The scenes from the first day of Joe Biden’s presidency unfolded against the backdrop of a devastated U.S. economy, continuing fallout from a white supremacist insurrection, and a coronavirus death toll surpassing 400,000. Facing multiple disasters, the new president vowed tough enforcement of Covid-19 rules, gave union workers more support, moved swiftly to undo his predecessor’s harsh immigration policies and sought to restore some procedures and protocols long absent from the White House. But any sense of unity on Capitol Hill was nowhere to be found, as Biden’s $1.9 trillion relief plan faced immediate opposition from Republicans. Wall Street isn’t too keen on it either, but for different reasons. Bloomberg’s Editorial Board writes that, for America to recover from this dark chapter of its history, everyone must pitch in.
Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America.
What you’ll want to read this weekend
A vaccine economy is taking shape across America: a senior living center’s new sales pitch promises shots to anyone who signs a lease. Vaccine-seeking tourists are showing up in Florida, Hawaii and Colorado ski towns. Meanwhile, several countries have yet to begin vaccination.
China expects a sharp downturn in Lunar New Year travel, one that could derail the nation’s consumer-led economic recovery. In Japan, desperate restaurants are defying orders to close early. Dubai, an escape destination for European tourists, has halted entertainment activities as cases surge.
Biden’s reversal of Donald Trump’s environmental rollbacks got under way quickly, starting with America rejoining the Paris accord. But some fossil-fuel friendly regulations will take longer to unwind. For Canada’s Justin Trudeau, life after Trump is off to a rocky start.
This year, virtual personal shoppers will go mainstream, online gym classes are here to stay and people will begin to appreciate “dumb” home design. Here’s Bloomberg Businessweek’s guide to 2021.
What you’ll need to know next week
What you’ll want to read in Businessweek
Analysts at Bloomberg Intelligence—who track about 2,000 companies in fields including finance, retail, energy, and technology—have identified 50 worth watching carefully in the year ahead. Their list, which factors in growth opportunities and impact of the pandemic, includes companies from Zalando and Alibaba Health.
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Bloomberg New Economy Conversations With Andrew Browne: Join speakers from Mozilla, BDA China, Edelman and the German Marshall Fund of the United States on Jan. 26 at 10 a.m. ET for The Backlash to Big Tech. We’ll address measures regulators are taking to rein in Silicon Valley as the pandemic further concentrates wealth, market power and political influence in the hands of a few tech giants. Register now.
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