FirstFT: Today's Top Stories |  Financial Times

FirstFT: Today’s Top Stories | Financial Times

Joe Biden said he intended to “restore the soul of America” ​​when the US president-elect delivered a victory speech on Saturday after being declared the election winner.

Mr. Biden was introduced by Vice President-elect Kamala Harris, who will be the first African American, the first Asian, and the first woman to serve in the office. Black and other ethnic minority voters, particularly those who former gubernatorial candidate Stacey Abrams mobilized in Georgia, have been key to Mr Biden’s success.

Ahead of his January oath, Mr Biden is preparing a series of executive orders to reverse some of the signature policies of Donald Trump’s one-time presidency. Mr Biden has vowed to re-enter the Paris Climate Agreement on his first day in office – a move welcomed by world leaders – and to reverse the process of leaving the World Health Organization.

He is also expected to reintroduce the program that provides “dreamers” – young undocumented immigrants who came to the United States as young children – a route to US citizenship and Mr. Trump’s travel ban for visitors from multiple countries repeals by a Muslim majority. Here Mr. Biden has important guidelines.

However, the President-elect’s first act will be to address what he has identified as his administration’s first priority – ending the coronavirus pandemic in the US.

Mr Trump has not yet called Mr Biden to allow the race and has vowed to continue filing lawsuits to challenge the election result despite having seen a number of casualties in court. US executives called for a peaceful transfer of power.

The FT view is that Mr. Biden could turn the page of a rancor presidency by tone and demeanor alone. (FT, Politico)

Election summary

People celebrate in Times Square in New York after it was announced that Democratic candidate Joe Biden would be the next US president. © Getty

What about Mr. Biden? foreign policy agenda? One adviser described the president-elect’s priorities as “China. China. China. Russia”. Boris Johnson faces acute challenges in maintaining the UK’s special relationship with the USA. Sebastian Payne delves into the latest podcast on Payne’s politics.

In Mr. Trump’s hometown new YorkCrowds celebrated his defeat. But in the Country of the “Trump Democrats” Cheering was not the order of the day, writes Patti Waldmeir.

Shares of Big tech Companies rose after the polls were completed as hopes of quick stimulus without democratic scrutiny from the Senate faded. But opposite Silicon ValleyFew expect a return to their cozy relationship with Barack Obama’s White House.

Line graph of price to 12 month lagging earnings ratio showing tech earnings have become more valuable this year

Even if there is one divided congress – The majority depends on the results of two runoff elections in Georgia. – Mr Biden can achieve a lot, says Rana Foroohar.

Within his own party, Mr. Biden is also facing a power struggle between progressive and moderated. The president-elect and his transition team are expected to act quickly to fill positions in his cabinet.

A preliminary snapshot of how the US chose suggests that the rich stood by Trump, but the better educated supported Mr Biden.

Mr. Biden’s victory speech shows he lacks Barack Obama’s ability to inspire, but America may be ready for a quiet man, writes Peter Spiegel. Here is the profile of the Democrat’s FT. (FT)

Polls on the exit suggest that Trump has lost ground with white men, but has found support from some groups of non-white voters, especially those with no college degrees

Coronavirus digest

  • Almost two thirds of adults in England support the new Covid-19 lockdown, a weekend poll found, but almost the same number believe it was implemented too late. Millions of self-employed have been excluded from the UK’s recent support program.

  • Exclusive: The United Kingdom Drug manufacturers have warned that vital supplies of drugs must be stocked after barely meeting initial requirements.

  • New ZealandBusinesses have taken advantage of hard lockdown.

  • Fund managers have reduced their cash holdings to record lows, raising concerns about looming economic problems due to lockdowns. (FT)

Follow our coronavirus tracker and live blog for the latest information. Visit ft.com/coronavirus for more information.

In the news

The Philippines are investigating the connection to Wirecard Filipino authorities are examining financial transactions of a law firm and a tour operator for possible links with Wirecard, the collapsed German payment company, and its former chief operating officer Jan Marsalek, a government official said. (FT)

The Ant Group’s IPO problems The announcement by banking regulators that it will treat fintech more like banks threatens the Ant Group’s already belated IPO. The setback signals a settlement for the industry, writes Patrick Jenkins. Alibaba founder Jack Ma is embroiled in a mess that has been brewing for a long time – and at least partly made by himself. (FT)

Change in the economic governance of Turkey President Recep Tayyip Erdogan’s son-in-law has resigned as Turkish finance minister after a period of intense pressure on the lira. (FT)

Naci Agbal, who was named governor of the central bank on Saturday after Mr Erdogan abruptly fired his predecessor, is hugely popular with international investors. © Umit Bektas / Reuters

Britain risks losing EU trade advantages The UK will run out of time to replace EU trade deals with more than a dozen countries around the world when the post-Brexit transition period ends in late 2020. After Brexit, Ireland’s trade future lies outside the UK, writes Fine Gael politician Neale Richmond. (FT)

Exclusive: Deutsche Bank rejects the ECB Germany’s largest lender rejected the European Central Bank’s request to suspend parts of its leveraged finance operations over concerns about inadequate risk monitoring in this area. (FT)

US sanctions in Hong Kong The territory’s securities regulator has advised funds and banks on implementing US sanctions without violating any Beijing-imposed national security law. (FT)

Exclusive: Panasonic plays down Tesla fears The Japanese company said the automaker’s plan to manufacture its own battery cells was an opportunity to grow its auto business as it wanted to allay fears of a dwindling partnership with the electric car maker. (FT)

Tropical storm Eta kills dozen Dozens were dead and many more went missing in Guatemala after one of the region’s most brutal storms in years triggered mudslides and turned roads into rivers. (FT)

Hurricane Eta hit Nicaragua last Tuesday as a Category 4 storm and weakened on its way through Honduras.  However, the heavy rains left a trail of devastation and heavy rains from Panama to southeastern Mexico.
Hurricane Eta hit Nicaragua last Tuesday as a Category 4 storm and weakened on its way through Honduras. However, the heavy rains left a trail of devastation and heavy rains from Panama to southeastern Mexico. © AFP via Getty Images

The day ahead

Brexit legislation in the Lords Boris Johnson faces a major defeat as peers vote on Monday whether to remove clauses from the controversial Single Market Act that the UK government has said could breach its obligations under the Brexit Withdrawal Agreement. (FT)

EU trade meeting EU foreign ministers will meet virtually to discuss the bloc’s future trade relations with the US following last week’s presidential election, as well as World Trade Organization reform, the bloc’s stance on China and Brexit. (FT)

Bidens Covid Task Force The president-elect will name a new group of 12 scientists to advise him on Monday on how to deal with the spread of the virus. (FT)

Steve Bannon criminal case Manhattan federal court is hosting a status conference on Monday for the US government’s criminal case against Steve Bannon, Donald Trump’s ex-advisor, and three other co-defendants on charges of fraud. (FT)

SoftBank results The Japanese group, founded and led by Masayoshi Son, which has been pursuing an asset sale program since March and examining the possibility of potentially delisting its own shares, is due to report on Monday. (FT)

What else are we reading?

UK private equity tax break The existing agreement enables UK private equity executives to pay lower tax rates on their multi-million pound bonuses than workers for annual wages over £ 50,000. Any step to the ax could mark how the post-pandemic sector will be taxed globally. (FT).

Mitch McConnell: a thorn in the side of Biden The Kentucky Senator is well on its way to cementing his position as the most powerful Republican in Washington. (FT)

Reality TV presidency canceled The Trump administration put a lot of drama into one term, but a record number of Americans told him, “You’re fired!” Meanwhile, the president’s family has offered unwavering support. (FT)

Donald Trump's children and their partners have played an oversized role in the administration
Donald Trump’s children and their partners have played an oversized role in the administration. © AP

Boris Johnson needs an Australian-style Covid plan Australia’s particular power could lie in public safety politics, writes Pilita Clark. The strict approach to the virus was not perfectly or consistently popular, but infections have receded and an appearance of normal life has now resumed. (FT)

Poland’s draconian abortion restrictions The FT View is that the government is continuing to divest the country from the EU mainstream despite thousands protesting a law to ban almost all abortions. (FT)

Protesters hold signs in Polish
Protesters hold signs reading “Polish Women’s Strike” as they block a crossing of downtown Warsaw for the 12th day in a row, triggered by the tightening of Poland’s strict abortion law. © AP

Working from home: when the cracks show Much has been rightly written about the challenges of remote work, but what gets less attention is the simple communication mistake, writes Tim Harford. The challenges of remote leadership can be addressed with four Cs: clarity, connection, collaboration, and compassion, argues Andrew Hill.

Video of the day

Will Donald Trump Accept Defeat? FT’s Kiran Stacey asks if Joe Biden can ever convince Donald Trump supporters he won fairly. (FT)

Video: Will Donald Trump Ever Accept Defeat? | DC diary

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