'Border Walls'
What You Need To Know
Today’s posts that caught my eye:
An interesting debate between the U.S. and Moderna, which “worked in lockstep with the U.S. government” to develop its vaccine, the FT reports: The National Institutes of Health that three of its scientists should be recognized as co-inventors of a patent underpinning the company’s Covid-19 vaccine.
How does the U.S. compare to other countries on paid parental leave, the WaPo asks? Americans get 0 weeks. Estonians get more than 80. “The U.S. is the only wealthy country in the world without any guaranteed paid family leave.”
Nearly one in three Americans (32%) say that drug use has been a cause of trouble in their family, Gallup finds.
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The World
Europe weighs border walls as migrants mass in Belarus at Poland’s frontier: A standoff over the fate of thousands of migrants camped in the forests of Belarus trying to enter Poland has pushed the European Union to embrace steps its leaders once considered controversial: explicitly paying for fences at the EU’s frontiers and pushing back people who attempt to cross. (Wall Street Journal)
European defense leaders are fretting that the surging migration crisis at the Belarus-Poland border could spark another crisis — violent conflict. “The potential for escalation is extremely high,” Estonian Defense Minister Kalle Laanet said. His comments were echoed at the same press conference by senior defense officials from Greece, Lithuania and the U.K., who all shared the fear of escalation. (Politico EU)
U.S. President Joe Biden and Chinese leader Xi Jinping are expected to hold a virtual summit on Monday amid tensions over trade, human rights and military activities. Washington and Beijing have been sparring on issues from the origins of the COVID-19 pandemic to China's expanding nuclear arsenal. U.S. officials believe direct engagement with Xi is the best way to prevent the relationship between the world’s two biggest economies from spiraling toward conflict. (Reuters)
Singles’ Day, the world’s biggest online shopping event, posted its slowest annual growth pace as China’s antitrust crackdown dampened the event. This year’s Singles’ Day was weighed down by China’s slowest economic expansion pace in decades, as growth slowed to 4.9 per cent in 3Q21. (South China Morning Post)
An unprecedented commitment to phase out coal and fossil fuel subsidies is set to be deleted from the final Cop26 deal after opposition from Saudi Arabia, Russia and India. The dispute over the draft text is one of several sticking points which could mean the UN climate conference in Glasgow, due to finish tomorrow, runs into the weekend. Developing countries are demanding a much stronger commitment to increased funding from wealthy nations to help them adapt to climate change. (The Times)
Haitian border crossings plunged 90% after Biden administration ramped up deportation flights. The administration has been using the Title 42 public health order to expel migrants back to Haiti. Those measures appear to be discouraging others from crossing. (Washington Post)
A rift between Moderna and the US government deepened after the biotech group dismissed claims by the National Institutes of Health that three of its scientists should be recognized as co-inventors of a patent underpinning the company’s Covid-19 vaccine. More than any other vaccine maker, Moderna has worked in lockstep with the US government to develop its jab, receiving about $2.5bn of grants and orders while also collaborating on clinical trials. But now the pair are engaged in a bitter dispute over a patent relating to the genetic sequence in the vaccine: the NIH says its scientists are co-inventors, while Moderna insists they are not. (Financial Times)
The WHO reported that COVID-19 deaths rose by 10% in Europe in the last week, making it the only region in the world where coronavirus cases and fatalities are both steadily increasing. (Los Angeles Times)
Hospitals in Western U.S. are under siege as Covid-19 packs ICUs. (Bloomberg)
Dutch consider new partial lockdown as coronavirus cases hit record. (Reuters)
A third of voters agree with Biden’s timeline for an employer Covid-19 vaccine mandate, as two dozen states have sued to block the rule, which takes effect in January. (Morning Consult)
In a survey of middle school and high school students in L.A. Unified, students said they had suffered due to the COVID-19 pandemic and expressed a “non-negotiable” need for academic success: mental wellness. The survey said 1 in 3 students of color didn’t have an adult at school with whom they felt comfortable enough to talk about how they were feeling, and it drove home kids’ high-priority needs: access to tech and opportunities for tutoring, extra classes and extracurricular activities. (Los Angeles Times)
Hate crimes are up by 20% in L.A. County. And they are growing increasingly violent. Last year was the third in a row in which the percentage of violent hate crimes rose. (Los Angeles Times)
Olympic gold medalist Suni Lee says she was pepper-sprayed in racist attack in L.A. (Axios)
It’s all perspective? The Los Angeles Times reports that “On trip to France, Kamala Harris is introducing herself to the world in personal terms,” while Politico notes that “Kamala Harris goes unnoticed in Paris.” (Los Angeles Times, Politico)
Nearly one in three Americans (32%) say that drug use has been a cause of trouble in their family. The latest figure, similar to measures from 2018 and 2019, reflects a sizable increase since the 1990s and early 2000s in the percentage of U.S. families that have experienced struggles with drugs. (Gallup)
Economy
Outlook 2022: The long road to higher rates. Coming off a year of surging global growth and inflation, Goldman Sachs Research expects 2022 to be broadly defined by more moderate expansion and normalizing monetary policy as the world navigates the next leg of an unusual pandemic recovery. Our economists now see the Federal Reserve responding to above-target inflation with the first interest rate hike in mid-2022, joining several advanced and emerging economies that will already be well into their tightening cycles at that point. In China, the property market is likely to soften further, and macro policy looks set to ease only modestly, with policymakers doing just enough to stem major downside risks but stopping short of the level of easing in prior cycles. The combination of comparatively sluggish growth in China, a rebound in India, solid growth in Russia, and near-term acceleration in advanced economies should lead to another strong year of global expansion, with real GDP likely to rise 4.5%. (Goldman Sachs)
How does the U.S. compare to other countries on paid parental leave? Americans get 0 weeks. Estonians get more than 80. The U.S. is the only wealthy country in the world without any guaranteed paid family leave. (Washington Post)
Wall Street warns it will cut NYC workforce, with almost a quarter of financial services firms planning reductions over the next five years. (Bloomberg)
New York and Miami are leading the way when it comes to embracing crypto. Miami Mayor Francis Suarez and New York Mayor-elect Eric Adams are racing to prove that they’re the bigger supporter of crypto, in part by taking their paychecks in bitcoin. Both cities have also teamed up with CityCoins, a nonprofit startup that creates cryptocurrencies dedicated to specific cities. Revenue from mining and selling these coins is given to these cities as donations that go into their treasuries. (The Information)
The City of Miami will soon give out a “bitcoin yield” from the staking of its cryptocurrency to its citizens, Miami Mayor Francis Suarez announced. “We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said. The yield comes from the staking of the city’s own cryptocurrency, MiamiCoin, which was introduced early this year and has already earned over $21 million in the past three months for Miami. Suarez noted that if you were to annualize that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of $400 million. (CoinDesk)
The use of crypto assets as a currency is forbidden for Muslims, according to Indonesia's council of religious leaders. The National Ulema Council, or MUI, has deemed cryptocurrency as haram, or banned, as it has elements of uncertainty, wagering and harm, Asrorun Niam Sholeh, head of religious decrees, said on Thursday after the council held an expert hearing. If cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded, he added. MUI holds the authority on Shariah compliance in the country that's home to the world's largest Muslim population, with the finance ministry and central bank consulting them on Islamic finance issues. (NDTV)
Uber is to increase its rates by 10% in London in an attempt to lure drivers back on to its platform, as cab companies across the UK struggle to meet booming demand. Customers using the ride-hailing app have faced longer waits and more cancellations from drivers cherry-picking jobs in recent weeks, as well as more surge pricing as requests exceed the numbers of cars available. (The Guardian)
Technology
Spotify expands into audiobooks with acquisition of Findaway: In an effort to expand beyond music, Spotify has been investing hundreds of millions to build out its podcasts business. Now the company has set its sights on another form of audio, with today’s acquisition of digital audiobook distributor Findaway. (TechCrunch)
Amazon will let users easily share video clips showing up to 30 seconds of some of its Prime Video content, right from its iPhone app. The feature will only be available for a very limited number of shows initially, but letting users share video from shows is a very different attitude than the one displayed by some other streaming providers. When you’re watching a show, the Share Clip button will show up alongside the rest of your controls. Tapping it will create a 30-second video clip, which you can then fine-tune to make sure it contains the part of the show you’re trying to share. From there, you can share it using Apple’s built-in sharing feature, sending it to a friend over iMessage, or posting it on social media. (The Verge)
Twitter is launching an official crypto team, with blockchain expert Tess Rinearson at the helm. This is the latest in Twitter's various overtures into the blockchain space, including tipping with Bitcoin and verifying NFTs. (Protocol)
84% of U.S. adults say they often or sometimes get news from a smartphone, computer or tablet, including 51% who say they do so often. This is lower than the 60% of Americans who said they often got news from digital devices in 2020. The portion who gets news from digital devices continues to outpace those who get news from television. Americans turn to radio and print publications for news far less frequently than to digital devices and television. Side note: Of digital platform preferences, the only platform to grow last year was podcasts. (Pew Research Center)
Smart Links
It is becoming easier, cheaper and quicker to diagnose dementia. (The Economist)
It's going to get even harder to buy a PlayStation 5. (Bloomberg)
These US states have the most startup investment for their size. (Crunchbase)
Cities with empty offices see new room to expand housing. (Politico)
Road deaths are soaring even as Americans are driving less. (Bloomberg)
Travel curbs leave Asian airlines' recovery lagging U.S. peers. (Nikkei Asian Review)
U.S. joins global cybersecurity partnership ignored by Trump. (Axios)
The electric car race starts now. (Protocol)
iPhone 13 Pro vs. Pixel 6 Pro: what 2,000 photos tell us — More photos, more problems. (The Verge)
Good News
30,000 Parakeets want a cracker: These ring-necked parakeets aren’t native to London—not even close. They’re from central Africa and South Asia. And yet, somehow, there are now 30,000 in Britain’s capital. (National Geographic)
Matt Araiza: college football’s breakout star is ... a punter? The San Diego State junior can boom kicks more than 80 yards and seems to set a new record every week. The NFL has duly taken notice. (The Guardian)
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