FirstFT: Today’s top stories | Financial Times

Amazon chief executive Jeff Bezos will step aside later this year to become executive chairman, making way for Andy Jassy, who currently heads its cloud computing division, AWS, to replace him in the role.

The Amazon founder, 57, on Tuesday said it was an “optimal time” to make the move. Mr Bezos has been chief executive of the ecommerce group since its founding in 1994, during which time he became one of the world’s wealthiest people, with a net worth today of almost $200bn, according to Forbes.

The announcement comes as the company posted record quarterly revenues of $125.6bn, up more than 40 per cent on the same period last year, and comfortably beating Wall Street’s expectations.

Tuesday was a big day for technology company earnings. Alibaba revealed it suffered slowing growth in its core business in the final quarter of last year, and Google prepared to record another marked acceleration in advertising growth. (FT)

Coronavirus digest

• Japan is preparing to extend its Covid-19 state of emergency for another month until March 7 as it struggles to get cases of coronavirus under control.

• Tom Moore, the second world war veteran who became the face of British civic solidarity during the pandemic, died of Covid-19 on Tuesday at the age of 100.

• Shut out by Europe, Balkan nations are turning to China and Russia for vaccines. Russia’s Sputnik V jab has shown 91.6 per cent efficacy against symptomatic Covid-19 in clinical trials.

• The more transmissible B.1.1.7 coronavirus variant that is dominating cases in the UK is evolving further mutations, which scientists say will make existing vaccines less effective at preventing infection.

• African-Americans are being vaccinated far more slowly than their white peers, according to the US Centers for Disease Control and Prevention. (FT)

The US is setting up a forecasting service that aims to do for diseases what the weather service does for meteorology, writes Anjana Ahuja.

Keep up with the latest on our live blog and follow the global race to vaccinate with our tracker.

In the news

Reddit rally deflates GameStop shares more than halved on Tuesday as losses piled up on stocks favoured by the army of day traders who have organised on the social media site Reddit. Prices of Silver, which new retail buyers piled into this week, also retreated rapidly. (FT)

China warns US not to meddle in its affairs Yang Jiechi, Beijing’s top diplomat, has warned the US not to interfere in Hong Kong and Xinjiang, after senior Biden administration officials criticised policies in both regions. Nearly every team within Joe Biden’s National Security Council will incorporate China into its work. (FT, Axios)

Aung San Suu Kyi put under house arrest Aung San Suu Kyi is under house arrest in Myanmar’s capital Naypyidaw, a day after the coup that overthrew her government. The UN Security Council held an emergency meeting on Myanmar on Tuesday and is expected to call for a return to civilian power. (FT, Channel Asia News)

Alexei Navalny sentenced to 3.5 years in jail The Russian opposition activist has been sentenced to three-and-a-half years in prison in a case widely seen as an attempt to neutralise president Vladimir Putin’s most prominent critic. (FT)

Mario Draghi asked to be new Italian PM President Sergio Mattarella has asked the former head of the European Central Bank to begin talks to form a new government of national unity as the country battles the Covid-19 pandemic. (FT)

Democrats say evidence Trump incited mob is ‘overwhelming’ In a brief filed on Tuesday, House Democrats — who will act as impeachment managers, or prosecutors, in the Senate trial beginning next week — said Donald Trump had “singular responsibility” for the “tragedy”. Mr Trump’s legal team filed its own brief denying the former president’s responsibility in the Capitol riot on January 6. (FT, CNBC)

Big Oil hit by record losses Some of the world’s biggest energy groups reported record annual losses on Tuesday, marking a brutal 12 months for an industry under mounting pressure to speed up a transition to cleaner fuels. ExxonMobil racked up losses of more than $20bn last year, and UK’s BP announced its first annual loss since the Deepwater Horizon disaster more than a decade ago. (FT)

US to review treatment of asylum seekers Joe Biden will order a review of US treatment of asylum seekers from Central and South America and set up a new task force to reunite children and parents separated at the border as he continues efforts to overhaul the US immigration system. (FT)

The day ahead

Rate decisions Expect announcements from policymakers in Thailand, Iceland and Poland on Wednesday.

Earnings round-up PayPal, Siemens, Sony, GSK, Spotify, Santander, Volvo, MetLife, eBay, Yahoo Japan, CNH Industrial, Royal Caribbean Cruises and Qualcomm will report earnings on Wednesday. (FT)

What else we’re reading

Beijing lays down a marker in South China Sea A simulated attack on a US aircraft carrier last week served as a warning from Beijing. The action led by China’s People’s Liberation Army underscores the determination to challenge American dominance. Containing China is not a feasible option, writes Martin Wolf. The US and its allies have to co-operate and compete with the Asian nation’s rising power. (FT)

Japan’s love of robots is paying off As the country’s population greys and shrinks, robophilia has come in handy, writes Leo Lewis. Industry, academia and the government pitch advances in robotics as a panacea for the challenges that come with being the world’s fastest-ageing society. (FT)

No long-term silver lining for markets History shows the metal’s limited value as a shelter in catastrophic financial collapse, writes Brendan Greeley.
If the dollar system collapses, there will be no new silver princes, just a long, brutal slog back to re-establishing markets for credit, and then more of the ancient fight to make them fairer. (FT)

US companies take baby steps towards racial equity Many corporations are scrambling to figure out what small steps will put them on the road to tackling racial inequality in a post-George Floyd America — or be seen to be doing so. But now it’s time to move beyond the jaw-jaw, writes Patti Waldmeir. One notable institution where diversity is lacking: the US Federal Reserve. (FT, NYT)

The unexpected rise of the discount megastore Accelerated by the coronavirus pandemic, the rapid growth of chains such as B&M, Action and Home Bargains is proving that physical retail can be profitable. How did “variety discounters” spread? (FT)

Is a pandemic the time for an MBA? Many high-fliers are taking shelter from a world economy reeling from coronavirus by enrolling in an MBA programme. While strengthening your CV in a tough jobs market makes sense, argues Seb Murray, there are downsides too, he says. (FT)

Podcast of the day

Money Clinic: How can my small business survive Covid-19? This week, Claer meets Lowri, who runs a small events business. She’s had no work for nearly a year, and as a director of her own limited company is one of an estimated 3m people in the UK who has fallen through the cracks of government support. Listen to the episode on FT.com, Spotify, Apple podcasts, or wherever you listen.