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The World
What voters want from Biden’s first term: Americans were more likely to raise issues of a broader political nature than to seek resolution on Covid-19 and economic concerns, some of which are rooted in the downturn prompted by the pandemic. The findings are similar to a pre-Election Day analysis showing that issues of partisanship took as much prominence as pressing concerns such as the pandemic and the economy when considering their vote in the Trump-Biden contest. Topics such as health care, foreign affairs, climate change, social issues and immigration garnered far less attention, the latest analysis found. (Morning Consult)
Meanwhile, British, French and German publics give Biden high marks, as most are optimistic about U.S. policies and trans-Atlantic relations. (Pew Research Center)
On the last full day of Trump's term, Secretary of State Pompeo officially determined that China's campaign of mass internment, forced labor and forced sterilization of over 1 million Muslim minorities in Xinjiang constitutes "genocide" and "crimes against humanity." The U.S. has become the first country to adopt these terms to describe the Chinese Communist Party's gross human rights abuses in its far northwest. Meanwhile, U.S. Secretary of State nominee Antony Blinken said Trump’s tough approach to China was right, but the tactics were wrong — the U.S. should have acted sooner as ‘democracy was being trampled’ in Hong Kong. Blinken added the U.S. is "a long way" from return to Iran nuclear deal. (Axios, South China Morning Post, Axios-2)
The Biden administration is considering creating a White House antitrust czar. Meanwhile, Biden selected two MIT faculty leaders — Broad Institute Director Eric Lander and MIT Vice President for Research Maria Zuber — for top science and technology posts. Lander was named Presidential Science Advisor and nominated as director of the Office of Science and Technology Policy (OSTP), as Biden intends to elevate the Presidential Science Advisor, for the first time in history, to be a member of his Cabinet. Zuber has been named co-chair of the President’s Council of Advisors on Science and Technology (PCAST), along with Caltech chemical engineer Frances Arnold, a 2018 winner of the Nobel Prize in chemistry. Zuber and Arnold will be the first women ever to co-chair PCAST. (Reuters, MIT News)
California is emerging as the de facto policy think tank of the new administration and of a Congress soon to be under Democratic control, After years of being bashed by Trump. (Los Angeles Times)
The Marine Band has played at every inauguration since Jefferson. It’s one tradition that will carry on this year. (Washington Post)
The U.S. topped 400,000 reported deaths from Covid-19, just five weeks after topping 300,000. In the UK, vaccine supply concerns are growing as daily vaccinations have fallen 120,000 since Friday. Israel’s coronavirus tsar has warned that a single dose of the Pfizer/BioNTech vaccine may be providing less protection than originally hoped. In Asia, the Covid recovery may serve as Vietnam's breakout moment, offering a “once-in-a-generation opportunity for the country that got it right.” While the Israeli cabinet extended its lockdown until the end of January, the country also started vaccinating 40-year-olds. (Wall Street Journal, The Times, The Guardian, Nikkei Asian Review, Jerusalem Post)
Italy’s prime minister has narrowly survived a crunch vote of confidence in his fragile coalition government as the country grapples with twin health and economic crises. Giuseppe Conte won 156 out of 296 senate votes, short of the 161 senators he would need for an absolute majority but enough to pass because of 16 abstentions. (Financial Times)
After rising steadily for decades, global carbon-dioxide emissions fell by 6.4%, or 2.3 billion tonnes, in 2020. The United States contributed the most to the global dip, with a nearly 13% decrease in its emissions, due mostly to a sharp decline in vehicle transportation. The decline is significant — roughly double Japan’s yearly emissions — but smaller than many climate researchers expected given the scale of the pandemic, and it is not expected to last once the virus is brought under control. (Nature)
The College Board is scrapping SAT’s optional essay and subject tests, stating that “the expanded reach of AP and its widespread availability for low-income students and students of color means the Subject Tests are no longer necessary for students to show what they know.” The Board is also “investing in a more flexible SAT—a streamlined, digitally delivered test that meets the evolving needs of students and higher education.” (College Board)
The first two weeks of 2021 saw 59 shooting victims in South Los Angeles compared with seven last year, calling attention to a deadly crime surge that has coincided with a devastating pandemic. (Los Angeles Times)
Economy
29% of companies reported they were considering moving major operations or headquarters to another state or country. The biggest reason was the cost of talent and living in their current location, followed by the burden of taxes. Remote work is looking less appealing, with 47% saying their workforces will be on-site most or all of the time when it’s safe to return to work and 43% saying they will split their workforce between on-site and remote. Further, they are split down the middle on requiring employees to take a Covid-19 vaccine—51% lean yes, 49% lean no. (Axios, West Monroe)
Goldman Sachs generated $44.56 billion in annual revenue, the most since 2009, harking back to the last time the bank successfully navigated a crisis and its aftermath. Trading revenue for 2020 reached a 10-year high. Meanwhile, CEO David Solomon said the SPAC boom is unsustainable, raising questions about whether issuance had “gone too far.” (Wall Street Journal, Financial Times)
UK productivity increased at its fastest pace in 15 years in the three months to September. Output per hour, the main measure of productivity, increased 4% compared with the same quarter the previous year. Meanwhile, American Airlines’ wholly owned regional subsidiary PSA Airlines and budget carrier Frontier Airlines plan to resume pilot hiring this year. (The Times, Reuters)
Large firms drove global secondary fundraising to a record $76 billion in 2020, more than three times the $23.07 billion raised for such funds in 2019. Last year’s tally exceeded the $42.18 billion record set in 2017. (PE Insights)
Inside Nancy Dubuc’s Quest to Rehabilitate Vice: When television veteran Nancy Dubuc took over as CEO of Vice Media in the spring of 2018, cash was so tight that company executives were debating whether they should cancel the Friday morning ritual of free donuts and bagels for staff. Within months, Dubuc had cut about 10% of Vice’s 2,500-number workforce and slashed expenses elsewhere, cutting out the Friday morning donuts but, in an effort to maintain morale, keeping the bagels. Since then, she has reduced losses from more than $100 million in 2018 to around $20 million last year, with the company turning a profit in the fourth quarter. (The Information)
Technology
Silicon Valley is bracing for tougher regulation in Biden’s new Washington. The Democratic Party’s calls for regulation have grown more urgent in the days since Biden won the presidency, his party took control of the House and the Senate — and Trump and his allies further exposed the risks of a largely unregulated Web. Some wonder if more regulation also could spur on more innovation and areas for investing. Another area to watch: capital gains tax. Meanwhile, tech execs are looking to the new administration to undo rules that block talent, leading to more H-1B visa approvals. (Washington Post, Crunchbase, Wall Street Journal)
Netflix surpassed 200 million subscribers, as shares rose on strong subscriber growth. But Netflix also acknowledged that 2021 likely won’t see as many net subscriber gains every quarter, starting in 1Q21. Meanwhile, its “Shuffle Play” feature, which lets Netflix's algorithm choose what you watch next, will roll out globally to all users in 1H21. (The Verge, CNBC, TechCrunch)
Microsoft is joining GM, Honda and others in a $2 billion investment round in Cruise to help commercialize its self-driving cars. The deal bumps Cruise's valuation to $30 billion, from $19 billion last year. The investment is part of a broader commitment by GM and Cruise to use Microsoft's Azure cloud-computing platform across their companies, especially as they roll out increasingly complex vehicles that rely on digital technologies. (Axios)
Alibaba’s regulatory challenges put spotlight on CEO Zhang: The Chinese government has targeted Alibaba in its recent antitrust scrutiny, while Alibaba’s financial technology arm, Ant Group, is grappling with new online lending regulations that threaten to hobble its business. Zhang, an unassuming former accountant and longtime Alibaba executive who succeeded iconic founder Jack Ma as chairman in 2019, has earned a reputation as a seasoned operations expert with good long-term business ideas. But he has less experience dealing with governments. And some investors and bankers say they aren’t sure how well Zhang can handle the political hurdles. (The Information)
Batteries capable of fully charging in five minutes have been produced in a factory for the first time, marking a significant step towards electric cars becoming as fast to charge as filling up petrol or diesel vehicles. The new lithium-ion batteries were developed by the Israeli company StoreDot and manufactured by Eve Energy in China on standard production lines. (The Guardian)
Smart Links
Research: TV news outlets overrepresent extreme partisans in Congress. (Harvard Kennedy School)
Study: Men speak 1.6 times more than women in college classrooms. (Inside Higher Ed)
Elon Musk donates $5 million to education group Khan Academy. (CNN)
1 in 3 unemployed 2020 grads are taking on more student debt and heading back to school. (Resume Builder)
Hospital ICU capacity linked to Covid-19 mortality rates. (JAMA)
Sarah Thomas to become first woman to officiate at Super Bowl. (The Guardian)
Dating app Bumble files for an estimated $900 million IPO. (Renaissance Capital)
What archeologists can tell us about Neanderthal women. (Aeon)
Learn More (Today, 4 p.m.): Patrick Mullane, Executive Director of Harvard Business School Online will interview his father, Astronaut Mike Mullane about life as an astronaut and share his reflections on growing up as an “astro kid” in the glorious 80s. Mullane’ s book is widely regarded as the most intimate account of the golden years of the shuttle program and shares a perspective on NASA management and what it’s really like to be an astronaut. (Harvard Business School)