The World
The American Chamber of Commerce in China has secured approval to fly U.S. executives back to China, as almost 200 people signed up for a San Francisco to Beijing charter flight — well over the 120 needed to make it happen. United Airlines economy class seats are expected to start at $4,300, with business class seats at $10,000. Meanwhile, a former professor at China’s elite Central Party School issued an unprecedented rebuke of Chinese leader Xi Jinping, accusing him of “killing a country” and claiming that many more want out of the ruling Chinese Communist party. (South China Morning Post, The Guardian)
European Council President Charles Michel called for an extraordinary Wednesday meeting by video conference amid ongoing mass protests against Belarusian President Alexander Lukashenko and his government. His invitation came after pressure from Poland and the Czech Republic. Meanwhile, Lukashenko spoke with Russia President Putin for the third phone call in four days and is trying to keep security forces on side with medals and appeals. (Deutsche Welle, Reuters)
The final volume of the Senate Intelligence Committee’s report documenting its investigation into Russian interference in the 2016 election finds that Paul Manafort posed a “grave counterintelligence threat” and had contact with Russian intelligence, while remaining critical of how the FBI handled a dossier alleging other Trump-Russia ties. The report also found extensive contacts between key Trump campaign advisers and officials affiliated with Moscow’s government and intelligence services — and that WikiLeaks likely knew it helped Russian intelligence. (Washington Post, Reuters)
Female-led countries reacted faster and saw half the covid-19 deaths of male-led ones, an analysis of 194 countries found: “Our results clearly indicate that women leaders reacted more quickly and decisively in the face of potential fatalities.” (Washington Post, University of Liverpool)
More than a dozen scientists said in interviews that the threshold for “herd immunity” is likely to be much lower than previously thought: just 50%, perhaps less. Meanwhile, Chinese scientists offered to carry out joint vaccine trials with their Russian counterparts in what could be seen as a vote of confidence following Moscow’s decision to rush through approval for a Covid-19 vaccine. Globally, The W.H.O. said that nations that hoard possible vaccines while excluding others will deepen the pandemic, issuing a last-ditch call for countries to join a global vaccine pact. In the UK, Carlyle staff have been told to avoid public transport as part of their return to the London office, while requesting staff who take public transportation on weekends to stay away from the office for 14 days. (New York Times, South China Morning Post, Reuters, Financial Times)
64% of likely U.S. voters are not confident it will be safe for elementary, middle and high schools in their state to reopen, in a new FT survey that reveals rising pessimism over that pandemic and economic rebound. Meanwhile, the public is reengaging with the election after early pandemic dip. (Financial Times/Peterson poll, Gallup)
Economy
While the S&P hit a new intraday high — and the dollar sits at a 27-month low — money managers are looking at commodities as an alternative to pricey stocks and bonds and as a hedge against inflation, marking a shift from the past half-decade. Meanwhile, Brazilian corporations have raised $18.5 billion from foreign bond investors this year through July, up 27% from the same period last year. Another change: The pandemic has provoked a new wave of funding for healthcare start-ups, as data suggest investors are regaining confidence in backing development of new treatments. (Financial Times, Wall Street Journal-1, Wall Street Journal-2, Financial Times)
Walmart reported a strong 2Q20, fueled by a 97% jump in e-commerce. Yet the company did not provide a financial outlook for the rest of the year, as sales tapered off in July as shoppers spent their stimulus money. Meanwhile, Kohl’s said revenue fell 23% during 2Q20 and painted a grim picture of holiday shopping. Five ways holiday shopping will change: Closed on Thanksgiving; holiday sales will begin much earlier; outdoor markets and parking lot pop-ups; fewer experiences, more traditional gifts; larger, more expensive toys. (CNBC-1, CNBC-2, Washington Post)
Homeowners are rushing to refinance at record-low interest rates, but many are finding that lenders have reserved their best rates for buyers. With so much demand, some mortgage lenders are prioritizing purchases, often offering lower rates to grab new business. (Wall Street Journal)
Former chancellor Sajid Javid has taken a new role at JP Morgan, where the conservative politician will work as adviser at US bank while continuing as an MP. (The Guardian)
The billboard industry is getting clobbered: Global OOH ad sales are expected to decline by 22% this year with the transit segment within the sector experiencing even deeper decreases. (Axios)
Technology
Amazon is expanding its physical offices in six U.S. cities — New York, Phoenix, San Diego, Denver, Detroit and Dallas — and adding thousands of corporate jobs, an indication the tech giant is making long-term plans around office work even as other companies embrace lasting remote employment. (Wall Street Journal, Dallas News)
Oracle is in talks to acquire TikTok’s U.S., Canadian, Australian and New Zealand assets. Oracle is working with a group of U.S. venture capital firms that already have a stake in TikTok, including General Atlantic and Sequoia Capital. (Financial Times, CNBC)
Epic says Apple threatened a “catastrophic” response — planning to cut off access to all iOS and Mac developer tools— in two weeks if Fortnite doesn’t comply with rules. Meanwhile, Apple’s China loopholes are starting to close: The technology giant operates the App Store and many other services without government licenses and local partners in China. That has left it vulnerable to regulatory risk in China as Trump attacks TikTok and WeChat in the U.S. (The Verge, The Information)
Smart Links
Japan moves to secure rare earths to reduce dependence on China. (South China Morning Post)
Remote work is changing how productivity is measured. (Fast Company)
Number of depressed UK adults doubles since pandemic started. (The Times)
How George Kittle became the highest paid NFL tight end. (NFL.com)
The Most Loved Brand: USPS is as strong as ever. (Morning Consult)