The Covid-19 pandemic has widened differences between rich and developing countries. Photo: Johis Alarcon/Bloomberg NewsAmid all the concerns about inflation, interest rates and wars this year, at least investors haven’t needed to worry about pandemics. Exhibit one: The President’s Emergency Plan for AIDS Relief, or PEPFAR, is on shaky ground. This U.S. initiative, created by George W. Bush in 2003, claims to have saved the lives of about 25 million people around the world. This year, though, opposition led by Rep. Chris Smith—who claims PEPFAR has been hijacked to promote abortion—has foiled the effort.

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Persons: Johis Alarcon, haven’t, George W, Bush, Chris Smith —, PEPFAR, — Organizations: Bloomberg, AIDS Relief, Rep Locations: U.S