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The World
Treasury Secretary Mnuchin will allow several emergency Federal Reserve lending programs to expire, opening a divide with the central bank. On Dec. 31 several novel Fed programs that have backed corporate credit and municipal-borrowing markets and have provided loans to small and midsize businesses and nonprofits during the coronavirus pandemic will end. (Wall Street Journal)
Chinese President Xi Jinping will give "positive consideration" to joining the Trans-Pacific Partnership trade pact, likely in a move to bolster the country's presence in Asia while the U.S. focuses on its presidential transition. Meanwhile, President Trump could be a no-show at virtual G-20 as coronavirus ravages the globe. The White House won’t say whether the president will participate in this year’s summit of world leaders (Nikkei Asian Review, Washington Post)
Pfizer and its German partner BioNTech plan to apply today to the FDA for an emergency use authorization for their Covid-19 vaccine, a watershed moment in the effort to curb the global pandemic and a signal that a powerful tool to help control the pandemic could begin to be available by mid- to late December. It is widely expected that the FDA will then issue an emergency use authorization for the two-dose vaccine, which has been shown to be highly effective in preventing Covid infections. Meanwhile, five U.S. agencies have started telling employees they could get vaccine shots in as little as 8 weeks. A new report finds the UK sourced PPE from factories secretly using North Korean slave labor. (STAT News, Washington Post, CNBC, Guardian)
As the U.S. is close to recording 200,000 new daily cases and set a hospitalization record, a New York Times survey of more than 1,900 American colleges and universities — including every four-year public institution and every private college that competes in N.C.A.A. sports — has revealed more than 321,000 cases and at least 80 deaths since the pandemic began. The University of Michigan provides a case study. Meanwhile, Colleges' return to online classes complicates student housing and study abroad programs. (New York Times, EducationDive, Inside Higher Ed)
The European Commission’s president signaled ‘better progress’ in Brexit talks that remain upbeat despite member of EU’s negotiating team testing positive for Covid. Meanwhile, thousands of people silently raised their arms in the air, held flowers aloft and broke into chants outside a church in Minsk at the funeral of a Belarusian protester. (Financial Times, Reuters)
Zurich, Paris and Hong Kong are the world's most expensive cities. Using New York as a benchmark, the research compared the price of 138 items in different cities around the world. The biggest price gains in U.S. dollars were seen in Tehran which climbed from 106th place to 79th position. Singapore and Osaka slipped in the rankings, with the former seeing its prices drop as a result of a foreign worker exodus brought on by the pandemic. (Economist, Statista)
Economy
Banks may be office landlords’ new problem tenants, as finance companies have slowed their takeup of new space more than other sectors since the pandemic began. (Wall Street Journal)
Lumber prices rise again, defying the normal seasonal slowdown. (Wall Street Journal)
Who’s a very good pandemic business? Chewy. This is the best year ever, if you’re a cat or a dog—or if you’re a certain online pet supply company experiencing phenomenal growth. And its CEO ranked No. 5 on the list of best paid executives. (Bloomberg Businessweek)
Morgan Stanley’s second annual VC Report found that of over 70 venture capital firms surveyed, 75% strongly agree that “it is possible to have an investment strategy that intentionally invests in women and multicultural entrepreneurs, while still maximizing returns.” That figure was up from 55% in 2019. (CNBC, Morgan Stanley)
Technology
State and federal investigators are preparing to bring antitrust charges against Facebook that will challenge the tech giant’s acquisition of two rivals, Instagram and WhatsApp, alleging that the deals helped create an anti-competitive social networking juggernaut that has left users with few quality alternatives. (Washington Post)
Digital-media giants BuzzFeed and HuffPost decided to join forces. BuzzFeed will acquire HuffPost from its owner, Verizon Media, as part of a larger stock deal. The BuzzFeed and HuffPost websites will remain distinct, each with its own editorial staff. The BuzzFeed founder Jonah Peretti, who helped found HuffPost 15 years ago, will serve as the chief executive. (New York Times)
Roblox, social gaming platform for tweens and teens, filed for a $1 billion initial public offering. This is another of the lucky few companies for whom the pandemic has been a business blessing, as lockdowns and school closures caused parents to let their screen time limits slide. Roblox reports 31.1 million average daily active users for the nine-month period ending in September, up 82% from the year-earlier period. Meanwhile, Consumers spent $10.6B on digital games in October, up 14% YoY. Consistent with ongoing trends, console spending grew the fastest, with earnings up 18% over 2019. (Axios, SuperData Research)
Is AI sexist? A new paper renews concerns about bias in image recognition services offered by Google, Microsoft, and Amazon: When AI sees a man, it thinks “official.” A woman? “Smile.” (Wired)
How Gen Z/Millennials use podcasts: Two-thirds prefer podcasts to books; most prefer unscripted podcasts, and the main characteristic they want their host to have is to be funny. (PodNews)
Microsoft Teams takes on Zoom with free all-day video calling on the web. You won’t need a Microsoft Account or the Microsoft Teams app to join calls. Microsoft Teams will also support seeing up to 49 friends or family members in a gallery view or through its Together Mode feature that puts you side by side in a virtual environment. (The Verge)
Smart Links
Weekend reading: “Invent and Wander,” Jeff Bezos’s thoughts on Big Business, outer space and The Washington Post. (Washington Post Book Review, Amazon)
McKinsey: 62% of workers consider mental health ‘a top challenge.’ (CNBC)
T-Mobile becomes first carrier to enable 988 number for mental health services. (The Verge)
Second homes are driving the U.S.’s Covid-19 housing boom. (Barron’s)
California wants its Imperial Valley to Be ‘Lithium Valley.’ (Bloomberg Businessweek)
How to build a unicorn in workforce development. (Emerge EdTech Insights)
What does home-field advantage mean in a stadium without fans? (Wall Street Journal)
Tiger Woods to play with 11-year-old Charlie in father-son event. (ESPN)
Joe Biden turns 78 today; Queen Elizabeth celebrates 73rd wedding anniversary. Windows turns 35. (Associated Press, The Guardian, The Verge)