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Mynamar’s military seized power. The army declared a year-long state of emergency and detained the country’s leader Aung San Suu Kyi, calling the November election her party won in a landslide fraudulent.
AstraZeneca promised an additional 9 million vaccine doses to the EU. The drugmaker will make the delivery by March, bringing the total number of Covid-19 shots in the first quarter to 40 million—still just half of what the bloc had hoped.
Russian police detained thousands of protesters. Authorities cracked down on a second consecutive weekend of demonstrations in support of jailed opposition leader Alexei Navalny.
The Reddit army is turning to silver. After fueling a manic GameStop rally that led one hedge fund to post a 53% loss in January, day traders are now bidding up precious metals.
Republicans want a downsized stimulus. A group of them will meet US president Joe Biden to detail their counter-offer of shrinking the proposed $1.9 trillion relief package to $600 billion.
Donald Trump announced his legal team. The changed defense line-up for the upcoming Senate trial follows high-profile departures over the weekend.
What to watch for
India’s already slowing economy severely contracted this year, hurting household incomes and businesses, and recovery has been slow and painful. All eyes will now be on how the new budget, which finance minister Nirmala Sitharaman is presenting to parliament today, can help fire up the sagging economy, writes Prathamesh Mulye.
Here are the three key macro estimates that provide a glimpse into India’s economic health.
💗 GDP growth estimates: After spiralling down into a recessionary phase, the Indian economy is estimated to bounce back in 2021 and become the fastest-growing economy in the world.
🤔 The revenue conundrum: But to spur economic growth, India needs to spend freely, which won’t be easy. The government collected far less in taxes, and several divestment plans hit a roadblock. The fiscal deficit target was breached in August and is expected to widen further, forcing the government to borrow to plug the shortfall.
🕳 Debt trap: To fill the holes, the government borrowed an additional Rs4.2 lakh crore ($56 billion) in the financial year ending March 2021—a 50% spike from the budgeted Rs7.2 lakh crore. Next year too, it will need to borrow and spend wisely.
Charting Joe Biden’s executive orders
Joe Biden has been president for less than two weeks, but he’s already signed as many executive orders as Donald Trump and Barack Obama did in the same period, combined.
His actions include executive orders, memorandums, and proclamations. While the authority to issue these executive actions isn’t outlined in the Constitution, meaning they can be tough to define, executive orders are nonetheless legally binding.
Biden’s orders range in focus, but reversing Trump’s actions is one clear theme. There’s the undoing of Trump’s decision to remove the US from the World Health Organization, a directive to preserve the DACA program, a repeal of the travel ban for several Muslim-majority countries, and a slew of orders aimed at tackling the climate crisis.
Covid tests for travelers are probably here to stay
If you’re traveling internationally this year, you should expect a Covid test on your journey.
Per recent CDC guidelines, anyone entering the US through an airport, arriving from anywhere in the world, cannot board their flight without presenting proof of a negative Covid-19 test taken no more than three days before the departure time.
While it’s a victory for an airline industry looking to adapt a global approach to testing in order to boost traveler confidence, there remains little consistency with regard to the requirements and testing protocols.
Until more airlines get on the same page, the lack of an international standard for whether testing is required, which tests are acceptable, and how testing data is shared and validated by airlines and governments leaves room for problems.
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Surprising discoveries
Apple plays defense. System upgrades mean hackers can no longer exploit a bug to install malware on users’ phones.
A forgotten mural has been unearthed in Cyprus. The 1960 painting, now the subject of a dispute, was once considered scandalous.
IKEA’s owner bought 11,000 acres of forest. The Ingka Group intends to save the land in southeast Georgia to offset its carbon footprint.
Fast food logistics to the rescue. After a South Carolina drive-through vaccination clinic became snarled with traffic, a Chick-fil-A manager was recruited to get the system running again.
Toys “R” Us closes, again. After emerging from bankruptcy with a new owner, the toy retailer’s two US stores have closed because of the pandemic.
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