, including San Francisco and Dallas, as well as employees in London, the person added.

Most major bank employees have been working from home since the pandemic started last year, but Goldman’s plans signal that some executives are eager to get back to the office. JPMorgan Chase, the country’s largest bank, plans to open all US offices on May 17 for employees who wish to volunteer to return. This is followed by a mandatory return in July, with workers moving in and out of the office in accordance with security measures that limit the capacity of each office. Bank of America hasn’t yet announced to employees when a fuller return to the office is expected.

Twitter has started adding paid subscriptions and announced plans to add more subscriber features in the future.Recognition…Laura Morton for the New York Times

Twitter plans to acquire the subscription service Scroll, which the social media company announced on Tuesday, as it expands its plans for subscription offerings. The two companies declined to disclose the terms of the contract.

Scroll charges its users a fee for blocking ads on participating news sites and then distributes a portion of its revenue to its affiliate publishers, which include USA Today, Vox and The Atlantic. Publishers can earn up to 50 percent more from the service than from advertising, according to Scroll. Twitter plans to integrate the service with its platform and use its technology to build additional subscription services.

“People come to Twitter every day to find out and read what’s going on,” said Mike Park, vice president of products for Twitter, in a blog post announcing the deal. “If Twitter is where so much of this conversation lives, it should be easier and easier to read the content that drives it.”

In the past few months, Twitter has started adding paid subscriptions and announced plans to add more subscriber features in the future.

In January, Twitter acquired Revue, a newsletter provider, and announced it would cut subscription income by 5 percent. In February, the company announced plans to introduce “Super Follows”, a feature that allows Twitter users to post part of their content behind a pay wall. And this week, Twitter said it plans to add ticketing to its audio chat spaces so hosts can bill listeners for entry into their discussions.

Twitter plans to supplement its advertising revenue with subscription revenue and has made an effort to add content like newsletters and audio chats that it believes audiences will pay for. The acquisition of Scroll adds journalism to this list.

“Journalism is unnecessary for any other platform. If journalism went away tomorrow, their business would continue as before, ”wrote Tony Haile, executive director of Scroll, in a blog post. “Twitter is the only major platform whose success is closely linked to a sustainable journalistic ecosystem.”

Tim Sweeney, the executive director of Epic Games, said the company Recognition…Jim Wilson / The New York Times

Epic Games’ executive director offered a detailed explanation of the popular game Fortnite to paint a full portrait of the world of his company on the first day of an estimated three-week trial, in which Epic competes against Apple in the battle for Apple’s app store fees and other rules that could transform the $ 100 billion app economy.

Fortnite, Tim Sweeney said, “is a phenomenon that extends beyond gaming,” reports Erin Griffith for the New York Times.

“Our goal at Fortnite is to create something like a metaverse out of science fiction,” he said.

Metaverse? A court reporter needed clarification. It’s a virtual world for socializing and entertaining, Sweeney said.

In a largely empty Oakland courtroom, Katherine Forrest of the Cravath, Swaine & Moore law firm opened Epic’s case with a preview of a series of emails between top Apple executives. The emails are evidence that the tech giant has deliberately created a “walled garden” in which consumers and developers are locked. That forces them to use Apple’s payment system, she said.

After Apple lured users and developers into its walled garden, “the garden gate was closed and the lock turned,” said Ms. Forrest. She compared Apple’s fees for in-app purchases for subscription services to a dealership that receives a commission for selling gas.

In their opening address, Apple’s lawyers described a thriving market for app distribution, which includes game consoles, desktop computer games and the mobile web. Karen Dunn of Paul, Weiss argued that the 30 percent commission was industry standards and that Epic’s requests, if granted, would compromise the security of iPhones while Apple would be illegally forced to do business with a competitor .

Ms. Dunn added that Epic’s case is a selfish way to avoid paying fees owed to Apple and is legally shaky.

Pfizer's vaccine disproportionately reaches the rich in the world.Recognition…Given Ruvic / Reuters

On Tuesday, Pfizer announced that its Covid vaccine had sales of $ 3.5 billion for the first three months of this year, nearly a quarter of its total sales. The vaccine was by far Pfizer’s largest source of income, report Rebecca Robbins and Peter S. Goodman of the New York Times.

The company did not disclose profits from the vaccine, but reiterated its previous forecast that profit margins for the vaccine would be in the high region of 20 percent. That would translate into pretax earnings of approximately $ 900 million in the first quarter.

Pfizer has been widely credited with developing an unproven technology that has saved countless lives.

However, the company’s vaccine disproportionately reaches the rich in the world – a result that at least contradicts its chairman’s pledge to ensure that poorer countries “have equal access to the rest of the world” to a highly effective vaccine in preventing Covid-19.

By mid-April, wealthy countries had received more than 87 percent of the more than 700 million doses of Covid-19 vaccines worldwide, while poor countries had received just 0.2 percent, according to the World Health Organization. In affluent countries, roughly one in four people has had a vaccine. In poor countries it is one in 500.

During the pandemic, Eleven Madison Park prepared food boxes for families in need.  The restaurant's new vegetable iteration will help keep such efforts going, said its chef, Daniel Humm.Recognition…Lucas Jackson / Reuters

Eleven Madison Park, the Manhattan restaurant named the best in the world, will serve a plant-based menu when it reopens after being closed for more than a year due to the pandemic.

Eleven Madison Park’s multi-course menu will maintain its pre-pandemic price of $ 335, including tip, report by Brett Anderson and Jenny Gross for the New York Times.

Daniel Humm, the chef at Eleven Madison Park, said the decision was the result of years of re-evaluating his career that peaked during the pandemic.

“It became very clear to me that our perception of what luxury is must change,” said Humm. “We couldn’t do what we did before.”

While the cost of the restaurant’s ingredients will go down, labor costs will go up as Mr. Humm and his chefs work to ensure that vegan food lives up to Eleven Madison Park’s reputation. “It’s a labor-intensive and time-consuming process,” he said.

It’s a notable departure for one of the most acclaimed American restaurants in the past 20 years. Though Mr. Humm still sells a lot of red meat at his London Davies and Brook restaurant in Claridge’s Hotel, moving to Eleven Madison Park, which has four stars from the New York Times and three from Michelin, suggests how different the good is Essen could look like restaurants reopen and imagine themselves new.

From: Ella Koeze· ·Data was delayed by at least 15 minutes· ·Source: FactSet

  • The S&P 500 fell around 0.7 percent in early trading Tuesday, while the tech-intensive Nasdaq network fell more than 1 percent. The Stoxx Europe 600 fell 0.8 percent

  • Oil prices rose as Saudi Aramco, along with other oil companies, reported strong earnings for the final quarter. Brent crude rose 1.9 percent to $ 68.82 a barrel. It hasn’t closed more than $ 70 a barrel since late 2018. West Texas Intermediate was up 1.7 percent to $ 65.60 a barrel.

  • Infineon, a large semiconductor manufacturer in Germany, reported “booming” demand for chips as it posted strong quarterly results. However, the company warned of ongoing problems in the supply chain and its shares fell.

  • “For most of the applications, the demand significantly exceeds the supply,” said CEO Reinhard Ploss in a statement. Although the factories are running at “full speed”, the company is still faced with bottlenecks in the supply chain. “We are doing everything we can to offer our customers the best possible support in this situation.”

  • The world’s largest oil producer, Saudi Aramco, posted a 30 percent increase in net income in the first quarter compared to the same period last year.

  • The company joins other energy producers that posted strong gains this quarter as oil prices continued to rebound after last year’s collapse.

  • “The momentum of the global economic recovery has strengthened energy markets,” said Amin H. Nasser, CEO of Aramco, in a statement. “Given the positive signs of energy demand in 2021, there are more reasons to be optimistic that better days are coming.”

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Robert Dunfee