FirstFT: Today’s top stories | Financial Times

Joe Biden’s $1.9tn coronavirus relief package received final backing from the US House of Representatives on Wednesday, sealing congressional approval for a massive fiscal stimulus with far-reaching political and economic consequences that will last for years.

The House passed the bill in a narrow 220 to 211 vote, with all but one Democrat voting in favour and every Republican voting against it, paving the way for Biden to sign it into law on Friday.

The final greenlight from Congress marks a big victory for the US president, who took office in January with a mission to mitigate fallout from the coronavirus pandemic and reboot the US economy. The bill reflects a belief among Biden and his top aides that they can rapidly accelerate the recovery without triggering an unwanted jump in inflation.

Biden’s stimulus will affect the whole world, our editorial board writes.

Now that Congress has passed the Covid relief package, the Biden administration and its Democratic allies are gearing up for their next big legislative priority: a multi-trillion dollar infrastructure package. (FT)

Coronavirus digest

• For Sinopharm’s vaccine to become a serious contender on the international stage, scientists said the state-backed pharmaceutical group needs to quit its reliance on Beijing and increase its transparency about its trials and data.

• The Philippine Food and Drug Administration will next week send an inspection team to the Sputnik V vaccine manufacturing facility in Russia.

• Turkey’s unemployment rate dipped in January, suggesting the economy may still be expanding, but the figure masks a decline in the workforce.

• New coronavirus strains represent more than half of all current cases in New York City, mayor Bill de Blasio and his team revealed.

• Covid-19 has been blamed for sharp declines in the number of babies being born nine months or more after lockdowns in France, Italy and Spain. (FT)

Follow our Covid-19 live blog for the latest updates.

In the news

US prepares additional Myanmar sanctions The Biden administration is preparing a new package of sanctions to squeeze the finances of Myanmar’s military junta, according to US officials and several people briefed on the matter. Some Myanmar police say they fled to India after refusing orders to shoot at protesters. (FT, Reuters)

HK pro-democracy politician Ted Hui arrives in Australia Ted Hui has arrived in Australia as the first Hong Kong politician to be granted a travel exemption by the Australian government during the pandemic. Hui had fled Hong Kong, initially to Europe, after being arrested on charges of violating Beijing’s national security law. (ABC)

GameStop shares whipsaw in echo of January’s Reddit frenzy Shares in GameStop went on another wild ride on Wednesday, first shooting higher and then crashing in a repeat of the explosive trading frenzy from the start of this year. Meanwhile, retail investor apathy is threatening to derail Spac deals. (FT)

• Roblox, the online gaming company with heavy retail investor interest, soared above $70 per share as it began trading on the New York Stock Exchange, in the largest direct listing of a tech company to date. (FT)

McKinsey elects Bob Sternfels as next leader The consultancy handed the San Francisco-based 51-year-old the challenge of stabilising a firm shaken by reputational crises that have raised questions about its culture, growth strategy and governance. Sternfels, whose current role is akin to a chief operating officer, beat Sven Smit, the co-chair of the McKinsey Global Institute, to the job. (FT)

Admiral warns US military losing its edge in Indo-Pacific Admiral Philip Davidson, head of Indo-Pacific command, said the military balance in the region has “become more unfavourable” to the US, raising the threat of China taking action because of declining deterrence. US officials have confirmed a face-to-face meeting with Chinese counterparts in Alaska next week. (FT)

Taiwan accuses Bitmain of poaching its top chip engineers Taiwan has accused one of China’s biggest crypto companies of illegally running two research centres on the island, as it investigates a novel scheme to poach the country’s brightest chip designers. Bitmain did not immediately respond to a request for comment. (FT)

China’s economic plan short on climate goals China’s five-year economic blueprint published last week brought few strong measures to bear on President Xi Jinping’s climate commitments. Instead, Beijing set targets similar or marginally higher than the previous five-year period. (FT)

Apollo’s Greensill bid crumbles Apollo Global Management’s plan to buy parts of stricken finance company Greensill Capital out of administration is on the verge of collapse, according to people familiar with the matter. (FT)

• Japanese insurer Tokio Marine has said the insurance policies at the heart of the Greensill Capital collapse may not have been valid, as investors pressed the company to detail its exposure to the lender. (FT)

The day ahead

10th anniversary of Japan tsunami and Fukushima disaster Ten years after the 9.0 magnitude earthquake and subsequent tsunami caused a nuclear meltdown in Fukushima, few have returned. Those who have gone back have discovered an eerie new reality. The anniversary has triggered debates about whether Japan should keep nuclear as a key energy source, Tamami Shimizuishi writes in Moral Money. (NYT, FT)

Correction: Theranos founder Elizabeth Holmes’ trial has been postponed until July.

What else we’re reading

Stores still matter when it comes to online groceries Covid has sent grocery sales soaring with much of the growth online, but not all customers are happy, writes Brooke Masters. Today’s apps cannot replicate a physical visitor’s ability to scan a shelf, make substitutions and, crucially, discover things they didn’t know they wanted. (FT)

The ‘invisible’ pact binding the UK royals and the tabloids For most of the House of Windsor’s reign, the family enjoyed regal privacy in terms of the press. That changed with the editorial revolution Rupert Murdoch brought to Fleet Street in the 1960s, which exploited public interest in the private lives of royals, and its commercial potential. (FT)

China retail king’s woes temper Xi’s football fantasy Zhang Jindong’s football acquisitions put him at the heart of Xi Jinping’s ambitions to use the sport as a means to animate Chinese youth and to extend the country’s influence abroad. But four years later, debt problems embroiling Zhang’s expansive conglomerate have rippled far and wide. (FT)

The case for investing in bitcoin Scepticism over cryptocurrencies has roots in the framework of money as a medium of exchange, unit of account and store of value. But there are good reasons for business leaders to invest in them as an opportunity to solve a number of problems — particularly in emerging economies, writes economist Dambisa Moyo. (FT)

Car groups complicate EU’s hydrogen drive Europe’s two biggest industrial and economic powers are laying billions on the table in an attempt to take on China in developing a “green” hydrogen sector to replace fossil fuels — but the continent’s top motor groups are wary of going along for the ride. Meanwhile, Europe is embarking on a push to police ESG investing. (FT)

Video of the day

Vaccine economics The FT asks whether the pandemic will fundamentally change the vaccine market, featuring global experts including Bill Gates, the chief executives of Moderna and Gavi and the lead scientist behind the Oxford/AstraZeneca vaccine. (FT)