FirstFT: Right this moment's High Tales | Monetary Instances

Joe Biden is under increasing pressure from American companies to avoid tax hikes in order to fund the billions of dollars in infrastructure investments promised by the US president in the coming months.

The stalemate between the White House and U.S. business poses a new political hurdle to Biden's economic agenda, even as it approaches Congressional approval for an immediate $ 1.9 billion stimulus plan, expected to be in mid-March .

The Biden government and corporate groups broadly agree that additional large-scale government funding is required to modernize U.S. infrastructure, fund research and development, and promote green energy.

But the most influential lobby groups representing the American corporation in Washington are warning the president not to raise their taxes to pay for the measures. They argue that including the tax hikes in a bill later this year would be economically damaging and could torpedo the legislation.

In addition to higher corporate taxes, Biden has proposed increasing capital gains taxes for those with incomes greater than $ 1 million and wage taxes for high-income households.

Coronavirus digest

  • India has stepped up its efforts to contain the spread as the number of cases exceeds 11 million.

  • The BioNTech / Pfizer Covid-19 vaccine was highly effective in preventing infection in IsraelAccording to the first real data showing that vaccination stops the transmission of the virus.

  • Australia BioNTech / Pfizer Covid-19 vaccinations began prematurely on Sunday, with Prime Minister Scott Morrison being one of the first to receive a shot. New Zealand also started vaccinating border control officers over the weekend.

  • US Covid-19 hospital stays fell for a 40th straight day as new cases and deaths also fell. According to FT analysis, racial inequality has plagued the introduction of vaccines in the country. People who live in areas most affected by the virus are vaccinated more slowly.

Tim Harford asks if we can afford to pay for catch-up classes for children studying remotely during the pandemic. Stay up to date with our coronavirus live blog.

In the news

HSBC strengthens its "hub to Asia" The bank is moving top executives from London to Hong Kong, scrapping its US retail businesses and planning further expansion in Singapore. Tensions come as tensions mount between the West and China, which have put the Hong Kong-based bank headquartered in the UK in a precarious position. (FT)

The relocation of the top three executives would mean that the businesses that account for almost all of HSBC's global sales come from Hong Kong. © Lam Yik / Bloomberg

Boeing 777 aircraft grounded Dozens of Boeing 777 aircraft were devastated in the United States and Japan after an engine failure that left debris scattered in a suburb of Denver. On Sunday, the US ordered inspections of Boeing 777 aircraft with Pratt & Whitney PW4000 engines following the incident that resulted in an emergency landing on a United Airlines flight the day before. (FT)

China urges Biden to lift the sanctions China's Foreign Minister Wang Yi, in his first major speech on US-China relations since Joe Biden took office, urged Washington to lift sanctions and stop interfering in the country's internal affairs and suppress its technology sector. (FT)

Protesters in Myanmar defy threats of violence A crowd of demonstrators joined a general strike against Myanmar's military junta on Monday. According to the organizers, this was the biggest day of defiance since the coup, when a growing threat of violence was pushed aside by the regime. Security forces shot dead two demonstrators and injured several others on Saturday. (FT)

A rally near Mandalay train station on Monday. As a precaution, some demonstrators wore helmets after security forces shot two demonstrators on Saturday © REUTERS

Beijing is tightening the rules for online loans China's banking regulator has tightened the rules for financing its loans through online lending platforms. They have to provide 30 percent of the financing for loans that they offer in partnership with banks. Analysts say the move could hit Jack Ma & # 39; s Ant Group's valuation. (FT)

The ECB will disappoint climate fighters The European Central Bank is likely to take a less aggressive approach to combating climate change than many activists would like. According to several leading policy makers, it will be based primarily on improved financial modeling and disclosure, rather than buying green assets. (FT)

Chinese law that allows the Coast Guard to use weapons The US has expressed concern about a new law authorizing the Chinese Coast Guard to fire on foreign ships operating in disputed waters claimed by Beijing in the South China Sea and East China Sea. Separately, Taiwan has strengthened its national security team to improve the deadlocked dialogue with China. (FT)

  • At the Munich Security Conference on Friday, US President Joe Biden called on the US and Europe to “prepare together for long-term strategic competition with China”. (FT)

Saudi women can join the military Women in Saudi Arabia can now serve as soldiers, lance corporals, corporals, sergeants, and sergeants, according to local news. It is the latest in a series of moves that have gradually opened jobs for women in the country. (Bloomberg)

The economy has slowed for Saudi women
The economy has slowly opened up to Saudi women © Getty Images

the following days

Putin-Lukashenko speaks Russian President Vladimir Putin will hold talks on Monday with his Belarusian counterpart Alexander Lukashenko, who has been exposed to strong political pressure from the opposition since last year's elections. The Russian protests in Navalny echoed the Belarusian protests. (FT)

UK lockdown exit plans Prime Minister Boris Johnson will announce the UK government's road map for the current lockdown on Monday. On Sunday, Health Secretary Matt Hancock said the UK government would not speed up plans to relax the lockdown, despite signs that the coronavirus vaccination is working. (FT)

What else are we reading?

The Billionaires' Row developer is raising cash after the property slump Extell Development, the real estate group behind some of the supertall towers of Manhattan's Billionaires' Row, is raising more than $ 300 million by selling a stake in their lesser-known properties as the luxury apartment market struggles with a slump . (FT)

Nikkei 30,000 brings back memories of the madness of the 1980s The historical response from 1990 is strong and these are highs that in 30 years have not felt recoverable, even remotely, writes Leo Lewis. But there are also signs that private investors are changing the Japanese markets. (FT)

Silicon Beach or just another warm tax haven? Covid-19, along with fears of rising taxes and regulations on the coasts, has accelerated the migration of companies to southern states, Rana Foroohar writes. However, the “techxodus” must not become a race to the bottom, with cities giving away far more than they get in property disruptions or tax credits to create jobs. (FT)

© Matt Kenyon

The rise of US anti-Asian racism In 2019, only one incident of anti-Asian hate crime was reported in New York City. Last year it was 20, according to the New York Police Department. As crimes against Asians rise, Kathleen Hou is considering breaking out of a culture of "swallowing bitterness". (The cut)

Colombia is starting a new air war on drugs With the increase in drug production, Bogotá wants to revive its spray program. In 2015, the International Agency for Research on Cancer found that glyphosate sprayed from planes was "likely to cause human cancer". (FT)

Colombian cocaine production has increased significantly. Diagram showing the area of ​​coca cultivation worldwide in hectares (000). Colombia saw an increase from 48,000 hectares in 2013 to 171,000 in 2017, beating the previous high of 163,000 in 2000

Why once successful countries like Great Britain are lagging behind Since the global financial crisis, productivity in Great Britain has practically stagnated, writes Martin Wolf. The decline in productivity growth is not unique to the UK, but the country's deterioration has been the largest of any leading G7 high-income economy, and a lack of innovation may be the problem. (FT)

Toxic offices don't change when they go virtual Even though employees work from home, unsustainable behavior never stops, writes Pilita Clark. A new book by British business psychologist Clive Lewis also suggests that such toxic behavior is not only inhuman, but also costly for businesses. (FT)

Video of the day

How Moving Your Money Could Help Save the Planet The money in our bank accounts, savings, investments and pensions is what drives climate destruction. FT Assistant News Editor Alice Ross asks if switching providers can secure returns while protecting the environment.

Video: How Moving Your Money Could Help Save the Planet

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