Categories
Business

Workhorse Group drops almost 50% after EV firm is handed over for USPS contract

Workhorse W-15 electric pickup.

Source: workhorse

Workhorse Group’s shares fell more than 50% Tuesday after the company was turned over for a key U.S. Postal Service contract.

Amid the heightened volatility, the stock halted multiple times in the last half hour of trading before finally ending the session with a 47.5% loss. In extended trading, the stock fell another 10%.

The US Postal Service awarded Oshkosh Defense the first part of its 10-year multi-billion dollar contract to modernize its fleet of postal delivery vehicles. The initial investment will be $ 482 million.

Workhorse makes electric vehicles that focus on last mile delivery. The company currently has partnerships with UPS and FedEx Express, among others.

The contract award decision for the US Postal Service was made after a series of delays over several years. The deal was seen by the street as an upward catalyst for the Workhorse Group ahead of sales.

In a recent announcement to customers, BTIG said that Workhorse’s securing of part of the USPS contract was part of the company’s base case. The company has a Buy recommendation for the stock.

Though the stock almost halved on Tuesday, stocks are still up 347% over the past year.

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Categories
Politics

Biden unveils Pentagon group to guage U.S. technique for coping with China

President Joe Biden speaks at the Pentagon in Washington, DC on February 10, 2021.

Alex Brandon | AFP | Getty Images

WASHINGTON – President Joe Biden announced on Wednesday a new Department of Defense task force to assess the US military’s China strategy.

“This is how we will meet the China challenge and ensure that the American people win the competition in the future,” said Biden on his first visit as Pentagon Commander in Chief.

The new Pentagon group, comprised of around 15 experts, will be responsible for making recommendations on China-related issues to Secretary of Defense Lloyd Austin. Results and recommendations are due within four months.

“No final public report is expected, although the department will discuss recommendations with Congress and other stakeholders if necessary,” the Pentagon wrote in a statement announcing the new task force.

China’s influence on global trade and international relations has continued to grow, even as the nation faced accountability calls in the initial response to the Covid-19 crisis.

The novel coronavirus that causes the disease emerged in China in late 2019. Biden asked on Wednesday whether the US would hold China accountable.

United States President Joe Biden, accompanied by Vice President Kamala Harris, Secretary of Defense Lloyd Austin, and General Mark Milley, Chairman of the Chief of Staff, will tour African Americans in defense of our corridor of our nations on February 10 at the Pentagon in Arlington, Virginia. 2021.

Alex Brandon | Pool | Reuters

Biden, who has not yet spoken to Chinese President Xi Jinping, said during a speech at the State Department last week that he would work more closely with allies to secure a backlash against Beijing.

“We will face China’s economic abuse,” said Biden, describing Beijing as America’s “most serious competitor.”

Tensions between Beijing and Washington, the world’s two largest economies, increased under the Trump administration. In an interview with CBS, Biden said his government was ready for “extreme competition” with China, but his approach would be different from that of his predecessor.

“I will not do it like Trump. We will focus on the international traffic rules,” said Biden on Sunday.

Following his remarks at the Pentagon on Wednesday, a reporter asked Biden if he was interested in punishing China for the nation’s lack of transparency over the Covid-19 outbreak last year.

“I’m interested in knowing all the facts,” Biden said, according to a pool report.

Flashing pressures china

State Secretary Antony Blinken spoke to his Chinese counterpart Yang Jiechi for the first time at the weekend.

In a tense appeal, Blinken Yang said the US would hold China accountable for explaining a range of issues including human rights abuses.

Blinken also called on Beijing to condemn the recent military coup in Myanmar.

On Wednesday before, Biden announced sanctions against military leaders in Myanmar who led the coup on February 1. Biden also reiterated the call for the Myanmar military to abandon the power he had seized and release his prisoners.

State Department spokesman Ned Price said the United States was coordinating with partners to launch “steep and deep” retaliatory measures.

Biden’s family ties

Speaking alongside Vice President Kamala Harris and Austin, Biden also took a moment to thank the service members and their civilian supporters.

He is the first president in 40 years to have a child serve in the US military and stationed in a war zone.

“The Biden family know what rural service is like and they understand sacrifice. They know how to care for those who seek leadership,” said Austin, who with the president’s late son, Beau Biden, cooperated in Iraq, in his opening remarks.

After the Pentagon address, Austin took Biden and Harris on a tour of the corridor of the building dedicated to Black Service members.

Austin is the nation’s first black Secretary of Defense, and Harris is the first black vice president.

Categories
Business

New York Occasions Reporter Is Accused of Utilizing Racial Slur With Scholar Group

A New York Times science and health correspondent, whose coverage of the coronavirus pandemic was a staple of the newspaper’s front page and its leading podcast, The Daily, was accused of using a racist slur and making racist comments while listening to it as an expert guide on a Times-sponsored student trip, the Times said Thursday.

Donald G. McNeil Jr., a 45-year veteran of the Times who has covered from 60 countries, has been the subject of complaints from travelers traveling to Peru for student journeys in 2019, a number of experts from the list of newspapers at Employees and contributors.

The Daily Beast reported Thursday that at least six out of 26 students or their parents complained about Mr. McNeil’s comments. The Times later confirmed in a statement that Mr. McNeil had used a “racial fraud”.

“In 2019, Donald McNeil Jr. was an expert on a student tour,” the Times said in the statement. “As a result, we became aware of complaints from some students on the trip about certain statements Donald had made during the trip.

“We conducted a thorough investigation and disciplined Donald over statements and language that were inappropriate and inconsistent with our values,” the statement continued. “We found that he had used poor judgment by repeating a racist arc in a conversation about racist language. We also apologized to the students who participated in the trip. “

The Times would not provide details of how or when Mr. McNeil had been disciplined. Mr. McNeil declined to comment. Putney Student Travel, the organizer of the 14-day trip, did not immediately respond to a request for comment.

In an email to the Times staff Thursday night, Dean Baquet, the editor-in-chief, said when he first heard of the complaints about Mr. McNeil, “I was outraged and expected to be fired.” However, after investigation, Mr. Baquet concluded that what he had said was offensive and that he displayed extremely poor judgment, but that it did not appear to me that his intentions were hateful or malicious.

“I believe that in such cases, people should be told that they are wrong and that they are given another chance,” continued Mr. Baquet. “He was formally disciplined. He didn’t get a passport. “

Mr. McNeil has been involved with infectious diseases for more than a decade. He received the John Chancellor Award for Lifetime Achievement in Journalism last year. His first article on the coronavirus, written with a China correspondent, Sui-Lee Wee, appeared on Jan 8, 2020. It helped educate American readers who were unaware of the threat from a virus that appeared to be confined to Wuhan, China.

This week, Mr. McNeil wrote an article based on an interview with Dr. Anthony Fauci on his experience as director of the National Institute for Allergies and Infectious Diseases under President Donald J. Trump. Mr. McNeil discussed the interview on an episode of “The Daily”.

Categories
Business

Loyal to Trump for Years, Manufacturing Group Now Requires His Removing

Manufacturers parted ways with Mr. Trump on immigration policy and especially trade, and opposed the tariffs that Mr. Trump had introduced from 2018. That year, however, the gap widened significantly.

In the spring, Mr. Trump appointed Mr. Timmons to an industry group to advise the administration on safely reopening the economy in the pandemic. But in April, Mr Timmons discharged himself on Facebook and in an interview about protesters pushing for a quick reopening when many manufacturers struggled to secure personal protective equipment for their workers.

Mr Trump encouraged the protests and called for government activity restrictions to be lifted, but at the time Mr Timmons declined to criticize him publicly. “I won’t go into that,” he said. “I will use my platform to say what I think is right and what I think is good for my manufacturing workers.”

The club congratulated Mr Biden after the election was called in his favor. Almost two weeks later, it issued a statement calling on federal officials to identify Mr Biden as elected president and initiate the formal transfer of power. On Jan. 4, the group condemned efforts by Trump and Republicans in Congress to question the certification of the Biden victory. Each of these publications was followed by extensive discussions between members of the management team.

The release on Wednesday did not include the same debate. Mr Timmons said the attacks on the Capitol were against the association’s core values. When rioters stormed the Capitol, the association’s employees called for a zoom, compiled the statement and published it that afternoon.

“Vice President Pence, who has been evacuated from the Capitol, should seriously consider working with the Cabinet to take advantage of the 25th Democratic Amendment,” it said. “This is not the vision of America that manufacturers believe in and work so hard to defend.”

Many members of the Executive Committee either did not comment or did not say whether they supported the association’s statement when asked. The committee includes representatives from some of America’s best-known companies, including Pfizer, Johnson & Johnson, Toyota, Dow Inc., Caterpillar, Goodyear Tire, and Emerson Electric. Some of the companies published their own statements about the invasion but did not publicly say whether they supported the trade group’s statement.

Categories
Business

Hospital group presses Trump administration for ongoing federal assist with vaccine distribution

Seniors 65 years and older wait in line at the Sarasota Department of Health’s COVID-19 Vaccination Clinic in Sarasota, Florida, the United States, Jan. 4, 2021.

Octavio Jones | Reuters

The American Hospital Association on Thursday urged Health Secretary Alex Azar to provide more support and coordination for the federal distribution of Covid-19 vaccines. The slow rollout has raised questions about how quickly they can vaccinate the public.

The group, which represents nearly 5,000 hospitals and health systems across the country, said the rollout “raised concerns about whether the task of vaccinating everyone who is able to take the vaccine will come as soon as it can it was suggested by the federal leaders “. According to a letter sent Thursday to Azar, the secretary of the Ministry of Health and Human Services.

According to the Centers for Disease Control and Prevention, more than 17.2 million doses of vaccine had been distributed as of Wednesday, but in fact just over 5.3 million doses had been given. This is nowhere near the targets previously set by federal officials to vaccinate 20 million people in December.

Richard Pollack, CEO of the AHA, said in the letter to Azar that the vaccine’s slow initial rollout casts doubt on whether the country will be able to vaccinate enough Americans to achieve herd immunity by the summer. In the first few weeks of the rollout, unforeseen issues arose, he added, calling on Azar to provide more leadership and coordination between states to address the issues.

Representatives from HHS have not returned CNBC’s request for comment.

According to Pollack, some hospitals have received fewer doses than requested, while others have received more than they need “with no explanation for this mismatch”. Pollack added that other differences between the state’s plans are also creating headaches for hospitals and adding to the complexity of the massive vaccination campaign.

“We hear from hospitals and health systems that serve more than one state that it is difficult to manage vaccine distribution when their patients live in jurisdictions with different rules about which patients are prioritized and who have different levels of priority,” wrote Pollack . “As this rollout is evolving rapidly, it is absolutely essential that effective situational real-time guidance is provided at the national level.”

He urged Azar and HHS to communicate more frequently and clearly with state, local, and hospital officials.

And many hospitals across the country are currently overwhelmed with treating Covid-19 patients. Pollack says hospitals cannot vaccinate the public without help. He said hospitals suffer from staff shortages and limited protective equipment such as masks and gloves. Pollack asked for more details about the government’s plan to include pharmacy chains in the wider vaccine rollout.

Pollack stressed that the aim of the vaccination campaign is to achieve herd immunity and bring the outbreak under control. By some estimates, that could be around 246 million Americans, or around 75% of the population.

“That would mean vaccinating 1.8 million people a day between January 15 and May 31, including weekends and holidays,” wrote Pollack of the attempt to vaccinate 246 million Americans by the summer. “There are currently 64 different micro-plans being developed by states, some major cities, and other jurisdictions [HHS] assess whether these plans are overall able to achieve this level of vaccination? “

Categories
Entertainment

John Fletcher, a.ok.a. Ecstasy of the Group Whodini, Dies at 56

John Fletcher, who, as the ecstasy of the foundational hip-hop group Whodini, drove some of the genre’s early pop hits, wear an extravagant zorroesque hat all the time, died in Atlanta on Wednesday. He was 56 years old.

His daughter Jonnelle Fletcher confirmed the death in a statement. She said the cause was not yet clear.

In the mid-1980s Whodini – originally composed of Mr. Fletcher (whose hip-hop name was sometimes called Ecstacy) and Jalil Hutchins, to whom DJ Grandmaster Dee (née Drew Carter) later joined – released a series of Essentials hits, including “Friends”, “Freaks Come Out at Night” and “One Love”. Whodini presented himself as a street-savvy cultured man with a pop ear, and Mr. Fletcher was the group’s oversized character and the liveliest rapper.

“I can’t sing,” he told the Los Angeles Times in 1987. “But one day I heard someone rap and said to myself,” I can do that. “I rap on the pitch. I try to be unique. I have my own style.”

John Beamon Fletcher Jr. was born June 7, 1964 in Brooklyn to John and Mary Fletcher and grew up on the Wyckoff Gardens projects in Boerum Hill. He first worked with Mr. Hutchins, who was from nearby Gowanus, when Mr. Hutchins was trying to record a theme song for the newly influential radio DJ Mr. Magic.

This collaboration received a lot of local attention and Mr. Fletcher and Mr. Hutchins were soon signed by Jive Records, which they named Whodini. They quickly recorded “Magic’s Wand” by Thomas Dolby and “The Haunted House of Rock,” a Halloween song.

“Ecstasy really was one of the first rap stars,” wrote Barry Weiss, the executive director who signed it, on Instagram. “Not just a brilliant voice and word smith, but also a woman and sex symbol for ladies when they were very rare in the early days of rap. Whodini has helped lead a female audience to a traditional male art form. “

Most of the group’s earliest material was recorded in London when Mr. Fletcher was just graduating from high school. The self-titled debut album in 1983 was produced by Conny Plank, who also played the bands Kraftwerk and Neu! Whodini toured Europe as well before achieving real success in the US.

“We didn’t go to university or college, but that was our education just to see the world,” Fletcher said in a 2018 interview with YouTube channel HipHop40.

For his follow-up album “Escape” (1984) Whodini began working with producer Larry Smith, who amplified his sound and gave it a little appealing scratch. (Mr. Smith was also responsible for Run-DMC’s breakout albums.) “Escape” contained the songs that would become Whodini’s landmark hits, particularly “Friends” and “Five Minutes of Funk” (released as the downside on the same 12 inch album) single) and “Freaks Come Out Night”.

A skeptical song about deception, “Friends,” was a blast on its own and had robust afterlife as sample material, particularly in Nas and Lauryn Hill’s “If I Ruled the World (Imagine That).”

“Five Minutes of Funk” – which became even more popular as the theme music for the long-running hip-hop video show “Video Music Box” – used a clever countdown motif that was woven through the lyrics. “When creating this song,” Fletcher told HipHop40, “we imagined the projects booming out of the windows as we walked through the song on a summer day.”

As hip-hop gained worldwide attention, Whodini was always at the center of the action. The group was led by aspiring impresario Russell Simmons and appeared on the first Fresh Fest tour, hip-hop’s premier arena package.

But when Run-DMC took hip-hop to more edgy terrain, Whodini stayed committed to smoothness. “We were the rap group that bridged the gap between the bands and the rappers,” Fletcher told HipHop40, adding that he and Mr. Hutchins were aware that hip-hop was still struggling to gain acceptance Obtaining radio programmers wrote songs accordingly: “We wanted to curse, but we couldn’t curse.”

Mr. Fletcher was also a major innovator in introducing melody to rapping. “Ecstasy was the lead vocalist on most of the Whodini songs because anything we could play could rap right in key,” Hutchins said in an interview with hip-hop website The Foundation.

“Escape” went platinum, and Whodini’s next two albums “Back in Black” (1986) and “Open Sesame” (1987) both went gold. On “One Love” (from “Back in Black”), which had streaks of sound that would soon merge as the new Jack Swing, Mr. Fletcher was pensive, almost somber:

The words “love” and “like” both have four letters
But they are two different things overall
Because in my day I liked a lot of women
But just like the wind, they all blew away

Havelock Nelson and Michael A. Gonzales described Whodini in their book “Bring the Noise: A Guide to Rap Music and Hip-Hop Culture” (1991) as “a beautifully preserved building in the middle of the Brooklyn ghetto sky, where the sympathetic Characters float gently through a turbulent sea of ​​hardcore attitude and crush-groove madness. “

This was not least due to the style of the group. Whodini dressed with flair: leather jackets, sometimes without a shirt; flowing pants or short shorts; Slipper. Most importantly, Mr. Fletcher’s flat leather hats, which became his trademark, inspired by a wool gaucho he saw in a store on Myrtle Avenue in Brooklyn that he had remade in leather. Soon he had several.

“He had it in red; she had in white; two in black, one with an African headdress, ”Hutchins said in a 2013 interview with Alabama website AL.com. “He had several, but the original was his favorite.”

Whodini was also one of the first hip hop groups to use dancers in their stage shows. A young Jermaine Dupri got one of his earliest breaks as a dancer for the group. He later repaid the favor and signed Whodini to his label So So Def, on which 1996 the last album “Six” was released. Whodini was also a frequent occurrence in the 2000s.

Mr. Fletcher’s survivors include his daughter Jonnelle and his partner Deltonia Cannon; five other children, Johnmon, Monet, Bianca, Sahara and Tiana; three brothers, Joseph, David and Douglas; a sister, Harriet Fletcher; and five grandchildren. Another sister, Mary Eyvette Fletcher, died before him.

Categories
World News

Covax, a world well being group, broadcasts vaccine offers to assist much less rich international locations.

Leaders of an international body promoting global access to coronavirus vaccines, known as Covax, announced on Friday that additional efforts were being made with manufacturers that would provide access to nearly two billion doses of vaccine candidates, more than that Half were intended to be shipped to low and middle income countries.

The aim of the effort is to ensure vaccination of a fifth of the population of the 190 participating countries and economies before the end of next year.

The new contracts cover vaccines that are still under study for efficacy and safety, one from AstraZeneca and the University of Oxford and one from Johnson & Johnson. As of the ongoing discussions, no agreements have been made to source the FDA-cleared BioNTech Pfizer vaccine, which is already being used in countries such as the US and the UK.

The international effort was led by the Gavi public-private health partnership, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations, and the World Health Organization.

Friday’s announcement contained the news that a mechanism had been developed for countries with overdoses to share it.

Many high-income nations have agreements with multiple manufacturers that could result in significantly more doses than are required to vaccinate their entire population. Officials from Canada and France announced that they intend to contribute their additional doses via Covax, although they have not given a schedule or say whether they would vaccinate their entire population first.

France will “start exchanging vaccines as early as possible,” said Stephanie Seydoux, the country’s ambassador for global health, at a press conference.

  • In other developments around the world:

  • in the South AfricaScientists and health officials on Friday announced the discovery of a new line of coronavirus that is rapidly dominating virus samples tested in the country. The variant, named 501.V2, has also been associated with faster spread and higher viral load in swabs in a preliminary analysis. Scientists are studying it closely because the variant contains several changes in the part of the virus that allows it to attach to human cells, which is an important target for antibody therapies and vaccines.

  • in the Europe, In the run-up to Christmas there is a patchwork of guidelines across the continent as 500,000 people die. . Germany has put a strict lockdown on Christmas week, and the Netherlands and Italy will take stricter measures during the holidays. France and Spain have some restrictions but have opposed new national bans. In the UK, Prime Minister Boris Johnson has been criticized for lifting restrictions on Christmas gatherings despite the rise in new infections. The Regional Director of the World Health Organization, Dr. Hans Henri P. Kluge said in a statement on Friday that it is not now time for Europeans to ease restrictions.

  • As coronavirus cases and hospital stays in Sweden continue to rise, the government issued several new recommendations on Friday, including the use of face masks. “We have to do more now because the medical system is tense,” said Prime Minister Stefan Lofven. The new recommendations include a limit of four people per table in restaurants, cafes and bars, as well as a ban on selling alcohol after 8 p.m. Stores, shopping centers and gyms are asked to limit the number of customers further.

Categories
Business

Main Arts Group Chief Steps Apart Amid Office Complaints

Robert Lynch, executive director of Americans for the Arts, the powerful national advocacy group, has resigned following complaints and investigations into the organization’s equity and diversity practices and workplace management.

Mr Lynch, who has held a leadership role there for more than three decades, will take paid leave, the group’s board of directors said in a statement on Wednesday. “It has been shown that despite our best efforts, we have not achieved our goals of leading, serving, and promoting the various networks of businesses and individuals who practice the arts in America,” the statement said.

Mr. Lynch, 71, was a prominent advocate of resources for nonprofit arts organizations. He was also a member of the Biden-Harris Transition Team for Arts and Humanities. His departure from his position at AFTA, where his annual compensation package was reported to be over $ 900,000 in tax returns, was voluntary and effective immediately, the statement said. (Mr Lynch’s work with the Biden-Harris transition team is complete, a spokesman said.)

His absence should enable a thorough review of AFTA, which has over $ 100 million in foundation assets. “It is Bob’s firm belief – one regrettably shared by the Board of Directors – that the most appropriate course of action at this time is to proceed with the investigation without the distraction and in the best interests of the mission of the organization and the field.” Statement said.

The move comes after a growing chorus of criticism from current and former AFTA staff and advisory board members who said the organization has failed to fulfill its mission regarding diversity, equity and inclusion. There were also complaints about sexual harassment and a management culture based on intimidation rather than transparency. Critics had asked Mr. Lynch to resign because he had not responded to the problems they listed for a long time. The excitement was also the subject of a report in the Washington Post earlier this week that detailed the issues, including reports of widespread reprisals among senior executives.

In recent months, as calls for diversification of AFTA’s leadership and better service to creative communities and paint artists increased, the group publicly defended its actions and promised to do better. It is one of several arts organizations, large and small, that have recently been forced to reckon with a history of inequality in their ranks and programs.

In its statement, AFTA said it will now be the subject of two independent investigations, one by law firm Proskauer Rose regarding the work environment and one by consulting firm Hewlin Group, which focus on AFTA’s policies and procedures regarding diversity will, equity and inclusion.

A retired former board member, U.S. Army Brig. General Nolen Bivens will lead the group as interim president and managing director, the board said.

Categories
Business

Pope Francis and Companies Discovered Group Selling ‘Inclusive Capitalism’

It may seem unusual: big corporations and Pope Francis, a Pope who has repeatedly and devastatingly criticized capitalism. But they announced a new partnership today, the latest sign of the growing influence of environmental, social and governance (ESG) practices in the economy.

Meet the Inclusive Capitalism Council with the Vatican, a group of corporations, investors, and other groups with a market cap of $ 2.1 trillion and 200 million employees. The group, with Francis’ blessing, announced commitments to environmental and sustainable business goals that fit into the ESG movement.

The council’s 27 leaders are known as guardians of inclusive capitalism. These include Ajay Banga from Mastercard, Marc Benioff from Salesforce and Brian Moynihan from Bank of America. You will meet every year with Francis and Cardinal Peter Turkson, who heads the Vatican Department that deals with many social issues.

  • “An economic system that is fair, trustworthy and able to meet the most profound challenges facing humanity and our planet is urgently needed,” Francis said in a statement.

The group is the brainchild of Lynn Forester de Rothschild, the businesswoman who campaigned for the promotion of so-called inclusive capitalism after the financial crisis of 2008. Among them is Inclusive Capital Partners, an ESG-focused activist hedge fund co-founded with Jeff Ubben.

There are reasons to be both hopeful and skeptical about the initiative. The companies’ commitments are meaningful, but some are not new: for example, BP reiterates its commitment announced in February to achieve net carbon-free emissions by 2050. And while the council made the pledges public, there isn’t much to hold the companies accountable (other than the risk of disappointing the Pope).

But it is remarkable to open a new front in the ESG movement. The Pope, whose time in the Church focused on caring for the poor, has long criticized capitalism for its sins and excesses. (Five years ago he called it “the devil’s crap.”) In an encyclical – the most definitive doctrine a Pope can teach – he published in October, Francis rebuked market capitalism for failing humanity during the pandemic .

UK starts Covid-19 vaccinations. A 90-year-old woman became the first patient in the western world to receive a fully tested and approved vaccine as the country distributes images from Pfizer and BioNTech. The US ordered 100 million cans, but it turns out the Trump administration turned down an offer from Pfizer in July.

Boris Johnson travels to Brussels and faces a dead end with Brexit. The UK Prime Minister said he would negotiate personally with the President of the European Commission Ursula von der Leyen to reach a trade deal between the UK and the EU. There are still some areas of disagreement and the current trading conditions will expire on December 31st.

Nielsen is revising the way ratings are measured. The company announced that it would add digital television and streaming to its widespread television audience metrics, which could transform the way around $ 100 billion worth of ads are sold and valued. Speaking of which, Japanese advertising giant Dentsu is planning to cut 6,000 jobs as the pandemic is upsetting the industry.

Goldman Sachs will take full control of its securities joint venture in China. It has agreed to buy its local partner’s 49 percent stake. Beijing said it would allow such moves earlier this year, and other Western financial firms are preparing to follow suit.

“Davos” will be in Singapore. The World Economic Forum will hold its 2021 annual meeting, traditionally held in January in the Swiss Alps, in May in Singapore, citing Covid-19 concerns. The focus of the gathering will be – what else? – Recovery from the pandemic.

Years ago, Uber co-founder Travis Kalanick described the company’s Advanced Technologies Group as “existential” for the company. Now Uber is paying a start-up to take over the division.

The department becomes part of Aurora, A Pittsburgh-based company focused on long distance autonomous transportation. Aurora had previously agreed to deliver self-driving technology to Volkswagen and Hyundai, although both are now working with other partners. As part of the deal, Uber will invest $ 400 million for a 26 percent stake in Aurora and take a seat on Aurora’s board of directors.

It’s about losses and headaches. Looking at autonomous driving as a possible means of reducing human driver costs, Mr Kalanick built the business by acquiring Otto, a trucking start-up founded by a former Google engineer. But Uber ran into a thicket of problems:

  • Google’s self-driving car partner Waymo accused Otto founder Anthony Levandowski of stealing trade secrets. Uber and Waymo eventually settled their legal battle, and Mr Levandowski admitted to stealing.

  • An Uber self-driving car hit and killed a woman in Arizona in 2018, creating legal and regulatory chaos for the company.

  • Uber’s investors have long called for ties to the project to be severed in hopes of containing heavy losses. (In 2018, Uber accepted a $ 500 million investment from Toyota to keep the unit alive.) Those demands grew louder as the pandemic hit the company’s finances.

The deal raises questions about the future of Silicon Valley’s self-driving obsession. Investors have poured billions into the technology but have yet to produce an armada of self-driving vehicles.

– Christopher Nolan, the film director, isn’t happy with WarnerMedia’s plan to simultaneously release films in theaters and stream them on HBO Max at the same time, according to The Hollywood Reporter.

Etsy is known as a place where artisans and small businesses sell goods like handcrafted face masks. But there’s something else too, write Matt Phillips and Gillian Friedman of The Times: The best performer in the S&P 500 this year. This is a remarkable turnaround for a company that struggled shortly after going public in 2015 and was forced to abide by Wall Street rules.

Engine No. 1, a new ESG-focused investment firm founded by former activist investors, has adopted an ambitious goal for its first campaign: Exxon Mobil. It believes that by combining the traditional activist-investor book – which advocates actions that increase shareholder returns – with long-term social and environmental concerns, success can be achieved when social activists, environmentalists and others fall short .

Exxon’s shares are down around 40 percent this year. The pandemic hit oil prices as the industry grappled with the long-term move to cleaner energy sources. This leaves the company more vulnerable to activists looking to change their strategy.

  • Under its current CEO, Darren Woods, Exxon has continued to expand its exploration and production activities, responding to erroneous assumptions about the price and availability of oil made in a letter to Engine’s directors. (European competitors have shifted to renewables much more aggressively.) Exxon’s announcement last month that it would cut spending didn’t go far enough, Engine said, offering “little reason to hope that this change will mark a new era” . An Exxon spokesperson told DealBook that the company was reviewing Engine’s letter.

The fund is pushing for changes to Exxon’s board of directors, a common tactic used by activist investors (although unusual at the start of a campaign). It has been proposed to add four leaders, including clean energy specialists, who will be vital to the future of the company.

  • Engine needs powerful allies. Exxon is valued at $ 172 billion and the fund only has a $ 40 million stake. It is said to have the backing of CalSTRS, the country’s second largest pension fund, which has an additional $ 300 million.

It’s a great test for a new breed of activist. Funds like Engine, which were launched this month, aim to give ESG investing a sharper edge through “active ownership,” as founder Chris James put it. “In the long run, shareholders and stakeholders have the same interests, and companies that invest in their stakeholders are better and stronger companies,” he said when announcing the creation of Engine. Other new funds like Inclusive Capital Partners (mentioned above) are taking a similar, as yet untested, approach. The transformation of Exxon would be very substantial evidence.

deals

  • Online lender SoFi has reportedly held talks to go public through the merger with a SPAC. (Reuters)

  • Bob Dylan agreed to sell the rights to his songwriting catalog to Universal Music Group for potentially more than $ 300 million. This is a single songwriter’s biggest deal. (NYT)

  • A new investment firm is planning a fund to bet against privately held startups. (WSJ)

Politics and politics

  • President-elect Joe Biden plans to appoint General Lloyd Austin as Secretary of Defense. He would be the first black man in the role. (NYT)

  • The District of Columbia Attorney General is investigating whether President Trump’s family has improperly benefited from his Washington hotel. (NYT)

  • A Senate battle over Mr. Trump’s appointment of Nathan Simington to the FCC under the control of the commission is on. (Bloomberg)

technology

  • A second federal judge blocked the Trump administration’s move to ban TikTok downloading in the US (WSJ).

  • Palantir’s shares rose after the data mining company won a three-year contract from the Food and Drug Administration to help get drug approvals. (Bloomberg)

  • European tech companies will raise $ 41 billion this year despite the pandemic, a record. (Atomico)

The best of the rest

  • Paul Sarbanes, the former Maryland Senator who co-authored the Sarbanes-Oxley Act, a major accounting revision after scandals like Enron, died Sunday. He was 87. (NYT)

  • MSNBC named Rashida Jones the next president, making her the highest-ranking black woman on American television news. (NYT)

  • Chuck Yeager, the first test pilot to break the sound barrier and immortalized in Tom Wolfe’s book The Right Stuff, died yesterday. He was 97. (NYT)

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