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U.S. rejoins Paris local weather settlement

U.S. rejoins Paris climate agreement

President Joe Biden signs Executive Orders in the Oval Office of the White House in Washington upon his inauguration as the 46th President of the United States on January 20, 2021.

Tom Brenner | Reuters

President Joe Biden signed an executive order on Wednesday to reintroduce the US to the Paris Agreement. This is his first major global warming move as it brings in the largest team of climate change experts to ever come to the White House.

The Biden administration also plans to revoke approval for the construction of the Keystone XL pipeline from Canada to the United States and to sign additional contracts in the coming days to reverse several measures taken by former President Donald Trump to weaken the environment.

Biden pledges to act swiftly on climate change, and his inclusion of scientists across the government marks the beginning of a major political reversal after four years of the Trump administration weakening climate rules in favor of fossil fuel producers.

Almost every country in the world is part of the Paris Agreement, the non-binding agreement between nations to reduce their CO2 emissions. Trump withdrew the US from the deal in 2017.

Mitchell Bernard, President of the Defense Council for Natural Resources, said Biden’s order to re-join the deal makes the US part of the global solution to climate change rather than part of the problem.

“This is a quick and determined action,” Bernard said in a statement. “It creates the conditions for comprehensive measures to deal with the climate crisis, as long as there is still time to act.”

With a slim Democratic majority in the Senate, Biden could potentially achieve large chunks of his ambitious climate change agenda, including a $ 2 trillion economic plan to drive a clean energy transition, cut electricity sector carbon emissions by 2035, and achieve net zero emissions by 2050.

During his first few months in office, Biden is expected to sign a wave of executive orders to combat climate change, including preserving 30% of American land and waters by 2030, protecting the Arctic National Wildlife Refuge from drilling, and restoring and enhancing the role of science in government decisions.

Some legal actions related to the climate will take longer, including the government’s plan to undo a number of Trump environmental setbacks related to clean air and water rules and emissions to warm the planet. The Trump administration reversed more than 100 environmental regulations in four years, according to research by Columbia Law School.

More of CNBC environment::
The United Nations is warning nations of major economic damage without taking further action against climate change
2020 was one of the hottest years in existence, combined with 2016
Senate control enables Democrats to respond to Biden’s climate change agenda

“From Paris to Keystone to protecting gray wolves, these great first steps by President Biden show that he is serious about stopping the climate and extinction crises,” said Kieran Suckling, executive director of the Center for Biodiversity, in a statement. “These strong steps must be the start of a furious race to avert disaster.”

The next major UN climate summit will take place in Glasgow, Scotland, in November. The countries in the agreement will set updated emissions targets for the next decade.

The aim of the agreement is to keep the global temperature increase well below 2 degrees Celsius or 3.6 degrees Fahrenheit compared to pre-industrial values. The earth will warm by 1.5 ° C in the next two decades.

Robert Schuwerk, executive director for North America at Carbon Tracker, said the resumption of the deal signals to global markets that the US will give priority to tackling climate change, but added that this is only part of what the government is doing must to reduce their emissions.

The USA is the second largest greenhouse gas emitter in the world after China. It is expected that an updated climate target and a concrete plan for reducing emissions from the electricity and energy sectors will be available.

“Re-entry is just a table,” said John Morton, President Barack Obama’s director of energy and climate on the National Security Council. “The hard work to get the country on track to net zero emissions by the middle of the century begins now.”

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President Biden’s Tech To-Do Checklist

President Biden’s Tech To-Do List

This article is part of the On Tech newsletter. You can sign up here to receive it on weekdays.

President Biden inherits tricky technical questions, including how to curb powerful digital superstars, what to do with Chinese technology, and how to get more Americans online.

Here is an insight into the opportunities and challenges of technology policy for the new Biden administration:

Restrict technical forces: There have been investigations, lawsuits and loud arguments under the Trump administration over the power of Google, Facebook, Amazon, Apple and other technology companies. Tech giants can expect more of this under Mr. Biden and a Congress tightly controlled by Democrats.

Government lawsuits accusing Google and Facebook of breaking the law in order to succeed or stay that way are being passed on to the new administration, which is expected to continue. There could also be more lawsuits that may make it difficult for Big Tech to continue as it is.

On Tuesday, a top Justice Department attorney appointed by former President Donald Trump approved many Congressional rules that the four largest tech superpowers in America are harmful monopolies. The speech indicated that hatred of big tech is one of the few areas of bipartisan settlement.

Mr Biden appears to agree with the Trump administration’s concerns about China’s ambitions in technology and other areas, but he has said little more than to seek more consistent and coherent policies. Mr. Biden has also expressed support for more government investment in key US technology to counter China’s technical ambitions.

The Biden Administration

Updated

Jan. 20, 2021, 11:34 p.m. ET

Digital divide: The pandemic has exposed a persistent gap between Americans who can and can afford access to internet services and millions who cannot, especially in low-income or rural households.

“Universal broadband” is mentioned in Mr Biden’s priorities, but he has not indicated how to get there. The Washington Post reported that Mr. Biden’s advisors are looking to improve E-Rate, a program designed to help schools and libraries provide Internet access.

What else? Mr Biden’s economic recovery plan contains proposals to “make the most ambitious effort ever” to modernize US cyber defense. Maybe this is the year for a federal data protection act? And there are cracks among Democrats regarding the special employment treatment of “gig” workers.

The top priorities for the new administration are ending the pandemic and helping Americans restore the damage. But how the US government deals with these complex technical issues will also have a major impact on Americans and others around the world.

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  • The constant striving to limit the disadvantages of the internet: Discord, the chat app popular with video gamers, has made a number of changes to monitor the website for predators, bullying, and other risks. The Wall Street Journal reviewed Discord’s efforts and spoke to people who also want parental controls for the app.

  • China’s Most Prominent Tech Manager Appears Again: Jack Ma, who is behind two of China’s largest tech companies, has reappeared publicly at an educational event, reported my colleague Tiffany May. Ma had not been seen since late last year when authorities cracked down on his business empire after he passed the regulation criticized the government.

  • No peloton allowed in the situation room: Mr. Biden loves his Peloton exercise bike, but it probably needs some modification – leave the camera and microphone behind! – to prevent hackers from possibly snooping on national secrets.

Please enjoy two Scottish Shetland ponies in hand knitted sweaters.

We want to hear from you. Tell us what you think of this newsletter and what else you would like us to explore. You can reach us at ontech@nytimes.com.

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Tesla Mannequin three reportedly explodes in Shanghai parking storage

Tesla Model 3 reportedly explodes in Shanghai parking garage

Model 3 vehicles made by Tesla China are on display during a delivery event at its facility in Shanghai, China on Jan. 7, 2020.

Aly Song | Reuters

BEIJING – A Tesla Model 3 exploded in an underground car park in Shanghai on Tuesday, Chinese media reported.

No people were injured in the fire, Tesla said in a statement to the Chinese media. Preliminary analysis shows the accident was caused by an impact on the underside of the car, the automaker added in the reports.

Tesla didn’t immediately respond to a CNBC request for comment. It was not immediately clear whether the affected Model 3 was a locally manufactured or imported version.

Chinese battery maker Contemporary Amperex Technology (CATL) said it did not make the battery for the car, which spontaneously burned up, according to Chinese media.

Scattered accident reports

A number of Tesla cars have exploded over the years, including in the US

In April 2019, Tesla sent a team to investigate the apparent explosion of one of its parked vehicles in Shanghai.

Elon Musk’s electric cars have been scrutinized in China for other reasons such as their self-driving technology. Earlier this month, the state-run business information daily said in a comment that there were at least 10 reports in 2020 that drivers had lost control of their Tesla vehicles in China.

A best seller in China

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United Airways misplaced $7 billion in 2020 because the pandemic crushed the journey enterprise.

United Airlines lost $7 billion in 2020 as the pandemic crushed the travel business.

United Airlines lost $ 1.9 billion in the fourth quarter, bringing total losses for 2020 to just over $ 7 billion, the worst year since merging with Continental Airlines a decade ago. Despite this terrible loss, the airline is anticipating a “transition year” in 2021 as it prepares for a recovery from the coronavirus pandemic.

“The truth is that Covid-19 changed United Airlines forever,” the company’s chief executive Scott Kirby said in a statement. “The passion, teamwork and perseverance shown by the United team in 2020 will precisely help us build a new United Airlines that is better, stronger and more profitable than ever.”

The airline posted operating revenue of around $ 3.4 billion in the last three months of last year, a decrease of more than two-thirds from the same period in 2019. She ended the year with access to nearly $ 20 billion in cash or cash equivalents, not including federal incentive loans.

Delta Air Lines last week reported a loss of $ 12.4 billion in 2020, which rounded off “the toughest year in Delta history.”

In anticipation of a rebound, United has resumed extensive maintenance and engine overhauls to keep planes hit by weak demand ready when more people fly again.

However, it is unlikely that this recovery will occur for any time. United expects to generate roughly a third of the operating revenue in the first quarter of this year it generated in the same three months of 2019. Most analysts anticipate that the aviation industry will not fully recover from the pandemic for several years.

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United (UAL) earnings This autumn 2020

United (UAL) earnings Q4 2020

A United Airlines-operated Boeing 787 Dreamliner takes off from Los Angeles International Airport.

Getty Images

United Airlines posted a fourth-quarter loss on Wednesday, warning that sales would continue to suffer in early 2021 as the coronavirus pandemic drags on.

Here’s how United performed in the quarter compared to Wall Street’s expectations based on Refinitiv’s average estimates:

  • Adjusted earnings per share: a loss of $ 7 versus an expected loss of $ 6.60 per share.
  • Revenue: $ 3.41 billion versus expected $ 3.44 billion in revenue.

United’s fourth-quarter revenue declined 69% year over year to $ 3.41 billion, below analysts’ estimates of $ 3.44 billion. The net loss of $ 1.9 billion for the quarter compared to a profit of $ 641 million last year.

The airline’s full year net loss of $ 7.07 billion was the largest since 2005.

The Chicago-based airline reported an adjusted loss of $ 7 per share, compared to estimates of a loss of $ 6.60 per share. The quarter consumed an average of $ 33 million per day, including debt and severance payments. Core daily cash burn removing these items averaged $ 19 million in the fourth quarter, down $ 5 million from the third quarter.

The airline is not expecting a quick turnaround early this year. Revenue in the first quarter is expected to be 65% to 70% below 2019 levels, the airline said. The estimated capacity in the first three months of 2021 will be at least 51% below the same period in 2019, reflecting a similar outlook from American Airlines.

The airline called 2021 a “year of transition” and expects to exceed its margins for 2019 to 2023.

United’s cargo business again proved to be a bright spot in the pandemic. Revenue for the quarter increased 77% to $ 560 million. This unit contributed 16% to fourth quarter revenue, up from just 3% last year. Passenger airlines have tried to bolster this business over the past year as customers around the world faced a crisis in air cargo capacity.

United shares fell 1.7% in after-hours trading, following the report.

Airline executives said the widespread availability of coronavirus vaccines will lead to a recovery in air travel. However, the introduction of the vaccine was slow and chaotic, characterized by a lack of doses.

United executives will be holding a call Thursday at 10:30 a.m. ET to discuss their earnings and prospects.

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‘They Have Not Legitimately Gained’: Professional-Trump Media Retains the Disinformation Flowing

‘They Have Not Legitimately Won’: Pro-Trump Media Keeps the Disinformation Flowing

Right-wing media organizations spreading former President Donald J. Trump’s distortions over the 2020 elections waived calls for healing or reflection and continued their conspiracy theories on large-scale fraud on Wednesday. Some predicted further political conflicts in the coming months.

The coverage took on an inconsistent tone, with pro-Trump media and President Biden in a harrowing split screen: the new president delivered an inaugural address of unity and hope while his political opponents used their powerful media platforms to oppose him to collect based on falsehoods and inventions.

For some branches like One America News, it was like Mr. Biden wasn’t a president at all. The network, which is a Mr. Trump favorite for its sycophantic reporting, did not show viewers either Mr. Biden’s swearing-in or his inaugural address.

Rush Limbaugh aired his weekday radio show a few miles from the Palm Beach Retreat, where Mr. Trump spends the first days of his post-presidency, and advised his millions of listeners on Wednesday that the inauguration of Mr. Biden and Vice President Kamala Harris did not to the rightful election winners.

“You haven’t legitimately won,” Limbaugh said, noting that he would be on “thin ice” to make such a claim. Then he gave his audience a wrong and inflated number of votes for Mr. Trump and predicted that the Democratic victories would be “fleeting”.

“I think they know that with 74 million, maybe 80 million people who didn’t vote for Joe Biden, there is no way they can honestly say they represent the power base in the country,” Limbaugh said.

On One America News, instead of the inauguration, viewers saw a long documentary segment called “Trump: Legacy of a Patriot”. One of the network’s commentators, Pearson Sharp, provided the voice-over and uttered only flattering words about the former president while making false claims about election fraud.

Mr Sharp reiterated many of the discredited excuses that have formed the alternate version of events Mr Trump and his supporters use to explain his loss. For example, the host claimed that Mr. Trump couldn’t be defeated because he won Bellwether State of Ohio and carried so many more counties than Mr. Biden. “Yet we are expected to see Joe Biden win more votes than any other president in history,” said Sharp.

Then he gave Trump supporters a collective call. “Now it is up to Americans to continue President Trump’s struggle or any progress we have made as a nation will quickly dissolve,” Pearson said.

OAN personalities also offered viewers an optimistic vision of a Republican Party that would live on in Mr. Trump’s image. The network’s White House correspondent Chanel Rion described Mr Trump’s farewell speeches from Joint Base Andrews on Wednesday morning as a “passing farewell”.

“The fight has only just begun,” she said.

An OAN anchor discussed the possibility that Mr. Trump could start his own political party and call it the Patriot Party, an idea that other Trump allies have circulated. The network talked about Ivanka Trump, the daughter of the former president, who challenged Senator Marco Rubio, a Republican from Florida, when he stood for re-election in 2022.

At Newsmax TV, another pro-Trump channel, commentators and guests seemed less likely to be in denial than their competitors at OAN. But they rejected the new president no less. One questioned Mr Biden’s appointment of a transgender woman to his cabinet, describing the strong presence of troops in Washington to prevent another uprising by Trump supporters as an attempt to “further suppress the voice of the American people”.

A Newsmax host mocked the presence of Mr Biden’s son Hunter, whose personal problems and business interests distracted his father’s campaign after conservative media published unconfirmed stories about his work in China. “That won’t go away,” said the anchor.

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Morgan Stanley (MS) This autumn 2020 earnings beat estimates

Morgan Stanley (MS) Q4 2020 earnings beat estimates

Morgan Stanley posted fourth quarter earnings and revenue on Wednesday that exceeded analysts’ expectations for strong trading, investment banking and wealth management results.

The company reported a 51% increase in earnings to $ 3.39 billion, or $ 1.81 per share. Excluding the $ 189 million integration cost associated with last year’s E-Trade acquisition, earnings per share were $ 1.92, compared to an estimate of $ 1.27 by analysts surveyed by Refinitiv. Revenue of $ 13.64 billion was over $ 2 billion above the estimate of $ 11.54 billion.

“The company had a very strong quarter and record results for the full year with excellent performance in all three businesses and regions,” said CEO James Gorman in the press release. “Our unique business model continues to serve us well as we continue to implement our long-term strategy with the acquisitions of E * TRADE and Eaton Vance.”

Expectations were high after robust trade and investment banking results at rivals Goldman Sachs and JPMorgan Chase helped boost profitability, and Morgan Stanley did not disappoint.

Investment banking had sales of $ 2.3 billion, half a billion dollars more than FactSet’s survey of $ 1.81 billion. The result was due to stocks from the underwriting of stocks, which more than doubled compared to the previous year due to robust IPOs and follow-up activities.

Stock trading generated sales of $ 2.49 billion, $ 350 million more than the estimate of $ 2.14 billion. Fixed income trading grossed $ 1.66 billion, $ 200 million more than analysts expected.

The wealth management division had sales of $ 5.68 billion, nearly $ half a billion more than analysts expected, thanks to higher assets and higher fee-generating activity, as well as the impact of the e-trade deal.

Morgan Stanley has the largest wealth management business of the six largest US banks, which typically benefit from rising markets. That business is backed by the bank’s $ 13 billion acquisition of E-Trade, which was announced a year ago. The fourth quarter is the first period in which E-Trade will be integrated into the larger company.

The bank’s shares were virtually unchanged after premarket trading rose 1.9%.

Gorman drove a small winning lap in his annual update of the company’s strategic goals, setting out the case that his company was at a turning point. In the next ten years, Gorman’s market share gains and acquisitions will sustainably generate higher sales and returns than in previous periods.

The company kept its long-term goals largely unchanged, saying the return on tangible equity will be 17% or more, instead of the 15% to 17% range reported last year.

“We are in the growth phase of this company for the next decade,” Gorman told analysts after the results were released.

Morgan Stanley is the last major US bank to post earnings in the fourth quarter. JPMorgan and Goldman Sachs beat analysts’ expectations for sales and earnings aided by trading, while Citigroup, Wells Fargo and Bank of America were disappointed with sales as credit margins were squeezed.

The shares of New York-based Morgan Stanley rose 33% in 2020, outperforming the KBW Bank Index’s 4.3% decline.

Here are the numbers:

  • Adjusted earnings of $ 1.92 per share versus $ 1.27 estimate by analysts surveyed by Refinitiv.
  • Revenue of $ 13.64 billion versus an estimate of $ 11.54 billion.
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10 Challenges Biden Faces in Righting the Financial system

10 Challenges Biden Faces in Righting the Economy

All presidents take office and vow to swiftly put an ambitious agenda into practice. But for Joseph R. Biden Jr., the raging coronavirus pandemic and associated economic pain mean that many things must be done quickly if he is to get the economy going. Speaking Thursday on his $ 1.9 trillion spending proposal, Mr Biden repeatedly stressed the need to act “now”.

However, putting together a majority in Congress could take time: compromises and concessions are required to get the votes it needs to advance the law.

The new president is expected to reverse many of Donald J. Trump’s policies that override those of the Obama administration, of which Mr Biden was vice president. But in some business-related areas – like trade relations with China and the European Union – he is unlikely to bring the United States back to pre-Trump order. It is also unlikely to withdraw from the Trump administration’s efforts to contain the power of big tech companies.

Here are some of the policy areas that need Mr Biden’s attention and will determine the success of his presidency.

– Peter Eavis

Twelve years ago, President Barack Obama inherited a free fall economy. Mr Biden is luckier: the economy recovered significantly after the collapse last spring, which is largely due to government aid in the trillions. However, progress has slowed in recent months, and in December it reversed as employers shed jobs amid the resurgent pandemic.

Mr. Biden’s first assignment will be to fix the ship, which he is proposing through a $ 1.9 trillion spending plan he announced last week. Once the immediate crisis is over, Mr Biden will face perhaps an even more difficult set of challenges: healing the scars the pandemic has left on families and communities, and addressing the profound problems of inequality that have existed for decades but the pandemic exposed.

– Ben Casselman

The recent decisions by Facebook, Twitter and other tech companies to cut off President Trump and right-wing groups have greatly escalated the debate over online language and the influence of Silicon Valley.

At the center of the debate is a law called Section 230, which exempts websites from legal responsibility for the content they host. Republicans and some Democrats are calling for the law to be revised or repealed, while the mighty tech companies are likely to resist major changes. The Biden administration also inherits the federal government’s antitrust lawsuits against Google and Facebook, as well as a congress that continues to question the power of the industry.

– Cecilia Kang

Mr Biden has repeatedly stated that federal tax law favors the rich and big businesses and proposed several measures to make them pay more and fund spending on clean energy, infrastructure, education and other parts of his national agenda. He wants to take back some of Mr. Trump’s tax cuts for 2017 for those earning more than $ 400,000 and increase interest rates for corporations, high-income investors, and heirs to a large fortune. Mr Biden must overcome opposition from business lobbyists and align his proposals with competing plans by leading Congressional Democrats, who also want to levy taxes on business and the rich, but often differ with Mr Biden on how.

– Jim Tankersley

China has emerged even stronger from the pandemic, presenting a more formidable US economic competitor. Exports to the United States are soaring despite Mr Trump’s tariffs. After years of heavy investment in the training and automation of workers, China’s manufacturing sector has proven to be extremely competitive.

Updated

Jan. 20, 2021 at 10:22 ET

Trump’s export restrictions and problems with the Boeing 737 Max have depressed China’s imports of high quality manufactured goods from the US, mainly semiconductors and aircraft. China’s rapidly growing military power and a growing willingness to confront nearby democracies will give the Biden government a difficult decision on whether to allow more tech sales that could make China even stronger.

– Keith Bradsher

The Biden administration has set ambitious goals for revitalizing American industry and working with allies to combat China. The immediate challenge is deciding what to do with many of Mr Trump’s trade actions, including tariffs on Chinese products valued at more than $ 360 billion and the resulting trade deal that will induce China to sell American products in the Hundreds of billions of dollars worth of to buy. And it also needs to find out how to reassure allies like Europe that have been affected by Mr. Trump’s aggressive approach to trade.

– Ana Swanson

Mr Biden has promised tighter supervision of the financial system. His priorities include reversing the Trump administration’s withdrawal of risk-taking rules by banks and harmful practices like payday loans, and curbing the activities of non-bank financial technology companies.

Mr. Biden’s team also has to deal with the unregulated “shadow banking” system of hedge funds, private equity firms and money managers who hold trillions of dollars and have the potential to cause tremendous market turmoil. In a broader sense, his ambitions to close the racial wealth gap and tackle climate change are likely to influence his approach to financial regulation.

– Emily Flitter

Small businesses employ roughly half of America’s non-governmental workers, and an estimated 400,000 have permanently closed since the pandemic began.

Mr Biden has called for $ 15 billion in direct grants to at least one million of the hardest hit small businesses – that would be up to $ 15,000 per recipient – and a federal investment of $ 35 billion in state and local Funding programs. It also seeks 14 weeks of paid care and sick leave for workers during the coronavirus crisis, with the government taking over the bill for organizations with fewer than 500 employees.

– Stacy Cowley

Total household debt fell during the pandemic, but job losses plunged millions of families into poverty. In addition to checks for $ 1,400 per person and expanded unemployment benefits, Mr. Biden is seeking $ 30 billion to help troubled households catch up on overdue rents, water and energy bills. He also suggested a minimum wage of $ 15 an hour.

Mr Biden plans to extend moratorium on federal student loan payments; he hasn’t said how long. While Mr Biden is helping clear $ 10,000 per person in federal debt, he hasn’t included it in his American bailout plan. Progressives in Congress can insist that they be included in any stimulus package.

– Stacy Cowley

Mr Biden’s goal of creating a carbon-free electricity system by 2035 requires a radical overhaul of the energy industry, requiring hundreds of billions of dollars in investment, as well as new measures like strengthening the electricity grid in states like California. Some critics have argued that the goal is not achievable.

A major shift to renewables and electric vehicles will reduce the demand for oil, gas and coal and threaten some businesses. It could also result in job losses as people trained to work with fossil fuels may not have the skills required for jobs in the renewable energy sector.

– Clifford Krauss and Ivan Penn

The transport sector has received billions in federal aid, but is still affected by the pandemic. The Biden administration needs to decide whether to do more to help her, including more financial aid and requiring travelers to wear masks.

Mr Biden’s promise to repair and upgrade the country’s highways, railways, transportation systems and other infrastructure is a priority for businesses too. The transport sector is an important contributor to climate change, which Mr Biden has pledged to tackle aggressively. Doing this without causing major job losses will be a major challenge.

– Niraj Chokshi

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Procter & Gamble (PG) Q2 2021 earnings high expectations

Procter & Gamble (PG) Q2 2021 earnings top expectations

Procter & Gamble raised its outlook for the second quarter in a row on Wednesday.

Revenue increased 8% in the second quarter, driven by higher demand for cleaning products and shaving and styling products as the pandemic continues to affect consumer behavior.

The company, whose brands include Tide, Pampers and Bounty, expects sales to grow 5% to 6% in fiscal 2021, after previously forecasting growth of 3% to 4%. Adjusted earnings are also projected to increase 8% to 10% from the previous target of 5% to 8%.

The company’s shares fell 1% in the early trading day.

The company reported for the quarter ended December 31st, versus Wall Street’s expectations, based on an analyst survey conducted by Refinitiv:

  • Earnings per share: $ 1.64, adjusted versus expected $ 1.51
  • Revenue: $ 19.75 billion versus $ 19.27 billion expected

P&G reported net income of $ 3.85 billion, or $ 1.47 per share, for the second quarter, compared to $ 3.72 billion or $ 1.41 per share last year.

Excluding items, the company earned $ 1.64 per share, beating the analysts surveyed by Refinitiv at $ 1.51 per share.

Net sales rose 8% to $ 19.75 billion, beating expectations of $ 19.27 billion. Organic sales, which exclude the effects of acquisitions, divestments, and foreign currencies, also increased 8%. New products helped increase sales for the quarter.

“It’s a combination of planned products and a quick response to real, emerging needs,” said CFO and COO Jon Moeller in CNBC’s Squawk Box.

For example, Microban 24-hour disinfectant spray was launched in February just before U.S. consumers started buying up every cleaning product they could find due to the pandemic.

In P & G’s Fabric & Household Care segment, organic sales increased 12% for the quarter. This is the company’s largest increase by business area. Home care, which includes Comet cleaning products, saw 30% organic sales growth as more consumers cleaned surfaces and dishes.

The Healthcare segment, which includes Oral B and Vicks products, posted organic sales growth of 9%. Price increases combined with consumer demand for high-end products boosted sales. However, the company said demand for respiratory products was lower this year as fewer people caught cold or flu.

In the nursing and baby, gynecological and family care segments, organic sales increased 6% in the quarter. Organic P&G Grooming Equipment sales increased 20% as consumers search for styling and shaving products for the home.

P & G’s beauty segment, which includes Olay and SK-II, posted organic sales growth of 5%.

The distribution of vaccines has raised questions about whether consumer giants like P&G or Conagra Brands will be able to maintain the same pace of growth once their customers return to their previous routines. At a press conference, Moeller announced that demand for some of its products, which have seen significant sales increases, is likely to be lower. However, other products that have been weakened by recent trends may bounce back. The company also predicts the disappearance of “some very strong headwinds” such as supply chain challenges.

For fiscal 2021, P&G predicts foreign currency headwinds that will cost about $ 100 million after tax, as well as higher freight costs that will also cost $ 100 million after tax.

The company expects to buy back up to $ 10 billion of its own shares over the course of the fiscal year, from a previous estimate of $ 7 billion to $ 9 billion.

Read the full results report here.

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The Biden Period Begins – The New York Instances

The Biden Era Begins - The New York Times

Joe Biden wird heute gegen Mittag Eastern in Washington als Präsident der Vereinigten Staaten vereidigt. Hier ist der vollständige Veranstaltungsplan.

Diese Einweihung wird nicht wie die anderen sein, mit einer spärlichen Menge, die wegen der Pandemie an der Vereidigungszeremonie teilnimmt. Präsident Trump wird auch nicht dabei sein, da er und viele seiner Anhänger weiterhin falsche Behauptungen über die Wahl anpreisen. Es gibt eine starke Sicherheitspräsenz, um zu vermeiden, dass die tödliche Gewalt eines Pro-Trump-Mobs vor zwei Wochen im Capitol wiederholt wird.

  • “Die amerikanische Demokratie wird belagert”, schreibt David Leonhardt in unserem Schwester-Newsletter The Morning und vergleicht das heutige spartanische Verfahren mit den Einweihungen während des Krieges in den Jahren 1861, 1865 und 1945.

An Mr. Trumps letztem vollen Tag im Amt, Er gab 143 Begnadigungen und Kommutierungen heraus, “eine letzte Auspeitschung von Mr. Trump gegen ein Strafjustizsystem, das er als unfair angesehen hatte, um ihn und seine Verbündeten zu verfolgen”, schreibt The Times. Zu den bemerkenswerten Geschäftszahlen, denen Gnade gewährt wurde – hier ist die vollständige Liste – gehören Elliott Broidy, ein Finanzier und Top-Trump-Spendensammler, der sich schuldig bekannte, bei Aktivitäten, an denen der flüchtige malaysische Finanzier Jho Low beteiligt war, gegen ausländische Lobbygesetze verstoßen zu haben; Ken Kurson, der ehemalige New York Observer-Redakteur und Verbündete von Jared Kushner, der wegen Cyberstalking angeklagt war; der ehemalige Google-Manager Anthony Levandowski, der sich schuldig bekannte, Unternehmensgeheimnisse gestohlen zu haben; William Walters, der Sportwetter, der wegen Insiderhandels in einem Fall verurteilt wurde, der Carl Icahn und Phil Mickelson verwickelte; Sholam Weiss, der wegen Versicherungsbetrugs zu mehr als 800 Jahren Gefängnis verurteilt wurde; und Bob Zangrillo, ein Finanzier, der im Varsity Blues College-Zulassungsskandal angeklagt war. (Viele der Begnadigungen scheinen mit der Lobbyarbeit einflussreicher Persönlichkeiten verbunden zu sein: Die Petition von Herrn Levandowski wurde beispielsweise von Peter Thiel, dem Mitbegründer von Oculus VR, Palmer Luckey, und dem ehemaligen Hollywood-Manager Michael Ovitz unterstützt.)

Am ersten Tag von Herrn Biden Er plant, Gesetze vorzuschlagen, um viele der Einwanderungspolitiken von Herrn Trump umzukehren, einschließlich der Möglichkeit für Einwanderer ohne Papiere, Bürger zu werden. Herr Biden plant auch die Erteilung einer Reihe von Durchführungsverordnungen, einschließlich der Verlängerung eines Moratoriums für Zwangsvollstreckungen für staatlich garantierte Hypotheken und des Widerrufs einer Anordnung, die das Diversity-Training für Bundesbehörden und Auftragnehmer einschränkte. Er könnte Progressive mit dem Befehl enttäuschen, eine Pause bei den Studentendarlehenszahlungen des Bundes bis September zu verlängern, anstatt große Schulden zu stornieren, wie einige gehofft haben.

  • Das Weiße Haus von Herrn Biden wird strengere Coronavirus-Tests, soziale Distanzierung und das Tragen von Masken vorschreiben. Axios berichtet, dass viele seiner Mitarbeiter die Amtszeit von zu Hause aus beginnen werden.

In Fotos und Überschriften: Folgen Sie in dieser illustrierten Zeitleiste dem Weg von Herrn Biden zur Präsidentschaft und besuchen Sie die größten Anzeigen auf der Titelseite von Herrn Trumps Amtszeit.

Jack Ma taucht wieder auf. Der Mitbegründer von Alibaba sprach heute auf einer Veranstaltung zu Ehren der Lehrer in Chinas Dorfschulen, seinem ersten öffentlichen Auftritt seit drei Monaten. Er hat sich zurückgehalten, seit die chinesischen Regulierungsbehörden begonnen haben, gegen sein Geschäftsimperium vorzugehen.

Die Zahl der Todesopfer bei Covid-19 in den USA beträgt 400.000. Das Land erreichte gestern den grimmigen Rekord, nachdem die täglichen Todesfälle in den letzten Wochen 3.000 überschritten hatten.

Trumps abtretender Kartellchef fordert strengere Beschränkungen für Fusionen. Makan Delrahim sagte, dass die Kartellabteilung des Justizministeriums Gesetze ausgearbeitet habe, die es dominanten Unternehmen erschweren würden, kleinere Rivalen zu kaufen, ähnlich einer Maßnahme der Hausdemokraten.

Die Bundesanwaltschaft beendet eine Insider-Untersuchung gegen Senator Richard Burr. Das Justizministerium wird keine strafrechtlichen Anklagen gegen den Republikaner aus North Carolina wegen Handelsgeschäften nach Briefings nur durch Senatoren verfolgen. Herr Burr behauptete, er habe angemessen gehandelt, sei jedoch als Vorsitzender des Geheimdienstausschusses des Senats zurückgetreten.

Parler versucht mit Hilfe einer russischen Firma zurückzukehren. Das bei Konservativen beliebte soziale Netzwerk, das offline ging, nachdem Amazon nach dem Aufstand im Capitol die Computerdienste eingestellt hatte, gab an, mit einer russischen Internetfirma zusammengearbeitet zu haben und hoffte, bis Ende des Monats zurückkehren zu können.

Die Kandidatin der Biden-Regierung für das Finanzministerium beantwortete gestern bei ihrer dreistündigen Anhörung zur Bestätigung viele Fragen. Hier sind ihre Gedanken zu einigen der Themen, die DealBook verfolgt hat:

  • „Kryptowährungen sind ein besonderes Anliegen. “ Frau Yellen sagte. „Ich denke, viele werden – zumindest im Sinne von Transaktionen – hauptsächlich für illegale Finanzierungen verwendet. Und ich denke, wir müssen wirklich untersuchen, wie wir ihre Verwendung einschränken können. “

  • Treasury “muss laserfokussiert bleiben” auf Chinasagte sie und zitierte “viele Werkzeuge”, die der Abteilung zur Verfügung standen. Dazu gehören “Sanktionen und Durchsetzungsmaßnahmen, die dazu dienen können, finanzielle und Unterstützungsnetzwerke derer abzubauen, die uns Schaden zufügen wollen”.

  • “Nichts ist für die Zukunft des Wohnens wichtiger als das, was wir mit Fannie und Freddie machen.” Frau Yellen sagte. Sie hat sich nicht zu dem Plan der Trump-Regierung verpflichtet, die Kreditgeber zu privatisieren, sondern sagte: “Ich muss sorgfältig prüfen, was umgesetzt wurde, und letztendlich müssen wir eine Lösung finden, die von beiden Parteien unterstützt wird.”

– David Solomon, der CEO von Goldman Sachs, ist besorgt über den Blankoscheck-Boom

Aktualisiert

Jan. 20, 2021, 6:41 ET

Der Business Roundtable hielt gestern ein Briefing für Reporter ab, in dem seine Prioritäten für die Biden-Administration dargelegt wurden. Der CEO von Walmart, Doug McMillon, Vorsitzender der mächtigen Unternehmenslobbygruppe, sagte, das Weiße Haus sollte in zwei wichtigen Fragen handeln:

  • Machen Sie klarere Richtlinien für die Verteilung von Impfstoffen. “Wir haben mehr Kapazität, um Nadeln in die Arme zu stecken, als derzeit verwendet wird”, sagte McMillon über Walmart, zu dessen Zusammenarbeit mit den Gesundheitsbehörden die Nutzung seiner Verkaufsstellen für Impfstellen gehört. Er sagte, inkonsistente staatliche Regeln hätten die Dinge verlangsamt; Er hat Kontakt zu Biden-Beamten aufgenommen, um sicherzustellen, dass alle über 65-Jährigen landesweit geimpft werden können.

  • Erhöhen Sie den Mindestlohn vorsichtig. “Ein durchdachter Plan, der den föderalen Mindestlohn unter Berücksichtigung geografischer Unterschiede und kleiner Unternehmen erhöht, sollte unserer Meinung nach umgesetzt werden”, sagte McMillon und befürwortete den Vorschlag von Herrn Biden, den föderalen Mindestlohn auf 15 USD pro Stunde anzuheben, nicht ganz. aber auch nicht ablehnen. Der größte Einzelhändler des Landes hat im vergangenen Jahr die Einstiegslöhne für rund 11 Prozent seiner Belegschaft angehoben.

Steve Schwarzman, Blackstones Mitbegründer und Geschäftsführer, war einer der weltbesten Abgesandten von Präsident Trump und blieb trotz Kontroversen und gelegentlicher Probleme bei ihm. Kate Kelly von der Times wirft einen Blick darauf, was Herr Schwarzman aus den Krawatten gewonnen hat.

Durch die Nähe blieb Herr Schwarzman Zugang zu Geschäftsmöglichkeiten: Während der Trump-Regierung sicherte sich Blackstone eine Zusage von Saudi-Arabien in Höhe von 20 Milliarden US-Dollar für einen neuen Infrastrukturfonds, und Herr Schwarzman half bei der Aushandlung eines Handelsabkommens mit China, das Finanzunternehmen einen besseren Zugang zu chinesischen Märkten versprach.

Herr Schwarzman sah seinen Rat als öffentlichen Dienst und als einen Weg, sein Erbe zu polieren. nach Angaben von Freunden und Kollegen. Der Blackstone-Chef half “einem Verrückten bei der Beaufsichtigung durch Erwachsene”, sagte Marc Levine, der frühere Vorsitzende des Illinois State Investment Board, gegenüber Kate.

Die Vorteile können sich jedoch als flüchtig erweisen. Die Saudis haben bisher nur 7 Milliarden US-Dollar in den Fonds investiert, und die Pandemie hat die Handelsgespräche mit Peking unterbrochen. Das vielleicht größte Problem für Blackstone ist die potenzielle Unzufriedenheit der Anleger mit den politischen Aktivitäten von Herrn Schwarzman. Nachdem Kommentare zu den Wahlergebnissen in einer privaten Telefonkonferenz durchgesickert waren, beschwerte sich mindestens eine Pensionskasse, die bei Blackstone investiert, über die Bemerkungen, berichtet Kate.

Die Netflix-Aktien fliegen im Premarket-Handel, nachdem gestern nach dem gestrigen Handelsschluss die Stoßfängergewinne veröffentlicht wurden. So zerlegt Ed Lee von The Times es für DealBook:

Viele von uns haben sich jahrelang gefragt, ob Netflix ein echtes Geschäft oder nur ein verschuldetes Kartenhaus ist. Seit 2011 hatte das Unternehmen 16 Milliarden US-Dollar geliehen, um seinen Inhalt zu füllen und das Unternehmen am Leben zu erhalten. Obwohl Netflix mehr Geld ausgab als es in Anspruch nahm, belohnten es die Anleger jedes Mal, wenn Netflix seine Abonnenten erhöhte.

Aber Netflix hat einen finanziellen Meilenstein erreicht, der diese Erzählung ändert. Es kündigte an, dass es sich endlich zu einem selbstfinanzierenden Unternehmen entwickeln werde, und rechnet in diesem Jahr mit einem „nachhaltigen“ positiven Cashflow.

Das ist positiv, bedeutet aber auch, dass Netflix nun an prosaischen Maßnahmen wie dem Free Cashflow gemessen wird. Dies kann hilfreich sein, da die wachsende Anzahl von Wettbewerbern die Anzahl der Abonnenten erschwert. Es ist so einfach, Streaming-Dienste abzubrechen und neu zu starten, dass Kunden zu erfahrenen Switchern geworden sind.

Kredit, wo er fällig ist: Netflix ‘teures Glücksspiel hat sich ausgezahlt, und das Unternehmen wird wahrscheinlich auch in den kommenden Jahren der größte Streamer bleiben. Es setzte auch einen gewaltigen Meilenstein: Netflix wurde erst zu einem positiven Free Cashflow-Geschäft, als es 200 Millionen Abonnenten überstieg.

Angebote

  • MGM Entertainment gab sein Übernahmeangebot von 11 Milliarden US-Dollar für das Wettunternehmen Entain auf, nachdem sein Angebot abgelehnt worden war. (FT)

  • In den Nachrichten zum Sammeln von Spenden für Elektrofahrzeuge: Rivian sammelte 2,65 Milliarden US-Dollar von Investoren wie T. Rowe Price und Amazon’s Climate Fund, während die Cruise Division von GM 2 Milliarden US-Dollar von Microsoft, Honda und anderen sammelte. (NYT, Axios)

  • Der Vorsitzende von Intel, Omar Ishrak, und Joshua Fink, der Sohn von Larry Fink von BlackRock, haben einen auf Gesundheitstechnologie ausgerichteten SPAC ins Leben gerufen, der bis zu 750 Millionen US-Dollar sammeln soll. Medtronic ist ein Investor, ein seltener Corporate Player im SPAC-Geschäft. (Gesundheit berechnen)

Politik und Politik

  • Einzelhändler wie Bed Bath & Beyond haben Produkte von MyPillow fallen gelassen, nachdem der CEO des Unternehmens weiterhin unbegründete Theorien über Wahlbetrug vorangetrieben hat. (NYT)

  • Gouverneur Andrew Cuomo aus New York enthüllte ein Budget für den schlimmsten Fall, einschließlich einer vorübergehenden Vermögenssteuer und starker Kürzungen bei der Schulfinanzierung und bei Medicaid, falls der Staat keine staatliche Unterstützung erhält. (NYT)

Technik

  • “Wie Volkswagens 50-Milliarden-Dollar-Plan, Tesla kurzgeschlossen zu schlagen” (WSJ)

  • Der koreanische Elektronikkonzern LG erwog, den Smartphone-Markt zu verlassen. (The Verge)

Das Beste vom Rest

  • Die London Metal Exchange plant, ihren 144 Jahre alten physischen Handelsraum, den so genannten Ring, endgültig zu schließen. (Bloomberg)

  • Präsident Trump könnte aus Hollywoods größter Gewerkschaft, SAG-AFTRA, ausgeschlossen werden. (LA Times)

  • Wie ein Mann es geschafft hat, drei Monate lang unentdeckt auf dem Flughafen O’Hare in Chicago zu leben. (NYT)

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