General Motors will pull out of any legal efforts that seek to strip California of its right to set its own clean-air standards, GM CEO Mary Barra said in a letter Monday to environmental groups, per AP.
Driving the news: Barra said the company, which is developing a new battery chemistry that will reduce the costs of electric-vehicle, agrees with President-elect Joe Biden’s plan to expand the use of electric vehicles, AP reported.
President-elect Joe Biden is preparing to nominate former Fed Chair Janet Yellen as his Treasury Secretary, four people familiar with the matter tell Axios.
Why it matters: Yellen, 74, will bring instant economic celebrity to Biden’s team and, if confirmed, she will not only be the first female Treasury Secretary but also the first person to have held all three economic power positions in the federal government: the chair of Council of Economic Advisers, the chair of Federal Reserve and the Treasury Secretary.
AstraZeneca and the University of Oxford on Monday reported promising efficacy data for their COVID-19 vaccine, which has less stringent storage requirements than the Pfizer and Moderna vaccines and may be distributed earlier in developing countries.
Axios Re:Cap digs into the state of vaccine and therapeutics manufacturing with Bob Nelsen, a successful biotech investor who on Monday launched Resilience, a giant new pharma production platform that he believes will prepare America for its next major health challenges.
The National Highway Traffic Safety Administration announced Monday that General Motors must recall and repair any vehicle equipped with Takata air bag inflators, per AP.
Why it matters: The government agency said GM must recall nearly 6 million pickup trucks and SUVs from the 2007–2014 model years. Despite the automaker's multiple appeals to the NHTSA, this new regulation will cost the company around $1.2 billion.
COVID-19 is the macro horror of our lifetimes, and has destroyed or severely damaged countless businesses. But, like with most horribles, it also has created some opportunities.
Driving the news: Merck this morning announced an agreement to buy OncoImmune, a Maryland-based biotech that showed promising late-stage clinical results for a therapy that treats severe and critical coronavirus cases.
State economies most exposed to industries that have been slow to bounce back from the pandemic shutdown — like tourism — are seeing the worst labor market pain.
Why it matters: Even states that have the coronavirus more under control than others are taking harder economic hits, thanks to their dependence on sectors slammed by the pandemic.
JPMorgan says the economy will shrink by an annualized 1% next quarter, adding to a growing number of firms trimming estimates as the coronavirus rages.
Why it matters: It's the first major Wall Street bank that expects the economy will contract again as a result of the pandemic.
A major regulator is racing to thwart big banks' refusal to lend and service certain industries and projects — including Arctic oil drilling and new coal mining.
Why it matters: America's biggest banks are increasingly scaling back ties with fossil fuel, prison and gun-manufacturing businesses amid public pressure and changing investment preferences.
It's over. That's whatBlackstone chairman, CEO and co-founder Steve Schwarzman — one of President Trump's most loyal allies — and other top Republicans are signaling to the defeated president, 16 days after Joe Biden clinched the win.
Why it matters: It’s all theatrics now. Even if Trump doesn't move on fast, you can. It is safe to ignore the fearful Republicans who insist the process is legit and plausible, because they tell us privately it is not.
Thousands of Americans waited in long lines at food banks in the week before Thanksgiving to pick up turkeys, canned goods, broccoli and other vegetables.
Why it matters: As the holiday season approaches, families across the U.S. are in need of food assistance due to chronic unemployment and economic hardship caused by COVID-19 — and many food pantries already served an unprecedented number of people this spring.
The frightening, post-election COVID surge is making everything feel strange, different and unsettled all over again.
Why it matters: With Thanksgiving canceled, doctors quitting their practices and grocers limiting purchase quantities (again), Americans have the ambient sense that our safety net is unraveling. Not only are things not returning to normal, they may not return to normal for a long time.
