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The World
In a call with White House’s National Economic Council Chief Brian Deese and two other administration officials, Republicans and some Democrats signaled concerns over the size and cost of Biden’s $1.9 trillion bill. Some lawmakers discussed trying to pass a smaller, more targeted aid package focused on vaccine funding before Trump’s impeachment trial. (Wall Street Journal)
China overtook the U.S. as the world’s top destination for new foreign direct investment last year, as the Covid-19 pandemic amplifies an eastward shift in the center of gravity of the global economy. New investments by overseas businesses into the U.S., which for decades held the No. 1 spot, fell 49% in 2020, according to U.N. figures, as the country struggled to curb the spread of the new coronavirus and economic output slumped. (Wall Street Journal)
The Kremlin accused the U.S. of supporting nationwide opposition protests sparked by the jailing of Alexei Navalny as President Putin faced one of the biggest challenges to his grip on Russia since he came to power 21 years ago. The brutal crackdown drew condemnation from western countries. Britain and the U.S. accused Moscow of using violence against peaceful demonstrators. France called for sanctions against Russia. (The Times)
The UK is facing a constitutional crisis that will strain the Union as new polls reveal a majority of voters in Scotland and Northern Ireland want referendums on the break-up of Britain. A four-country survey we commissioned, based on separate polls in Scotland, Northern Ireland, England and Wales, also found that the sense of British identity that once bound the country together is disintegrating. And in another significant move, the Scottish National Party (SNP) announced that it is prepared to call a wildcat referendum of its own if Boris Johnson refuses to grant one himself — a move that puts the two governments on a constitutional collision course. In Northern Ireland, a majority — 51%-44% — want a referendum. (The Times)
Britain is at risk of a double-dip recession after a closely watched survey suggested that the economy is contracting at its sharpest pace since May under the weight of a third national lockdown. (The Times)
Israel shut down incoming and outgoing international flights until the end of month “to prevent the entry of the virus mutations.” Sweden is closing its border with Norway after the government in Oslo introduced its strictest measures of the Covid-19 pandemic so far following several deaths close to the Norwegian capital from the more contagious variant first discovered in the UK. (Jerusalem Post, Financial Times)
Support for Japanese Prime Minister Yoshihide Suga’s government dropped to 33% from 39% last month, with disapproval rising 10 points to 45%, weakening mainly due to unhappiness with its handling of the pandemic. (Reuters)
Chicago Teachers Union authorized collective action to remain remote. More than 70% of rank-and-file teachers who voted chose to remain remote, but that doesn't mean in-person classes won't be held Feb. 1 as union and district continue to negotiate. (Chicago Tribune)
Microsoft confirmed it halted all donations of its PAC while it decides by Feb. 15 whether to suspend donations to those who voted against election certification. (Microsoft)
Economy
Natural catastrophes resulted in $97 billion in insured losses in 2020, 40% above the average for this century, in a year when insurers also faced hefty bills due to the coronavirus pandemic, insurance broker Aon said. (Reuters)
An analysis of a huge dataset from Switzerland confirms decades of research that widespread racial and sex discrimination occurs in job hiring. “People from minority ethnic and immigrant backgrounds face 4 to almost 20% lower contact rates” compared with other Swiss people. (Nature Podcast, Article Abstract)
Pandemic Dividend: Working from home and the massive reduction in travel due to Covid-19 led to plummeting pollution across America last year. Rankings on the climate impact of transportation in the country’s 100 largest metro areas by mobile-analytics company Streetlight Data assessed carbon friendliness based on factors including: total vehicle miles traveled (VMT); how much people are biking and walking; transit usage; population density; and circuity, which measures how directly people can drive to destinations. The New York City metro region topped the list again, reflecting its robust transit systems, relatively high housing density and the large number of workers commuting by walking or biking. Cities with generally healthy populations also ranked high with Portland, Oregon, at No. 3 and Colorado Springs, Colorado, at No. 7. (Bloomberg Green)
Dr. Raphael Bostic discussed leading the Atlanta Federal Reserve through the pandemic, his outlook on the US economy and monetary policy in 2021 and his views on the role of the central bank in addressing racial and economic inequality. (Goldman Sachs)
Technology
EU lawmakers invited Amazon, Apple, Facebook and Alphabet CEOs to a Feb. 1 hearing in Brussels as they try to crack down on the powers of U.S. tech giants. The European Parliament will in the coming months provide input into EC proposals to force the companies to play fairly with rivals and to do more to tackle online fake news and harmful content. (Reuters)
Samsung is considering spending more than $10 billion building its most advanced logic chipmaking plant in Austin, TX, a major investment it hopes will win more American clients and help it catch up with industry leader Taiwan Semiconductor Manufacturing Co. The aim is to kick off construction this year, install major equipment from 2022, then begin operations as early as 2023. Samsung is taking advantage of a concerted U.S. government effort to counter China’s rising economic prowess and lure back home some of the advanced manufacturing that over the past decades has gravitated toward Asia. (Bloomberg)
Clubhouse raised a new round of funding led by a16z, says it has 180+ investors, will test options for paying creators and soon begin work on an Android app. (Clubhouse)
Digital games closed out 2020 with $12.0B in December, which was an 15% growth from the prior year and the highest monthly revenue total ever. Mobile earnings were up 5% year-over-year and console earnings grew 16%. PC games revenue, however, jumped 40% largely thanks to the release of Cyberpunk 2077. (SuperData Research)
Verizon's drone software division, Skyward, is partnering with UPS' drone delivery arm, Flight Forward, to offer drone delivery services in The Villages retirement community in Florida. They'll soon start testing drones that communicate over Verizon's 5G UWB network. (Protocol)
Smart Links
U.S. existing-home sales reach highest level in 14 years. (Wall Street Journal)
Astronomers discover first cloudless, Jupiter-like planet. (Harvard-Smithsonian Center for Astrophysics)
Why more VCs and startups are focusing on menopause: ‘$600B Is Not ‘Niche’. (Crunchbase)
Australian lungfish has largest genome of any animal sequenced so far. (New Scientist)
Keeping fit in your 50s staves off dementia. (The Times)
Homebound families are spending more time and money on pets. (CNBC)
Fewer Americans plan to host or attend Super Bowl watch parties amid the pandemic. Further, 57% of U.S. adults said they are likely to watch the Super Bowl, down from 64% ahead of last year’s game. (Morning Consult)