Leaders of a farmers' protest in India held a day-long hunger strike on Monday and reiterated their calls for nationwide protests over new laws to deregulate Indian agriculture, Al Jazeera reports.
Why it matters: Farmers say the laws will drive down crop prices and benefit big corporations. They've taken the government by surprise with large demonstrations in New Delhi, which have now continued for 19 days.
A bipartisan group of senators has released the full legislative text for a two-part stimulus plan: a $748 billion package focusing on areas of agreement and a separate $160 billion bill that includes the most controversial provisions — additional funding for state and local government and liability protections.
Why it matters: While many lawmakers see this bill as the most realistic and concrete compromise on coronavirus relief that we've seen in months, House and Senate leadership currently view it as a marker for broader negotiations — not the final vehicle for aid.
Amazon-backed Zoox unveiled on Monday its version of the future of transportation: an autonomous electric vehicle with no steering wheel that might one day be summoned with a ride-hailing app.
Why it matters: It's an important milestone for Zoox, which has ambitious plans to launch an urban robotaxi service using purpose-built vehicles designed and built in-house. Those efforts received a boost in June when Amazon acquired the six-year-old startup for a reported $1.2 billion.
Electronic voting system company Smartmatic said on Monday it is demanding retractions from Fox News, Newsmax, and One America News for making "false and defamatory statements" about the company surrounding the presidential election.
The big picture: The company issued legal notices to the three networks, which have all amplified baseless claims by President Trump and his allies that the election was rigged. Smartmatic CEO Antonio Mugica said the claims are part of "an effort to depress confidence in future elections and potentially counter the will of the voters."
The 2020 unicorn IPO stampede has hit a speedbump, with gaming platform Roblox postponing its IPO until early 2021, and fintech Affirm likely to do the same.
What to know: Neither delay reflects soft investor interest or other concerns about the underlying businesses. Instead, they're about broader IPO market issues.
The Blackstone Group has completed its $400 million preferred stock investment in cybersecurity firm FireEye (Nasdaq: FEYE), with ClearSky also participating. The deal was announced in late November.
The big picture: FireEye stunned the cybersecurity world last week by admitting its systems were breached by what it called "a nation with top-tier offensive capabilities." The disclosure now appears to have been the bleeding edge of a much larger hack that was allegedly conducted by Russia's foreign intelligence service, with victims including the U.S. Treasury and Commerce Departments.
U.S. cities have seen a 21% drop in revenue since the pandemic began, while extra expenses — for PPE, remote work technology and overtime pay — have risen 17%, a survey of 900 municipalities by the National League of Cities found.
Why it matters: The stats give fresh ammunition to municipal leaders who are pressing members of Congress for more federal aid. They also translate to terrifying budget choices for city officials everywhere.
The amount of stuff getting delivered to apartment buildings is overwhelming the ability to store it and make sure it doesn't get lost or stolen — creating opportunity for the "proptech" industry.
Why it matters: "Proptech" companies sell technology products that solve real estate problems — in this case, systems à la Amazon Lockers — and this year they're slavering at the surfeit of package deliveries.
Fears are mounting that a massive growth in debt and the current policy environment — described as "monetary policymaking on steroids," by Michael Arone, chief investment strategist for State Street Global Advisors, earlier this year — could be producing a new global wave of "zombie firms," a new G30 report by top economists and central bankers warns.
What it means: "The term 'zombie firms' was coined to refer to firms propped up by Japanese banks during Japan’s so-called 'Lost Decade,' following the collapse in 2001 of the Japanese asset price bubble," according to the report.
A major issue that will complicate any potential recovery is the extreme level of debt corporations and governments around the world have built up, much of it predating the pandemic.
By the numbers: To dig themselves out of the hole COVID-19 created, governments and corporations have added significantly to their already heavy debt loads.
Companies around the world are increasingly at risk of failure, and the size of the problem is growing.
Driving the news: That's the message being delivered by two of the world's most respected monetary authorities — former European Central Bank president Mario Draghi and former Reserve Bank of India governor Raghuram Rajan — and a flurry of other top economists.
A group of Europe's largest commercial truck manufacturers are about to announce plans to end sales of fossil-fuel-powered models by 2040, the Financial Times reports.
Driving the news: "An alliance of Daimler, Scania, Man, Volvo, Daf, Iveco and Ford have signed a pledge to phase out traditional combustion engines and focus on hydrogen, battery technology and clean fuels," according to the FT. Scania's chief executive, Henrik Henriksson, tells the FT that the industry may pour well over $100 billion into the effort.
Silicon Valley's powerhouses aren't putting out the "moving sale" signs, even as a handful of high-profile departures raises questions about the region's status.
Reddit has acquired Dubsmash, the short-form video app akin to TikTok, the company said in a statement provided to Axios. Deal terms were not disclosed.
Why it matters: The deal marks the latest move by a tech platform to invest in a TikTok-like video feature. Snapchat last month launched its TikTok competitor, called Spotlight. Facebook launched its competitor, called Reels, in August.
