Biden Era Begins – New York Times

Biden’s first day, Trump’s last

Joe Biden will be sworn in as President of the United States this afternoon in Washington. Here is the full schedule of events.

This opening will not be like the others, With a sparse crowd attending the swearing-in ceremony due to the epidemic. President Trump won’t be there either, as he and many of his supporters continue to make false claims about the election. The Capitol has heavy security to avoid repeating the deadly violence of the Trump supporter crowd two weeks ago.

• David Leonhardt writes, “American democracy is under siege.” Our sister newsletter The Morning, Comparison of today’s sobriety proceedings to the opening of the war in 1861, 1865 and 1945.

Mr. Trump’s last day in office, He issued 143 pardons and ruckus, “a final lie by Mr. Trump in a criminal justice system that he had come to see him and his allies wrongly,” The Times writes. Remuneration granted in notable business figures – Here is the complete list – Huh Elliot Broidy, A financier and top Trump fund-razor who pleaded guilty Violation of foreign lobbying laws Activities to be attended by fugitive Malaysian financier Zhao Lo; Ken CursonFormer New York Observer editor and an associate of Jared Kushner was charged Cyber ​​stalking; Former Google executive Anthony LewandowskiWho blamed Corporate secret theft; William Walters, Sports speculator found guilty of insider trading The case that confused Carl Ecken and Phil Mickelson; Sholam WeissWho was sentenced More than 800 years Jailed for insurance fraud; And Bob zangrillo, A financier who was charged in Varsity blues college-admissions scam. (Many apologies appear to be linked to lobbying by influential celebrities: Mr. Lewandowski’s petition, for example, was supported by Peter Thiel, Oculus VR co-founder Palmer Lucky and former Hollywood executive Michael Ovitz.)

On the first day of Mr. Biden, He planned to propose legislation Overturn many of Mr. Trump’s immigration policiesIncluding, giving unspecified immigrants a chance to become citizens. There are also plans to release Mr. Biden A series of executive orders, Limited diversity training for federal agencies and contractors including an extension of a moratorium on foreclosure on the Federation’s guarantee to repeal an order. He may disappoint progress with an order to extend a pause on federal student loan payments through September as some have expected, rather than canceling large amounts of debt.

• Mr Biden White House will ban strict coronavirus testing, social disturbances and wearing masks. Many of his colleagues will start working from home, Axios report.

Pictures and headlines: Follow Mr. Biden’s road to the presidency in it Illustrated timeline And come again Displays the largest front-page of Mr. Trump’s term.

What’s going on here

Jack Ma appears again. Co-founder of alibaba Spoke in a show Today, his first public performance in three months, honoring teachers in village schools in China. Chinese regulators have begun to tighten their trading empire, so they have kept a low profile.

The Kovid-19 death toll in the US is 400,000. Country Reached critical records After the daily death yesterday, more than 3,000 in recent weeks.

Trump’s departure antitrust antitrust calls for strict restrictions on the merger. Maken Delrahim said the Justice Department’s antitrust division Drafted the law Similar to a measure by the House Democrats, making it harder for major companies to buy smaller rivals.

Federal prosecutors ended an insider trading investigation of Senator Richard Burr. Justice Department Will not pursue criminal charges On trades after senators-only briefings against North Carolina Republicans. Mr. Boor said he acted appropriately, but stepped in as chairman of the Senate Intelligence Committee.

Parler tries to return with the help of a Russian company. The social network popular with conservatives, which went offline after Capital Insurance cut Amazon’s computer services, said it was Partnered with a Russian Internet firm And is expected to return by the end of the month.

What did janet yellen say

Biden Administration candidate for Treasury Secretary Many questions answered Tomorrow he will have a three-hour confirmation hearing. The dealbook offers its views on some of the following issues:

• “Cryptocurrency is of particular concern, ” Ms. Yellen said. “I think many are used – at least in a transactional sense – primarily for illegal financing. And I think we really need to examine the ways in which we curb their use.” Can put. “

• Treasury “needs to remain laser focused” On china, She said, citing “several tools” at the department’s disposal. This includes “sanctions and enforcement actions that can serve to destroy the financial and support networks of those who want to harm us.”

• “Nothing is more important to the future of housing than what we do to Fannie and Freddie,” Ms. Yellen said. He did not commit to the Trump administration Privatization scheme of lenders, But added, “I need to watch carefully what has been put in place, and finally we need to find a solution that has bipartisan support.”

“We do not attempt to be number one in the SPAC league tables. When we are very active, we are very thoughtful about our sponsors and the business we carry. “

– David Solomon, CEO of Goldman Sachs, wary of blanc-check boom

Doug McMillan’s advice for bid administration

The Business Roundtable yesterday held a briefing for reporters outlining their priorities for the Biden administration. Here’s how Walmart CEO, Doug McMillan, who chairs the powerful business lobby group, said the White House should do its key issues:

• Make clear guidelines for vaccine delivery. “We have a greater ability to arm currently used needles,” Mr. McMillan said of Walmart, whose work with health officials includes Using its outlets for vaccination sites. He said inconsistent state regulations have slowed things down; He is in contact with Biden officials to guarantee that people over 65 can be vaccinated nationwide.

• Raise the minimum wage carefully. “A thoughtful plan that raises the federal minimum wage, considering geographic differences and small business, is something we think should be done,” said Mr. McMillan enough Supports Mr. Biden’s proposal to raise the federal minimum wage to $ 15 per hour, but does not reject it. Country’s largest retailer Wages introduced About 11 percent of its workforce last year.

How was the Blackstone chief related to Trump?

Blackstone co-founder and CEO Steve Schwarzman, one of President Trump’s top business envoys, clung to him despite controversies and occasional fights. Kate Kelly of the Times Sees it What Mr. Schwarzman gained from the relationship.

Staying close gave Mr. Schwarzman business opportunities: During the Trump administration, Blackstone secured a $ 20 billion commitment by Saudi Arabia to fund new infrastructure, and Mr. Schwarzman helped negotiate a trade deal with China that allowed financial firms greater access to Chinese markets Promised to give.

Mr. Schwarzman saw his advice as a public service and was a way to burn his legacy, According to friends and colleagues. The head of Blackstone “was helping provide some adult supervision for a lunatic,” Mark Levine, former chairman of the Illinois State Investment Board, told Kate.

But the benefit may prove fleeting. The Saudis have so far invested only $ 7 billion in the fund, and the epidemic has stalled trade talks with Beijing. There is potential investor dissatisfaction with regard to Blackstone, possibly Mr. Schwarzman’s political activities. Following comments made about the election results on a private conference call, at least one pension fund that invests with Blackstone had complained about Kate’s comments.

Netflix pays its own way

Following its release, Netflix shares have been flying into premarket trading Bumper earnings After closing yesterday. Here’s how Ed Lee of the Times broke it for DealBook:

For years, many of us wondered whether Netflix was a real business or just a house of cards in debt. Since 2011, it borrowed $ 16 billion to fill its content slate and protect the company. Despite spending more money than this, every time Netflix increased subscribers, investors rewarded it.

But Netflix hit a financial milestone that changes that narrative. It announced that it would eventually become a self-financing business, and “flow” cash flow is projected to be positive this year.

This is a positive thing, but it also means that Netflix will now be judged by prosecution measures like free cash flow. This can help, as the number of customers increases due to the increasing rank of competitors. It is so easy to cancel and resume streaming services that customers have become expert switchers.

Credit where its due: Netflix’s expensive gambling has stopped, and is probably the company’s biggest prospect for years to come. It also set a difficult milestone: Netflix did not become a positive free cash flow business until it crossed 200 million subscribers.

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The deal

• MGM Entertainment dropped its $ 11 billion takeover bid for betting company Enten, as its offer was rejected. ()Foot)

• In the news of electric-vehicle fund raising: Rivian While T. Raised $ 2.65 billion from investors such as Rowe Price and Amazon’s Climate Fund GM’s Cruise Division Raised $ 2 billion from Microsoft, Honda and others. (NYT, Axios)

• The sons of Blackrock’s Larry Fink, Intel’s president, Omar Isharaq and Joshua Fink, have launched a health technology-focused SPAC, which plans to raise up to $ 750 million. Medtronic is an investor, a rare corporate player in the SPAC business. ()Compute health)

Politics and policy

• Retailers such as Bed Bath and Beyond dropped products by MyPillow after the company’s CEO continued the principles of baseless electoral fraud. ()NYT)

• New York’s Andrew Kyomo unveiled a worst-case scenario, including a temporary money tax and school funding and cuts to Medicaid if the state does not receive federal aid. ()NYT)

Technique

• “How Volkswagen’s $ 50 Billion Plan Can Beat Tesla Short-Circulated” (WSJ)

• Korean electronics giant LG said it was considering leaving the smartphone market. ()The ledge)

The best of the rest

• The London Metal Exchange plans to close its 144-year-old physical trading floor, better known as Ring. ()Bloomberg)

• President Trump may exit Hollywood’s largest union, SAG-AFTRA. ()La times)

• How a man managed to stay at O’Hare Airport in Chicago for three months. ()NYT)

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