Mon. Dec 6th, 2021

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Joe Biden it Jay Powell nominated to serve a second term as chairman of the Federal Reserve, and choose continuity at a delicate moment for the U.S. economy, as it faces persistently high inflation and a sluggish recovery in the labor market.

Lael Brainard, who is considered Powell’s main contender for the top job, has been selected for the role of vice chairman, a position currently held by Richard Clarida.

Biden praised Powell’s response to the coronavirus pandemic, his commitment to the Fed’s goals of full employment and stable prices, and his defense of the central bank’s “integrity and credibility” during the administration of former President Donald Trump.

The decision puts an end to months of speculation about the Biden administration’s appetite to reform the Fed. This comes as the central bank debates how to refine monetary policy in the face of supply-related disruptions and increasing inflationary pressures.

What do you think of Biden’s decision to re-appoint Jay Powell as Fed chairman? Tell me what you think Thank you for reading FirstFT Asia. – Emily

1. Poor performance in Asia-Pacific markets Most markets in Asia-Pacific fell yesterday as investors started the week on a cautious note. Shares in Reliance Industries tumbled more than 4 percent after the Indian conglomerate revealed that a $ 15 billion deal with Saudi Aramco had been canceled. And shares in the recently listed financial services company Paytm immersed for the second day.

2. Elizabeth Holmes describes Theranos’ mission to jurors The Theranos founder accused by US prosecutors of defrauding hundreds of millions of dollars from investors position taken in her own criminal trial, and told jurors: “We thought it was a very big idea.”

3. EY files criminal complaint over leaked classified Wirecard report EY het filed a criminal charge about a German newspaper’s publication of a classified parliamentary report on his work for the disgraceful payment company Wirecard. The criminal complaint was lodged with Munich’s criminal prosecutors yesterday, the Big Four firm told the Financial Times.

4. Uber to sell marijuana to customers in Canada Uber is cannabis addition to the list of items that can be ordered through its application, but it will be picked up for the time being only, and only for customers in Ontario, Canada. As of Monday, users in the province can purchase the drug via a new marijuana category in the Uber Eats app, to be picked up within an hour.

5. Five die when car is driven into Wisconsin Christmas parade A sport utility vehicle Entered a Christmas parade yesterday in a suburb of Milwaukee, at least five people were killed and 48 adults and children injured. The suspect, Darrell Brooks, 39, will be charged with five counts of intentional manslaughter, police said.

A red sport utility vehicle races past moments before driving into a crowd at a Christmas parade in Waukesha, in a photo taken from a video published on social media on Sunday © City of Waukesha via Reuters

Coronavirus consumed

  • Australia shall facilitate access requirements for travelers holding visas next month in significant relief from some of the world’s strictest pandemic border controls.

  • Cases of Covid-19 in the USA has noticed in recent days as the Thanksgiving holiday approaches and many are expected to travel to reunite with family. (NEW)

  • Bookstores performed better than expected from the pandemic. However, leading players in this market are now warning of an arrival supply shortage.

  • Chief executive paid in the FTSE 100 has with almost a tenth case this year, as companies kept executive rewards under shareholder pressure in check.

The day ahead

Funeral service for MP David Amess Mourners will reflect on the significant contribution of civil service made by David Amess, the Southend West MP who was killed last month at a constituency surgery meeting.

IAEA chief meets Iranian officials Rafael Grossi, head of the International Atomic Energy Agency, will Iranian officials meet in Tehran ahead of next week’s meeting of the IAEA’s board of governors. (Reuters)

What else are we reading

China’s banned cryptocurrencies China’s ban on cryptocurrency mining in May sparked an exodus of miners and a global race to relocate millions of the clumsy, power-intensive machines they use to solve complex puzzles and earn bitcoin. From Venezuela to Russia, data collected by the FT map where the machinery ended up.

A tree map showing where 14 major crypto-mining companies sent their Chinese machines

Within Modi’s U-turn on farming laws Prime Minister Narendra Modi made a rare apology last week when he made an astonishing turnaround by promising to repeal controversial farm laws. Analysts said the decline reflects the ruling party’s growing anxiety about his prospects in next year’s elections in Uttar Pradesh.

Peng Shuai’s fate brings the Olympics headache for China Communist leaders may have underestimated the world’s alarm over the tennis star’s disappearance, writes Tom Mitchell. Instead, party leaders are more concerned about how to destroy the rapidly evolving scandal – and quickly destroy it.

Where did all the workers go? Two years of unprecedented upheaval in labor markets have caused millions to retire from the workforce on both sides of the Atlantic. Is it due to reduced migration? Early retirement? And will keep it? This is the first part of an FT series that analyzes how the pandemic has changed the labor market.

How to drive an asteroid off course There’s always a touch of Hollywood about a rocket launch, but the Nasa mission that will leave Earth this week is more dramatic than most, writes Anjana Ahuja. The mission, to hit a spacecraft in an asteroid to knock it off course, is a dummy run for a strategy that could one day save the planet.

An artist’s impression of the Double Asteroid Redirection Test, scheduled to cross paths next October with the asteroid Didymos and its orbiting moon, Dimorphos © Nasa / Johns Hopkins, APL / Steve Gribben

Your feedback

Thanks to readers who shared their views on US President Joe Biden who considered a diplomatic boycott of the Beijing Olympics.

“If the US boycotts the Beijing Olympics for diplomatic reasons, it will affect the world economy. On the other hand, if I only consider Uyghurs and the genocide, I strongly support the diplomatic boycott. As a person who grew up in a small nation that also suffered genocide and oppression by the Japanese government, I wish the US government would speak louder for the ethnic minority groups in China. ” – Minhee Kim, Seoul, South Korea

“A boycott of the Beijing Winter Olympics by the United States will fire back at the cooperation needed to move forward on the most pressing issues facing the world at present. Yes, there is a geopolitical rivalry between the US and China and it is clear that not everything China does has to be tacitly tolerated; However, a boycott by the US will do nothing to deter China from realizing its vision. . . More trust between the two powers is needed rather than insulting. The recent issuance by the Biden administration to start a dialogue with its rival sets a better example for resolving geopolitical differences. ” – Gijs Holstege, The Hague, Netherlands

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