FirstFT: Biden is pushing incentives and mandates to extend vaccinations

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U.S. President Joe Biden has urged states to supply $ 100 incentives for vaccinations and ordered federal workers to point out proof of vaccination or put on masks to assist struggle the unfold of the extremely transmissible variant of the Delta coronavirus.

The president’s announcement follows an abrupt U-turn this week by the U.S. Facilities for Illness Management and Prevention on the recommendation they’re giving People about carrying face-coverings.

“The Delta variant reveals its willingness to outsmart us day by day,” complained Rochelle Walensky, the director of the US Facilities for Illness Management and Prevention, when she requested the vaccinated to put on face cowl once more.

A resurgence of the illness had been feared by many well being professionals, hospital employees and authorities officers since late June, and it has darkened the stimulus-fueled financial restoration in America.

A weaker-than-expected spike in U.S. progress within the second quarter, introduced yesterday by the U.S. Division of Commerce, underscored the financial uncertainty attributable to the Covid-19 resurgence.

The gross home product grew by 6.5 p.c on an annual foundation from April to June. This, in comparison with 6.Three p.c progress within the first quarter, fell nicely in need of the economists’ forecasts for financial progress of 8.5 p.c.

Even so, progress within the second quarter introduced U.S. manufacturing again above pre-pandemic ranges for the primary time because the Covid-19 outbreak, however left economists at odds on the outlook for the remainder of the yr.

“The excellent news is that the economic system is now previous pre-pandemic ranges. However as the results of fiscal stimulus put on off, rising costs weaken buying energy, the delta variant is operating amok within the south and the financial savings price is decrease than anticipated, we anticipate actual GDP progress to sluggish, “mentioned one economist.

5 extra tales on the information

1. Robinhood shares slide on debut The favored app that enabled tens of millions of People to commerce toll-free noticed lackluster investor demand on its buying and selling debut. The shares opened at $ 38 apiece, the decrease finish of a goal vary marketed to patrons after they went public. On the finish of the New York session, they closed 8.Four p.c at $ 34.82 after beforehand falling as a lot as 12 p.c.

2. Amazon’s on-line gross sales progress is slowing The e-commerce large’s income rose within the second quarter, however fell in need of Wall Avenue’s excessive expectations, regardless of the corporate growing its whole revenue by 50 p.c year-over-year.

3. Nikola founder charged with false info Trevor Milton has been charged by the US Lawyer’s Workplace of deceptive traders concerning the electrical truck startup’s merchandise and expertise. Milton, who resigned as Nikola chairman final yr, pleaded not responsible and was launched on $ 100 million bail.

4. China tech shares set for worst month since international monetary disaster A fall within the share costs of Chinese language web firms like Tencent and Alibaba helped the Nasdaq Golden Dragon China index fall 22 p.c in July. Giant Chinese language tech shares fell once more on Friday, with the Grasp Seng Tech Index in Hong Kong falling 3.Three p.c.

• Elsewhere in Hong Kong The primary individual convicted beneath Hong Kong’s Nationwide Safety Regulation, Tong Ying-kit, was sentenced to 9 years in jail.

5. Scarlett Johansson is suing Disney The US actress has sued Disney, accusing the Marvel proprietor of breaking her contract by releasing the Black widow Film in theaters and on its streaming service on the identical day, pushing box-office gross sales.

Abstract of the Tokyo Olympics

• The primary day of athletics began in the present day in Tokyo 2020 with the heats over the ladies’s 100 meters. Marie-Josee Ta Lou of Ivory Coast set a private better of 10.78 seconds. Shelly-Ann Fraser-Pryce and Elaine Thompson-Herah, the reigning gold medalists of 2012 and 2016 respectively, additionally competed. The primary athletics medal will later be awarded for the boys’s 10,000 meters.

• In BMX racing, US Driver Connor Fields, the reigning Olympic champion and favourite within the competitors, was tolerated within the semifinals after a brutal collision. The US biking staff later issued a press release saying Fields was awake and awaiting one other medical “evaluation.”

• South Korea An San grew to become the primary lady since 1904 to win three gold medals in archery.

• american gymnast Sunisa Lee After a turbulent yr through which she needed to stop sooner or later, she gained gold within the Olympic all-around competitors. (FT, AP)

Add to ‘Olympic Video games in Tokyo‘to myFT for all of our protection of the video games and do not miss ours “Different medal desk”.

Coronavirus digestion

• That the euro space the 4 largest economies – Germany, France, Italy and Spain – have overcome their historic pandemic-induced downturns and returned to strong progress within the three months to June.

• Scientists warn that the world has entered a harmful new section within the pandemic because the third wave of coronavirus creates fertile breeding floor for extra infectious and probably vaccine-resistant new variants.

• Camps, a staple of the American summer time, are going through a season like no different.

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The day forward

Knowledge The US Division of Commerce publishes client spending and inflation knowledge for June. Canadian month-to-month GDP figures are additionally revealed.

• Right this moment marks the top of a two-year credit score restrict suspension that can restrict the Treasury’s means to subject new bonds. (FT)

Report of the US oil firms Exxon and Chevron are anticipated to report report outcomes for the second quarter. Keep updated with the newest business information with our Vitality Supply E-newsletter. Register right here.

• One other busy day stuffed with earnings: Colgate-Palmolive, Procter & Gamble, and Caterpillar are among the many firms which are additionally posting income. Learn the total listing right here.

What else we learn

Republicans have grow to be the social gathering of nihilism The social gathering as a complete has a fact that Donald Trump additionally tells, even when it is completely different after breakfast than earlier than, writes Edward Luce. The finality of his possession was made clear this week on the January sixth listening to on the assault on Capitol Hill. Learn extra from Edward in our Swamp Notes publication. Register right here.

“A Tesla for each suggestion” Up to now 18 months, not less than 69 startups have raised round $ 7 billion to purchase up profitable Amazon sellers in hopes of constructing a group of high manufacturers. Some, like Acquco, resort to gimmicks and provide a Tesla to face out for each brokered enterprise they purchase.

Making our cities heat-resistant Warmth is a killer, even when it would not look spectacular on TV. The World Well being Group estimates that 166,000 individuals died from warmth waves between 1998 and 2017, dwarfing extra photogenic pure disasters. Tim Harford asks how can we shield ourselves from this?

The summer time that modified my life From Hawaii to the Himalayas, Simon Schama, Lucy Kellaway and different FT writers on trip who stayed with them. What about you? Share the reminiscences of your favourite summer time trip within the feedback on the backside of this story.