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WASHINGTON—The House passed President Biden’s $1.9 trillion Covid-19 relief package, sending the legislation to the Sena...
27/02/2021

WASHINGTON—The House passed President Biden’s $1.9 trillion Covid-19 relief package, sending the legislation to the Senate as Democrats faced intraparty rifts over the future of a worker-pay increase.

The measure passed early Saturday largely along party lines, 219-212, with two Democrats joining all Republicans in opposition.

Lawmakers will likely alter the legislation before passing it in the Senate, meaning the House will then need to approve the amended bill before sending it to the president’s desk. Democrats are racing to finish the package before March 14, when certain types of federal unemployment assistance are set to expire.

The relief plan would enhance and extend federal unemployment benefits, provide $350 billion to state and local governments, send a $1,400 check to many Americans, and fund vaccine distribution, among other measures. Congress has passed a series of relief measures since the pandemic’s beginning, and Democrats say the latest package will help support the country’s return to normalcy.

“This bill meets the moment, meets the challenge, and we think it’s a great victory for the American people and will get us finally out of this terrible crisis we’ve been facing,” said Rep. John Yarmuth (D., Ky.), the chairman of the House Budget Committee.

Republicans have largely lined up against the legislation, attacking it as too large and wasteful, in particular its provisions for school funding and state and local governments, as the economy shows signs of recovery.

“This isn’t a relief bill. It takes care of Democrats’ political allies while it fails to deliver for American families,” said House Minority Leader Kevin McCarthy (R. Calif.).

Source: The Wall Street Journal, Images Credit: AP

Bill Gates Has a Master Plan for Battling Climate ChangeThe co-founder of Microsoft became obsessed with developing clea...
24/02/2021

Bill Gates Has a Master Plan for Battling Climate Change

The co-founder of Microsoft became obsessed with developing cleantech through his philanthropic work. With a new book, ‘How to Avoid a Climate Disaster,’ and a cadre of billionaire partners, he now has an action plan for ending the world’s carbon dependency.

Source: The Wall Street Journal, Images from ALFRED A. KNOPF / RED MAXWELL VIA FLICKR /

A second odd thing happened amid Trump’s attempts to reverse the result: corporate America turned on him. Hundreds of ma...
14/02/2021

A second odd thing happened amid Trump’s attempts to reverse the result: corporate America turned on him. Hundreds of major business leaders, many of whom had backed Trump’s candidacy and supported his policies, called on him to concede. To the President, something felt amiss. “It was all very, very strange,” Trump said on Dec. 2. “Within days after the election, we witnessed an orchestrated effort to anoint the winner, even while many key states were still being counted.”
In a way, Trump was right.

Source: Time Magazine

Tesla Inc. TSLA +1.26% said Monday that it bought $1.5 billion in bitcoin, a disclosure that follows Chief Executive Elo...
09/02/2021

Tesla Inc. TSLA +1.26% said Monday that it bought $1.5 billion in bitcoin, a disclosure that follows Chief Executive Elon Musk’s promotion of the cryptocurrency and other digital-currency alternatives on Twitter.

The electric-vehicle company also said it expects to start accepting bitcoin as payment for its products soon. Bitcoin prices jumped more than 10% after the announcement, according to cryptocurrency research and news site CoinDesk.

Tesla disclosed the bitcoin purchase in its latest annual report, saying the move aims to “diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.” Tesla said a board committee had approved changes to company rules on investments, adding that it can also invest cash in gold bullion and gold exchange-traded funds among other assets.

The bitcoin purchase, likely among the largest by a public company, comes after a rally in 2020 when the price more than quadrupled. The cryptocurrency continues to experience big swings.

Source: The Wall Street Journal, The New York Times / Images ODD ANDERSEN/AGENCE FRANCE-PRESSE/GETTY IMAGES / ALY SONG/REUTERS / Hannibal Hanschke/Reuters / Philip Cheung for The New York Times

MOSCOW—A Russian court sentenced Kremlin critic Alexei Navalny to 3½ years in prison, but gave credit for about a year a...
02/02/2021

MOSCOW—A Russian court sentenced Kremlin critic Alexei Navalny to 3½ years in prison, but gave credit for about a year already served, sidelining the country’s most prominent opposition politician and likely fueling a burgeoning protest movement triggered by his detention last month.

During his testimony, the opposition politician blamed Russian President Vladimir Putin for a poisoning attack against him last year and called the court proceedings against him an act of cowardice.

Striking at the image of Mr. Putin as a master strategist, he said the Kremlin leader never fought his enemies fairly.
“[Putin’s] only method is killing people,” Mr. Navalny said. “For as much as he pretends to be a great geopolitician, he’ll go down in history as a poisoner.”

Source: The Wall Street Journal/The New York Times. Images via Reuters / Sergey Ponomarev for The New York Times / YURI KOCHETKOV/SHUTTERSTOCK

This was the week when a bunch of amateur traders made Wall Street’s finest look like idiots.From Jan. 25 through Jan. 2...
30/01/2021

This was the week when a bunch of amateur traders made Wall Street’s finest look like idiots.

From Jan. 25 through Jan. 29, a ragtag army of individuals sent shares in GameStop Corp. GME 67.87% up 500%, and sent many others skyrocketing too. In three days, many of these stocks gained more than most do in a decade. The hedge funds on the other side of these bets lost billions.

This movement is the culmination of nearly five decades of the democratization of markets set off by none other than the late founder of Vanguard Group, Jack Bogle.

Source: Wall Street Journal, The New York Times / Images: PHOTO ILLUSTRATION BY SEAN MCCABE; PHOTOS: ISTOCK; ASSOCIATED PRESS; ZUMA PRESS; BLOOMBERG NEWS / OHN LAMPARSKI/ZUMA PRESS / Hiroko Masuike/The New York Times

Africa, Ill-Equipped and Without Vaccines, Grapples With a Deadlier Covid-19 SurgeJOHANNESBURG—In Nigeria’s largest city...
27/01/2021

Africa, Ill-Equipped and Without Vaccines, Grapples With a Deadlier Covid-19 Surge

JOHANNESBURG—In Nigeria’s largest city, some public hospitals have run out of oxygen amid a coronavirus resurgence, forcing doctors to make life-or-death decisions. In Zimbabwe’s capital, scores of public-sector health-care workers are falling ill. In the Democratic Republic of Congo, power outages are hobbling the treatment of record numbers of Covid-19 patients in some hospitals.

Africa, largely spared the high Covid-19 death toll of the rich world last year, is facing a bigger and more lethal wave of the virus.

A new, more transmissible strain of the disease, first detected in South Africa, is driving infections in neighboring countries and has been found thousands of miles away in countries such as Ghana. The continent-wide death rate surpassed the global average for the first time in January. From Senegal to Zambia, daily cases have risen to roughly twice the previous peak.

“The second wave is here with a vengeance and our systems are overwhelmed,” said John Nkengasong, director of the Africa Centres for Disease Control and Prevention.

Via The Wall Street Journal, Sources: Johns Hopkins CSSE (cases, deaths); European Center for Disease Prevention and Control (populations) / PHILL MAGAKOE/AGENCE FRANCE-PRESSE, GETTY IMAGES / TAFADZWA UFUMEL, GETTY IMAGES / PIUS UTOMI EKPEI/AGENCE FRANCE-PRESSE, GETTY IMAGES

The auto industry’s quickening shift to electric cars is spurring investment in another emerging industry in the U.S.: m...
26/01/2021

The auto industry’s quickening shift to electric cars is spurring investment in another emerging industry in the U.S.: manufacturing lithium-ion batteries for those vehicles.

China currently dominates the market for producing electric-vehicle batteries. But as automakers spend billions to build more plug-in models in the U.S., investors are increasing their bets on companies looking to expand the supply chain for batteries and related materials in North America—a region that has long relied on imports for such components.

Sila Nanotechnologies Inc., a Silicon Valley startup that makes silicon anode materials used in batteries, is among the latest to attract Wall Street backing. The company said Tuesday that it has raised $590 million in new funding.

Via The Wall Street Journal, Source: Benchmark Mineral Intelligence / Images Photographs by Stephen Lam

From Antarctica to the Arctic, the world’s ice is melting faster than ever, according to a new global satellite survey t...
26/01/2021

From Antarctica to the Arctic, the world’s ice is melting faster than ever, according to a new global satellite survey that calculated the amount of ice lost from a generation of rising temperatures.
Between 1994 and 2017, the Earth lost 28 trillion metric tons of ice, the survey showed. That is an amount roughly equivalent to a sheet of ice 100 meters thick covering the state of Michigan or the entire U.K.—and the meltwater from so much ice loss has raised the sea level just over an inch or so world-wide, the scientists said.
“It’s such a huge amount it’s hard to imagine it,” said Thomas Slater, a research fellow at the U.K.’s University of Leeds Centre for Polar Observation and Modelling and the lead author of a paper describing the new research. “Ice plays a crucial role in regulating the global climate, and losses will increase the frequency of extreme weather events such as flooding, fires, storm surges, and heatwaves.”

Via The Wall Street Journal / Source: NASA / Images by JOE RAEDLE/GETTY IMAGES /

Anger at China’s Covid-19 Response Smolders in WuhanOne year later, Beijing tries to portray the pandemic’s starting poi...
23/01/2021

Anger at China’s Covid-19 Response Smolders in Wuhan

One year later, Beijing tries to portray the pandemic’s starting point as a symbol of victory, but many residents aren’t buying it

WUHAN, China—In the original center of the coronavirus pandemic, there is a monument to China’s fight against Covid-19.
The former site of an emergency field hospital that treated hundreds of patients at the peak of the outbreak now hosts an exhibition on Wuhan’s “decisive victory in the battle” against the viral enemy.

A year after the virus broke out here, though, there is a widespread feeling that triumphalism is misplaced. For some in Wuhan, there is a sense that it is too soon to declare victory and that the tone is inappropriate. For others, particularly those who lost loved ones at the height of the chaos, there is anger at the government for not acting more quickly and openly.

Via The Wall Street Journal / Images by MELANIE WANG/ASSOCIATED PRESS / Graph Sources: National Health Commission; Health Commission of Hubei Province (Wuhan)

WASHINGTON—President-elect Joe Biden takes office this week with a far-reaching set of plans for his first 100 days, but...
20/01/2021

WASHINGTON—President-elect Joe Biden takes office this week with a far-reaching set of plans for his first 100 days, but he must grapple with narrow Democratic majorities in Congress and an unsettled country as he seeks to roll back some of his Republican predecessor’s policies and curb the pandemic.

Mr. Biden’s agenda includes some moves he can make quickly, like executive orders reversing some of President Trump’s actions and rejoining international agreements.

He also has goals that require congressional cooperation, including a $1.9 trillion Covid relief package and getting cabinet nominees confirmed, that will play out as the 50-50 Senate takes up the president’s second impeachment trial over the charge that he incited the mob that stormed the U.S. Capitol seeking to keep him in power.

Mr. Biden is planning a rush of executive actions for his first 10 days. On Inauguration Day, that includes rejoining the Paris climate accord; reversing a travel ban from several majority-Muslim and African countries; requiring masks to be worn on federal property and during interstate travel on airlines, trains, and transit systems; and extending restrictions on evictions and foreclosures.

“President-elect Biden will take action—not just to reverse the gravest damages of the Trump administration—but also to start moving our country forward,” said his incoming chief of staff, Ron Klain, in a memo to future White House staff.

Via Wall Street Journal/The New York Times / Images from OLIVER CONTRERAS/ZUMA PRESS / RACHEL BUJALSKI FOR THE WALL STREET JOURNAL /

NEW DELHI—India started a massive vaccination campaign this weekend, hoping to use its unique skills at mobilizing milli...
17/01/2021

NEW DELHI—India started a massive vaccination campaign this weekend, hoping to use its unique skills at mobilizing millions to progress quickly in its efforts to protect its populace from Covid-19.

Hundreds of thousands of health-care workers—the first people to get the vaccines—lined up across the country to get their shots, in a nationwide effort that tapped the talents of millions of people to make, deliver, register, administer, monitor, and protect the shots, said India’s Health Minister Harsh Vardhan.

India is starting with a target of around 300,000 doses a day but will ramp up as more vaccine becomes available to more than one million a day, Mr. Vardhan said. The country aims to have inoculated 300 million of its 1.3 billion people by August.

“This is a huge exercise,” said Mr. Vardhan, who wrote a book about India’s efforts to eradicate polio. “India has tremendous experience in handling these issues.”
While some countries have struggled with the scale and complexity of a nationwide vaccine drive, India is confident it can do better because of its experience inoculating its poor populace and maintaining election infrastructure for close to one billion voters.

The first wave of vaccinations will rely on India’s national cold-storage chain and network of vaccination centers, which already inoculate tens of millions of children a year. The country’s voter database is being used to determine where citizens should be vaccinated and who should get vaccinated first.

India is also the world’s largest producer of vaccines by volume, and its companies have already stockpiled more than 50 million doses.

Via The Wall Street Journal / Images by AJIT SOLANKI/ASSOCIATED PRESS / SANJAY BAID/SHUTTERSTOCK / DHIRAJ SINGH/BLOOMBERG NEWS

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