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India aims to resolve farm conflicts. Farmers’ unions and Indian officials resume talks after weeks of protests against new laws that removed government support for certain crops. Growers say that if the laws are not repealed, disruptive protests will resume.
The EU inked a post-Brexit investment deal with Beijing. After 35 rounds of talks since 2013, negotiators concluded a deal covering bilateral investment just before the new year. The pact is seen as a symbolic win for China that may boost its economy—and drive a political wedge between the EU and the US.
Political madness in the US. American members of Congress were sworn in before a week featuring a critical election in Georgia, and the official count of electoral votes certifying Joe Biden as president-elect. Republicans plan to offer unsubstantiated objections to the vote count and delay the process, but not change the result. Meanwhile, president Trump was recorded on a call demanding a local election official “find” enough votes to overturn his loss.
Tesla meets Wall Street’s hopes, but not Elon’s. The electric car-maker delivered 180,570 cars in the fourth quarter, falling 450 cars short of CEO Elon Musk’s full-year goal of 500,000. The disclosure leaves the world’s most valuable automaker poised to continue as a market darling.
Iran says it will prep nuclear fuel. The decision to begin enriching uranium in contravention of the nuclear deal abandoned by president Trump comes after the assassination of an Iranian weapons scientist in November 2020. The move will complicate attempts by the incoming Biden administration to repair the breached agreement.
What to watch for
Around the world, health officials will reckon with the effects of Christmas and New Year’s gatherings on the trajectory of the Covid-19 pandemic when backlogged test results are reported.
- After Tokyo reported 816 new Covid-19 cases on Jan. 3, local officials urged prime minister Yoshihide Suga to announce new emergency measures at a public appearance today.
- Prior to the holidays, Europe and the Americas accounted for more than 80% new Covid-related deaths worldwide, raising the prospect of new restrictions. Infection totals rose rapidly in the US, UK, Israel, and the Czech Republic, while much of the world saw declines or level reporting.
- A new, more infectious strain of the virus is spreading. The new mutation was first observed in the UK and has now been found in China and the US.
- India will begin administering the vaccine developed by Oxford University and AstraZeneca, but will not yet allow the drug’s manufacturer to export it. The CEO of the Serum Institute of India said it will create 1 billion doses of the cheaper vaccine for developing nations, but they won’t be delivered until March or April.
Charting boycotts of Walmart
Walmart has been a repeat target of calls for boycotts over the years. The demands often focused on Walmart’s treatment of workers, but recently, they’ve reflected partisan anger that can easily surface online. The latest call to boycott the retailer was made by US senator Josh Hawley after the company’s twitter account mistakenly called the lawmaker a sore loser.
But these boycotts rarely materialize into mass movements, and if they do, they’re not having any evident effect on the retailer, whose US sales have continued to grow steadily.
New Year, New Economy?
The unique nature of the coronavirus recession makes a fast recovery possible. The financial systems crippled by toxic assets and permanently broken industries left behind by other recent recessions required an economy-wide restructuring to fix. In contrast, while the suffering and dislocation of the pandemic have been staggering, societies have the tools to provide relief and a speedy recovery from it.
However, the global economy still faces the myriad of problems it did before 2020, from trade wars to inequality to weak investment. Our latest field guide provides a preview of what to expect for the global economy in 2021, including the indicators to watch, and potential wildcard events.
Surprising discoveries
You have received a follow request from the Mafia. A popular Facebook page with 18,000 followers was shut down after its proprietor—a criminal leader in southern Italy—was sentenced to 30 years in jail, but he’s hardly the only capo with an online influence strategy.
Buying indulgences? Australian authorities said that $1.8 billion has been transferred from the Vatican to Australia in about 47,000 transactions over seven years. The Vatican says it wasn’t their money.
The longest diplomatic asylum ends. Two convicted Ethiopian war criminals spent 29 years in the Italian embassy in Addis Ababa but are now set to leave. The octogenarians were sentenced to death for their part in atrocities committed by the Derg government in the 1970s, but now have been granted probation.
Golf had a great pandemic. The sport grew leaps and bounds in 2020 because it’s outdoors and makes for easy distancing.
Taxes Prince still has to give. US government tax collectors say Prince’s estate owes another $32 million after it says Comerica Bank undervalued the late singer’s assets to the tune of $80 million.
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