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Joe Biden’s US $ 1.9 Billion Stimulus Package Will Boost Economic Recovery After Global Coronavirus Pandemic, the OECD said on Tuesday, while improving its outlook for global growth.
The Paris-based international organization said it expects a stronger rebound from last year’s historic recession than it expected in November, mainly due to the rapid roll-out of immunization programs Covid-19 in many countries and increasing U.S. stimulus spending.
The scale of the Biden plan would add about 1 percentage point to global economic growth in 2021, Laurence Boone, OECD chief economist, told the Financial Times.
As a result, the global economy is expected to grow 5.6% this year, according to the OECD forecast on Tuesday, an improvement of 1.4 percentage points from its November forecast.
The stimulus bill – known as the US bailout – is one of the US government’s biggest interventions in the economy from the post-WWII era. It is expected to be passed by the Democratic-controlled House of Representatives after the US Senate on Tuesday. voted to approve the package the Saturday. (FT)
the U.S. Centers for Disease Control and Prevention said people fully vaccinated against Covid-19 could meet indoors without social distancing or masks. Restaurant reopenings stimulate economic recovery in the United States.
the we has now administered the first doses of the vaccination to 21% of its adult population, but the deployment was unequal. “This system is not really good for anyone,” says an employee of a Massachusetts pharmaceutical company.
the Federal Reserve end most of the remaining emergency facilities it was deployed last year to support financial markets during the coronavirus crisis.
Boris Johnson hosted the reopening of schools in England on Monday, but warned it would lead to increased transmission of coronaviruses.
Italy became the first country in the EU exceed the 100,000 deaths officially attributed to Covid-19.
The developers of Russian vaccine Sputnik V Covid-19 to have asked for an apology of the European medicines regulator for the comments of the head of the agency comparing the jab to the “Russian roulette”.
A series of tycoons, politicians and royalty have descended on the United Arab Emirates to secure Early access coronavirus vaccines. (FT)
In the news
Apollo will merge with Athena Apollo Global Management is merge with Athene Holding, the life insurance company it created at the height of the financial crisis, turning the alternative asset manager into a financial conglomerate with a market capitalization of nearly $ 30 billion. (FT)
Lula da Silva’s corruption convictions overturned A judge of the Supreme Court of Brazil overturned transplant convictions of former president Luiz Inácio Lula da Silva. The surprise decision allows the former socialist president to run for the presidential election next year, writes Latin American editor Michael Stott. (FT)
US grants temporary protection status to Venezuelan migrants The United States has agreed to offer temporary protected status to thousands of Venezuelan migrants who fled political and economic turmoil. The Biden administration’s decision marks a decisive break with Donald Trump’s administration that has left migrants in a legal vacuum. (FT)
Microsoft hacking escalates as criminal groups rush to exploit loopholes The US Agency for Cyber and Infrastructure Security issued an alert on Twitter late monday urging “ALL organizations in ALL industries to follow guidelines to address widespread domestic and international exploitation” of four vulnerabilities in Microsoft’s Exchange messaging application, which the technology company disclosed a week ago. (FT)
The offshore wind project is moving forward The Biden administration has ended a long-awaited environmental study on Vineyard Wind, a renewable energy project that includes 62 turbines and would be located 15 miles south of the island of Martha’s Vineyard and sell electricity to Massachusetts utilities. (FT)
Mergers and Acquisitions in China Rise as Attention Shifts Inward China had the busiest start to the year to do business never, according to data from Refinitiv, as Beijing focused on domestic demand to fuel its economy amid tensions with the United States. (FT)
Greensill files for administration Greensill Capital has filed for administration, warning that it is in “Serious financial distress”, unable to repay a $ 140 million loan to Credit Suisse and hit by “defaults” from its client GFG Alliance. (FT)
Myanmar crackdown forces companies to make tough choice Myanmar military junta-linked business groups bear the brunt of consumer and employee boycott forcing foreign and local businesses to take part in the country’s political crisis. The military forces, for their part, cornered hundreds of young demonstrators in Yangon overnight. (FT, Reuters)
Kabul denounces US power-sharing proposal Afghan officials on Monday blasted the Biden administration’s “coercive” proposal to revive stalled peace talks with a UN-led summit and an interim government, including the Taliban. (FT)
The day to come
Monetary Policy Chairman of the Dallas Federal Reserve Robert kaplan is expected to lead a conversation on national and global economic issues for a virtual series Global Perspectives hosted by the Federal Reserve Bank of Dallas. (Dallas Federation)
What else do we read
Rise of the retail army A few months ago, so-called retail traders were a quirky spectacle in US stocks, intruding into markets to fend off the boredom of lockdowns. But 2021 turned out to be a breakthrough year for amateur traders, who have demonstrated an ability to move the markets. Savvy investors want to connect the community to their own business models. (FT)
From fairy tale to culture war: Britain grapples with the royal race The Duchess of Sussex’s two-hour interview with Oprah Winfrey, broadcast on Sunday, rocked the ruling family and divided opinions in the UK, writes William Wallis. (FT)
The unions are back The pandemic has given trade unionists reason to be optimistic, reversing a trend that has seen union membership halved since 1985, writes Sarah O’Connor. The question is whether the unions themselves are ready for the future. (FT)
Life in the UK is not easy for former Hong Kong residents Those fleeing Chinese repression face bureaucratic hurdles and high property prices, writes Louise Lucas. Estate agents don’t waste an opportunity and Britain has offered path to citizenship for residents of his former colony gives them only that. (FT)
Will Holograms End Zoom Fatigue? Facebook’s Mark Zuckerberg has suggested people will soon be “holograming at work” even before the pandemic leaves desks empty. The technology isn’t here yet, but it’s coming sooner than most people think, writes Tim Bradshaw. (FT)
Podcast of the day
Beyond GameStop: the day trader turned investor If 19-year-old Ross invested his money for a few years instead of a few minutes, would he get a better return? Claer Barrett, consumer editor (photo below), discuss the matter with columnist FT Merryn Somerset Webb and Damien Fahy, founder of the investment site Money to the masses. (FT)