The I.M.F.’s executive board clears Kristalina Georgieva to remain managing director.

, The I.M.F.’s executive board clears Kristalina Georgieva to remain managing director., The Habari News New York
Image, The I.M.F.’s executive board clears Kristalina Georgieva to remain managing director., The Habari News New York
Credit…Pool photo by Clemens Bilan

WASHINGTON — The International Monetary Fund’s executive board on Monday expressed confidence in the leadership of Kristalina Georgieva, its managing director, following allegations that she had manipulated data to placate China when she was a senior World Bank official.

The decision came less than a month after an independent inquiry commissioned by the World Bank concluded that she played a central role in meddling with its 2018 Doing Business survey. The findings raised questions about her judgment and ability to continue leading the I.M.F. But ultimately its executive board decided that the investigation into Ms. Georgieva’s actions “did not conclusively demonstrate” that she had acted improperly.

“Having looked at all the evidence presented, the executive board reaffirms its full confidence in the managing director’s leadership and ability to continue to effectively carry out her duties,” the I.M.F.’s executive board said in a statement. “The board trusts in the managing director’s commitment to maintaining the highest standards of governance and integrity in the I.M.F.”

Ms. Georgieva, a Bulgarian economist, maintained strong support from many of the I.M.F.’s shareholders, including France, which had lobbied hard for her to get the job in 2019. The United States, which is the fund’s largest shareholder, declined to express public support for her following the allegations but ultimately did not call for her removal.

Treasury Secretary Janet L. Yellen spoke with Ms. Georgieva on Monday and told her that the World Bank investigation into her actions “raised legitimate issues and concerns,” the Treasury Department said. Ms. Yellen said, however, that absent “further direct evidence” regarding Ms. Georgieva’s role in data manipulation at the World Bank, there was no basis for a change in leadership at the fund, according to a readout of the call.

The outcome could lead to political blowback for the Biden administration. Republicans and Democrats in Congress had urged Ms. Yellen to insist on “full accountability” after it emerged that Ms. Georgieva had instructed staff to find a way to ensure that China’s ranking did not fall in its annual report on national business climates.

The Biden administration and lawmakers from both parties have been concerned about China’s growing economic clout and influence in multilateral institutions.

Treasury Department officials debated the gravity of the revelations for weeks, insisting publicly that the process of reviewing Ms. Georgieva’s actions at the World Bank should be allowed to play out.

The World Bank’s Doing Business report assessed the business climate in countries around the world. Developing countries, in particular, cared deeply about their rankings, which they used to lure foreign investment.

At the time of the reported manipulation, World Bank officials were concerned about negotiations with members over a capital increase and were under pressure not to anger China, which was ranked 78th on the list of countries in 2017 and was set to decline in the 2018 report.

According to the investigation, the staff of Jim Yong Kim, then the bank’s president, held meetings to find ways to improve China’s ranking. Ms. Georgieva also got involved, working with a top aide to develop a way to make China look better without affecting the rankings of other countries.

The investigation found that Ms. Georgieva was “directly involved” in efforts to improve China’s ranking and at one point chastised the bank’s China director for mismanaging the bank’s relationship with the country.

Last week, the I.M.F.’s executive board spent hours interviewing officials from the law firm of WilmerHale, which conducted the World Bank’s investigation. They also interviewed Ms. Georgieva, who criticized the process of that investigation and insisted that she had acted appropriately.

“The WilmerHale Report does not accurately characterize my actions with respect to Doing Business 2018, nor does it accurately portray my character or the way that I have conducted myself over a long professional career,” Ms. Georgieva said in a statement to the board; it was obtained by The New York Times.

Ms. Georgieva was a longtime World Bank employee who rose through the ranks to become its chief executive. She previously served on the European Commission — the European Union’s executive body — and she has a Ph.D. in economics from the University of National and World Economy in Sofia, Bulgaria, where she also taught.

Ms. Georgieva said in a statement on Monday night that the episode had been difficult for her personally and that she was grateful the I.M.F. board had expressed confidence in her leadership.

“I am pleased that after a comprehensive, impartial review of the facts, the I.M.F. board agrees that the allegations were unfounded,” Ms. Georgieva said. “Trust and integrity are the cornerstones of the multinational organizations that I have faithfully served for more than four decades.”

Credit…Andrew Kelly/Reuters

Prince Harry and Meghan, the Duchess of Sussex, are getting into the investment business. They are joining Ethic, a fintech asset manager in the fast-growing environmental, social and governance space, as “impact partners” and investors. Ethic has $1.3 billion under management and creates separately managed accounts to invest in social responsibility themes.

The couple could attract more attention to sustainable investing, the DealBook newsletter reports. Harry and Meghan can make E.S.G. investing part of pop culture in a way that, say, BlackRock’s Larry Fink cannot. “From the world I come from, you don’t talk about investing, right?” Meghan told DealBook in a joint interview with Harry. “You don’t have the luxury to invest. That sounds so fancy.”

, The I.M.F.’s executive board clears Kristalina Georgieva to remain managing director., The Habari News New York

“My husband has been saying for years, ‘Gosh, don’t you wish there was a place where if your values were aligned like this, you could put your money to that same sort of thing?’” Meghan said. They were introduced to Ethic by friends, she said.

Harry and Meghan said they hoped that their involvement would help democratize investing, making people — especially younger people — more deliberate in their choices and conscious of investing in sustainable companies. “You already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from,” Harry said, suggesting it was a natural extension to do the same with investments.

Ethic was founded in 2015 and has tripled assets under management in the past year, Doug Scott, a founder of the company, said. Ethic runs screens on companies and sectors based on social responsibility criteria, including racial justice, climate and labor issues. Its user interface has more in common with the likes of Robinhood than traditional financial sites, and it has developed a new platform, “Sustainability for Everyone,” which scores a person’s portfolio along different dimensions.

The move is the couple’s latest corporate partnership since relocating to the United States. Harry and Meghan moved to Los Angeles last year and later gave up official royal family duties. Seeking financial independence, they have signed production deals with Netflix and Spotify. Harry also recently produced a documentary series about mental health for Apple TV+ in connection with Oprah Winfrey and is writing a memoir.

Credit…Erin Schaff/The New York Times

The largest ports in the United States are running out of places to put things. At the Port of Savannah in Georgia, nearly 80,000 shipping containers are stacked in various configurations — 50 percent more than usual. “We’ve never had the yard as full as this,” said Griff Lynch, the executive director of the Georgia Ports Authority.

As major ports contend with a staggering pileup of cargo, what once seemed like a temporary phenomenon — a traffic jam that would eventually dissipate — is increasingly viewed as a new reality that could require a substantial refashioning of the world’s shipping infrastructure, Peter S. Goodman reports for The New York Times.

The Savannah port is trying to work through the backlog, but Mr. Lynch has reluctantly forced ships to wait at sea for more than nine days. On a recent afternoon, more than 20 ships were stuck in the queue, anchored up to 17 miles off the coast in the Atlantic.

The situation there attests to a more complicated and insidious series of overlapping problems. It is not merely that goods are scarce. It is that products are stuck in the wrong places, and separated from where they are supposed to be by stubborn and constantly shifting barriers.

Credit…Rebecca Smeyne for The New York Times

Netflix recently suspended three employees, including a transgender employee who posted a Twitter thread last week criticizing a new Dave Chappelle stand-up special on the streaming service as being transphobic.

The employees were suspended after they attended a virtual business meeting among top executives at the company that they had not been invited to, a person familiar with the decision said on Monday, speaking on the condition of anonymity to discuss a personnel matter. Netflix said in a statement that the transgender employee, Terra Field, was not suspended because of the tweets critical of Mr. Chappelle’s show.

“It is absolutely untrue to say that we have suspended any employees for tweeting about this show,” a Netflix spokesperson said in a statement. “Our employees are encouraged to disagree openly, and we support their right to do so.”

Mr. Chappelle’s comedy special, “The Closer,” debuted on Netflix on Tuesday, and was quickly criticized by several organizations, including GLAAD, for “ridiculing trans people.” Jaclyn Moore, an executive producer for the Netflix series “Dear White People,” said last week that she would not work with Netflix “as long as they continue to put out and profit from blatantly and dangerously transphobic content.”

Ms. Field, who is a software engineer at Netflix, tweeted last week that the special “attacks the trans community, and the very validity of transness.”

On Monday, after news of her suspension went public following a report by The Verge, she tweeted: “I just want to say I appreciate everyone’s support. You’re all the best, especially when things are difficult.”

As criticism of Mr. Chappelle’s special began last week, Netflix’s co-chief executive Ted Sarandos sent a memo to employees defending the comedian.

“Several of you have also asked where we draw the line on hate,” Mr. Sarandos wrote in the memo. “We don’t allow titles on Netflix that are designed to incite hate or violence, and we don’t believe ‘The Closer’ crosses that line. I recognize, however, that distinguishing between commentary and harm is hard, especially with stand-up comedy which exists to push boundaries. Some people find the art of stand-up to be meanspirited, but our members enjoy it, and it’s an important part of our content offering.”

Mr. Sarandos also cited Netflix’s “longstanding deal” with Mr. Chappelle and said the comedian’s 2019 special, “Sticks & Stones,” was also “controversial” and was “our most watched, stickiest and most award-winning stand-up special to date.”

In 2019, Netflix was criticized when it blocked an episode of Hasan Minhaj’s topical show, “Patriot Act With Hasan Minhaj,” in Saudi Arabia after the kingdom’s government made a request for it to do so. In the episode, Mr. Minaj criticized the Saudi Arabian government and questioned the role of Crown Prince Mohammed bin Salman in the murder of the journalist Jamal Khashoggi.

“We’re not in the news business,” Netflix’s co-chief executive Reed Hastings said in 2019, explaining the decision. “We’re not trying to do ‘truth to power.’ We’re trying to entertain.”