Biden Team Slams Mnuchin’s Decision to End Emergency Fed Programs

Here’s what you need to know:

Credit…Anna Moneymaker for The New York Times

President-elect Joseph R. Biden Jr.’s transition team criticized the Trump administration’s decision to pull the plug on several Federal Reserve programs introduced during the pandemic, saying it smacked of politics and would hurt the economy.

“The Treasury Department’s attempt to prematurely end support that could be used for small businesses across the country when they are facing the prospect of new shutdowns is deeply irresponsible,” Kate Bedingfield, a spokeswoman for the transition, said in a statement. (The statement was not by Mr. Biden, as was previously reported here.) “At this fragile moment, as the Covid and economic crises are reaccelerating, we should be reinforcing the government’s ability to respond and

Read More

Rio Ferdinand slams ‘disgraceful’ VAR as Man Utd rescued by dodgy call after Bruno Fernandes foul vs West Brom

MANCHESTER UNITED legend called VAR a ‘disgrace’ after it rescued his old side against West Brom.

Bruno Fernandes was perhaps the luckiest player on the pitch as he benefited TWICE from the video technology during the 1-0 win.

VAR has been slammed after it helped Manchester United to victory over West Brom


VAR has been slammed after it helped Manchester United to victory over West BromCredit: Reuters

⚽ Read our Man United live blog for the latest news from Old Trafford

Referee David Coote awarded the Baggies a penalty early in the second half after adjudging Fernandes had fouled Conor Gallagher but changed his mind after a video ref prompt.

That was despite TV replays appearing to show United’s Portuguese star whacking Gallagher’s shin.

Minutes later Coote awarded United a penalty for handball against Semi Ajayi — even though the Baggies player had his back turned.

Coote’s decision was supported by VAR and Fernandes converted the twice-taken spot kick after video technology

Read More

‘There’s damage to this’: Obama slams GOP for lining up behind Trump’s fraud claims

Former President Barack Obama said in a new interview that it “has been disappointing” to see congressional Republicans remain supportive of President Donald Trump’s baseless claims of widespread voter fraud and his refusal to concede the 2020 White House race to President-elect Joe Biden.

“There’s damage to this,” Obama said in an interview with “CBS Sunday Morning” that is set to air in full this weekend. “Because what happens is that the peaceful transfer of power — the notion that any of us who attain an elected office, whether it’s dog catcher or president, are servants of the people, it’s a temporary job, we’re not above the rules, we’re not above the law — that’s the essence of our democracy.”

Obama also described the fraud allegations leveled by GOP lawmakers as disingenuous, saying that “they

Read More

China slams the brakes on Ant Group’s $37 billion listing

HONG KONG/NEW YORK (Reuters) – China suspended Ant Group’s $37 billion listing on Tuesday, thwarting the world’s largest stock market debut with just days to go in a dramatic blow to the financial technology firm founded by billionaire Jack Ma.

The Shanghai stock exchange said it had suspended the company’s initial public offering (IPO) on its tech-focused STAR Market, prompting Ant to also freeze the Hong Kong leg of its dual listing scheduled for Thursday.

This followed a meeting with China’s financial regulators on Monday during which Ma and his top executives were told that Ant’s lucrative online lending business would face tighter scrutiny, sources told Reuters.

The Shanghai bourse described Ant’s meeting with financial regulators as a “major event” which, along with a tougher regulatory environment, may cause Ant to be disqualified from listing.

In China, analysts interpreted the move as a slap down for Ma, who had wanted

Read More

Report released by Sen. Maria Cantwell slams Google and Facebook for decimating local news outlets

“Unfair, deceptive, and abusive practices” by tech giants Google and Facebook have suffocated local news outlets, contributing to a critical deficit of trustworthy local journalism, according to a new minority report from the Senate Commerce Committee released by ranking member Sen. Maria Cantwell, D-Wash.

The report, echoing a landmark antitrust suit filed last week against Google by the Justice Department, concludes that Google and Facebook have used their sheer heft to dominate the digital advertising market, to the detriment of local media outlets and an informed public.

“These trillion-dollar companies scrape local news content and data for their own sites and leverage their market dominance to force local news to accept little to nothing for their intellectual property,” the report claims. “There is a clear need for Congress to address the market failures created by the search and social-media platforms.”

The report from the Commerce Committee’s Democratic minority recommends

Read More

Trump Administration Slams NATO Ally Turkey for Weapon Test | Political News

By ROBERT BURNS, AP National Security Writer

WASHINGTON (AP) — The Trump administration on Friday slammed Turkey for taking a new step toward fielding a Russian-made air defense weapon. The U.S. complaint marked a deepening rift that threatens the future of a security relationship that has been central to the NATO military alliance for seven decades.

After Turkish President Recep Tayyip Erdogan confirmed that his country had tested the S-400 air defense system and brushed off American complaints, saying, “We aren’t going to ask America,” the Pentagon hit back.

“The U.S. Department of Defense condemns in the strongest possible terms Turkey’s October 16 test of the S-400 air defense system,” the top Pentagon spokesman, Jonathan Hoffman, said in a statement. “We have been clear and unwavering in our position: an operational S-400 system is not consistent with Turkey’s commitments as a U.S. and NATO ally.”

The State Department separately called

Read More