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Joe Biden’s administration will join global efforts to make Covid-19 vaccines and drugs available worldwide, reverse the position of his predecessor Donald Trump, and usher in a new era of health diplomacy.
Anthony Fauci, director of the National Institutes for Allergies and Infectious Diseases, said Thursday the US would join the World Health Organization’s Covax program to “advance multilateral efforts” to halt the spread of the coronavirus.
When Mr Biden warned that the number of deaths from Covid in the US would likely exceed 500,000 next month, the president pledged to instruct US government agencies to increase supplies of several items during the war, including coronavirus tests, N95 masks and vaccination syringes.
The moves are part of Biden’s early attempt to undo much of Trump’s legacy as president (and his anti-scientific approach, as Gillian Tett points out) and return the US to a more internationalist stance, which included a first step towards the Paris Agreement rejoin. Biden’s swearing-in marks the beginning of a new era, especially for the energy sector. The effects are itemized in our energy source newsletter.
Congress is also ready to work on the Biden agenda. Nancy Pelosi says the US House of Representatives will be “fully ready” to pass Joe Biden’s $ 1.9 billion coronavirus relief bill by Feb. 1, underscoring Democrats’ desire to implement the massive stimulus package enforce as soon as possible. Global stocks hit new heights in anticipation of a quick stimulus. (FT)
New Zealand The slow adoption of vaccines puts people unnecessarily at risk and threatens to delay their economic recovery, critics warned.
A fire that started on Thursday in Serum Institute of India PlantThe world’s largest vaccine manufacturer has claimed five lives.
China Venture capital investors have retreated to the safety of preferred sectors during the pandemic and reduced the number of tech startups.
England According to a survey by Imperial College London, Lockdown was unable to suppress virus transmission. Hundreds of thousands without a car will have difficulty reaching vaccination centers, according to an FT analysis.
Unequal access to vaccines will return to haunt the rich, writes David Pilling. Follow the latest information on our coronavirus live blog.
In the news
Alibaba shares are falling nearly 3 percent The relief at Jack Ma’s reappearance this week was short-lived. Hours later, the People’s Bank of China proposed new antimonopoly rules that will primarily harm Alibaba’s payment company Ant Group. Alibaba shares traded in Hong Kong fell on Thursday. (FT)
The ECB explains the postponement of the bond purchase The European Central Bank will decide how much to spend on its emergency purchase program by checking that bank lending rates, corporate lending terms and government bond yields are favorable enough to stimulate demand and inflation. Together with the ECB, the Bank of Japan also put monetary policy on hold on Thursday. (FT, Reuters)
The founder of the hedge fund Baupost Group told clients that central bank policies and government incentives have convinced investors that the risk has “just gone” and that investors are “frogs in boiling water”. (FT)
New details on how the ECB defines its recently added objective of “favorable financing conditions” were set out on Thursday by President Christine Lagarde. © European Central Bank via Getty
Indian farmers reject the government’s offer Farmers ‘unions have turned down an offer from Prime Minister Narendra Modi’s government to suspend controversial agricultural laws for a year and a half as farmers’ groups continue to fight for the laws to be repealed completely. (Indian times)
Facebook ‘Supreme Court’ to review the Trump ban The social media platform referred its decision to block Donald Trump’s account in the first major test of the newly formed appellate body of the “Supreme Court” for review by the independent supervisory body. (FT)
Great Britain is in dispute over the EU envoy The UK showed no sign of changing course on Thursday after refusing to grant full diplomatic status to the EU embassy in London – a nudge that former US President Donald Trump also gave the bloc, the however it was later reversed. (FT)
Hindu nationalists riot on Amazon The Indian creators of an Amazon Prime miniseries and an executive of the company are prosecuted after Prime Minister Narendra Modi’s ruling Bharatiya Janata party classified the country’s Hindu majority as a drama offensive. (FT)
IBM’s revenue decline accelerated in the fourth quarter The company announced that the decline in revenue accelerated to 6.5 percent in the final quarter of last year, a bigger drop than Wall Street projected as normal year-end IT spending by customers turned out to be weaker than expected. Our due diligence newsletter lists Wall Street’s winners and losers for 2020 following the close of US banks’ final earnings season. (FT)
Fifa wants to block the breakaway “Super League”. Fifa has tried to block the start of a breakaway “Super League” as top clubs like Real Madrid and Manchester United step up talks to create a new competition that would radically change the finances of the world’s most popular sport. Meanwhile, David and Victoria Beckham were paying each other a healthy dividend, even though their losses deepened. (FT)
DBVL’s sales rose to £ 16.2 million in 2019, while pre-tax losses at Victoria Beckham’s separate luxury fashion business rose to £ 16.5 million. © Pascal Le Segretain / Getty
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the following days
Biden starts calling foreign guides Joe Biden will speak to Canada’s Prime Minister Justin Trudeau on Friday before prioritizing calls with other allies, according to White House press secretary Jen Psaki. (FT)
Navalny supporters propose a rally on Saturday Russian police arrested supporters of imprisoned opposition activist Alexei Navalny and warned of further arrests when calls for protest marches were circulated on Saturday as Moscow asked social media companies to delete posts about the rallies. (FT)
What else are we reading?
Why the US needs a one-China policy Joe Biden’s inauguration is a moment for the US and other democracies to unite in a new approach to China, writes Philip Stephens. A useful starting point is consistency. What is needed is a set of guidelines pointing in the same direction. (FT)
What’s next for QAnon? The pro-Trump cult believed that the January 20th election results would be violently overturned. “For some supporters, seeing Biden and Harris sworn in office was a breaking point in their belief,” said Jared Holt, an extremism researcher with the Atlantic Council. (FT)
The ranks of the QAnon movement grew dramatically in 2020 during pandemic lockdowns. © AFP via Getty Images
Private equity is buying the league Sports teams, once local institutions that have morphed into global corporations, are entering a new phase as private equity firms seek to capitalize on the emotional highs that sport can offer. As institutional investors look beyond clubs to governing bodies and competitions, they risk alienating fans. (FT)
The tech sector goes beyond the WFH For technology, 2021 will be a moment of reckoning, writes Richard Waters. Which of the industry’s “pandemic miracles” have real staying power rather than just selling a temporary solution to a world of pain? And are the tech industry’s claims of reaching a major turning point in the transition to a more digital economy valid? (FT)
Why is Davos so wrong? Most of the predictions in Davos are worthless. There is no VIP crystal ball. A smarter summit would draw world leaders into the audience while social workers, virologists and reporters covered the latest trends, writes Simon Kuper. (FT)
The World Economic Forum was designed to bring world leaders into the audience to listen to social workers, virologists, and reporters. © Harry Haysom
Video of the day
In his latest DC Diary video, Kiran Stacey said recent events had made the new president’s speech calling for unity sound revolutionary as observers in Washington see what tone the Democratic leader wants to set at the start of his term . (FT)
Video: Inauguration of Joe Biden – the view from Capitol Hill | DC diary
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