FirstFT: Major Democrats reject Biden’s spending bill


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U.S. President Joe Biden Suffer When Joe Manchin, a key Democratic Senator from West Virginia, explicitly rejected the plan, he worked hard to pass the $1.75 trillion social expenditure bill he signed.

“I can’t vote for the continuation of this legislation. I just can’t. I have tried every possible method for humans. I can’t get there,” Manchin said after weeks of intense negotiations with the White House and Democratic congressional leaders. Speaking on Fox News on Sunday. “This is a no.”

Biden admitted last week that negotiations on legislation — promising substantial investments in childcare, education, and combating climate change — may continue for several weeks, but he added that he still hopes to “bridging differences” with Manchin in the end. .

However, Manchin’s remarks indicated that the West Virginia senator would either completely oppose it, or crush the bill, or seek more fundamental changes and legislative reductions.

Do you approve of the American Social Expenditure Act?Email me [email protected]. Thank you for reading FirstFT Asia.This is the rest of the news today-Emily

1. Hong Kong awaits election results Voting for the first time since the Hong Kong Legislative Council election reform Hit a record low It was only 30.2% yesterday. The counting of votes is expected to continue until this morning.KPMG is one of several large companies in Hong Kong Encourage employees to vote In an election that the government calls “Patriots Only”. (South China Morning Post, Financial Times)

2. Taiwanese voters support the government on the U.S. pork referendum President Tsai Ing-wen of Taiwan achieves political victory over the weekend Four referendums Supports key policies of the government that opposes her, including allowing U.S. pork imports to fail.

Taiwan’s President Tsai Ing-wen was unscathed in the referendum, which may damage the country’s relations with Washington © Bloomberg

3. Brussels urges EU-UK relations to reset EU Brexit negotiator Maros Sefcovic called for Strategic partnership Work with the United Kingdom to resolve key issues such as climate change and European security, and said that resolving the Northern Ireland dispute will “rebuild political trust.”

4. Pakistan seeks to appease protesters of “One Belt One Road” port project The Pakistani government has sought Ease tension It has to do with one of China’s “One Belt One Road” investments shown in the country, reaching an agreement with protesters who have been demonstrating in the port city of Gwadar for several weeks.

5. The EU and its allies cooperate to deal with possible sanctions against Russia EU leaders agree to coordinate with allies Sanctions In the case of the Ukrainian invasion, the group officials were ordered to prepare measures, including cutting off the connection between the Russian bank and the international Swift network.

Coronavirus Digest

  • European countries Yes Tighten restrictions Reduce the spread of Omicron variants Dutch re-expropriation Strict nationwide blockade.

  • President Joe Biden’s chief medical adviser warned The “pressure” on American hospitals is increasing As the new coronavirus cases related to the Omicron variant began to “rageous”.

  • UK Sajid Javid, Minister of Health Failed to exclude Stricter Covid-19 restrictions were implemented in England before Christmas.

  • This Bank of Japan will reduce Its emergency financial support plan reduced the amount of corporate debt purchases to pre-pandemic levels.

  • After weeks of allegations of defamation and reports of Covid’s offending parties, the British Prime Minister Boris Johnson suffer Huge blow After his Conservative Party lost a seat in parliament that had held it for 200 years.

the day before

China review of the best lending rate The People’s Bank of China will review its prime lending rate, which is the actual benchmark for new loans. Traders and economists predict that interest rates may fall, According to a poll by Reuters. (Reuters)

Other content we are reading and listening

How China’s global ambitions have almost replaced the IMF president Beijing has an unusual strategy to influence the multilateral institutions that underpin Western capitalism, including the International Monetary Fund and the World Bank. What is unique is that China pursues its ambitions by using its unusual dual identity. Both a developing economy and a superpower.

What is your financial resolution for the new year? 2021, like 2020, will be another turbulent year for most people’s financial situation, but the new year offers great opportunities Set some goalsIn this week’s Money Clinic podcast, Claer talks to a millennial couple who are looking for some “inspiration” to make their money work harder.

Afghanistan is on the brink of famine As the country falls into what the United Nations calls a “famine”, millions of people are facing hunger The worst humanitarian disaster in the worldThis crisis has been brewing for many years: decades of resistance have destroyed harvests, rural communities have been displaced, and continuous droughts have endangered food supplies.

Babies receive treatment for malnutrition at the MSF Nutrition Center in Herat

Infants treated for malnutrition at the Médecins Sans Frontières Nutrition Center in Herat © Hector Retamal/AFP/Getty

Lessons learned from China’s promotion of “common prosperity” for the United States There are reasonable doubts about whether an authoritarian government with a poor human rights record, a history of debt-driven growth, and a ruling class with vested interests can implement better policies.But Chinese Quality is better than quantity Rana Foroohar writes that in terms of growth, the United States can learn from it.

From IT sales to issuing orders in the field of encryption Tether’s rapid rise at the core of the cryptocurrency industry Become the focus Its chief executive, Jean-Louis van der Velde (Jean-Louis van der Velde), is reluctant to disclose, especially his connection with a Shenzhen company that makes products such as television receivers and amplifiers.

Life and art

How to send the perfect Christmas gift The past festival was a public carnival, more like Halloween. After two centuries of commercialization, it seems pointless to resist tradition. But we can at least aspire to be better gift givers. Tim Harford has some tips.

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