THURSDAY 7 JANUARY 2021 WORLD BUSINESS NEWSPAPER USA $2.50 Canada C$3.00 Race reset V for vaccine On thin ice Police battle to regain trust among States must adopt a war footing to Rosneft’s Arctic oil clouds BP’s black Britons — BIG READ, PAGE 13 ramp up jab output — OPINION, PAGE 15 green vision — INSIDE BUSINESS, PAGE 5 Briefing Trump fury as Pence refuses to i US group acquires Alliance Healthcare US drug wholesaler AmerisourceBergen has agreed to buy the distribution division of Walgreens Boots Alliance for about $6.5bn as the group pushes tamper with US election result further into Europe.— PAGE 5 i China bars Wuhan-bound WHO team Beijing has barred the entry of a 10-member team of virologists from the World Health Organization who 3 VP stands firm on vote 3 Angry rally in Washington 3 Democrats close in on Georgia win were to probe the origins of the Covid-19 pandemic after their visas were not approved.— PAGE 4 Lauren Fedor, James Politi And courtney weaver — Washington i Grammy Awards canned amid virus rise Donald Trump’s effort to extend his A “dangerous surge” of virus presidency beyond January 20 was dealt cases in Los Angeles has forced a fatal blow yesterday when Mike Pence authorities to enforce extreme refused to overturn the result of the lockdown measures and led to election. the postponement of the As angry Trump supporters gathered Grammy Awards.— PAGE 6 in Washington to protest against the election result, Mr Trump’s formerly i Russia blamed for US cyber campaign loyal vice-president dismissed sugges- US security agencies including the FBI have said that tions that he tamper with the electoral Russia was probably behind a huge cyber espionage vote count when presiding over a joint campaign uncovered late last year, contradicting session of Congress. statements from President Donald Trump.— PAGE 2 The outgoing president had put pres- sure on Mr Pence to reverse Joe Biden’s i Police hold 53 HK democracy protesters win. But Mr Pence refused, writing in a Police have arrested 53 pro-democracy politicians in letter: “My oath to support and defend Hong Kong, one of the biggest purges of the city’s the constitution constrains me from opposition since Beijing imposed a national security claiming unilateral authority to deter- law on the city last year.— PAGE 4 mine which electoral votes should be counted and which should not.” In a i EU ends de facto recognition of Guaidó later statement, he added: “I want to The EU’s de facto recognition of Juan Guaidó as assure the American people that I will Venezuela’s interim president has been dropped, a keep the oath I made to them.” serious diplomatic setback to the opposition leader’s In a further blow to Mr Trump, Mitch efforts to force out Nicolás Maduro.— PAGE 2 McConnell, the Republican Senate majority leader, condemned the effort i Trump seeks China payment apps ban to overturn the election, saying the vote Donald Trump moved to outlaw transactions with was “not actually particularly close” Chinese payment apps including Alipay, WeChat Pay and that if Congress were to overrule the and QQ Wallet, stoking Sino tensions with just days result then “democracy would enter a Pro-Trump gress for the first time in a decade, Kelly Loeffler. In the other Georgia Sen- States” and berated his former attorney- of his presidency left.— PAGE 4; LEX, PAGE 16 death spiral”. crowds gather boosting Mr Biden’s chances of imple- ate race, Mr Ossoff led Republican general Bill Barr because he did not Republican senator Mitt Romney said in Washington menting his agenda as president when incumbent David Perdue by slightly want to serve as his “personal attorney”. Mr Trump’s election challenge had “dis- yesterday he takes office later this month. more than 17,000 votes. Many of the He described the three conservative graced the office of the presidency”. Michael Reynolds/EPA/EFE Mr Warnock was declared the victor remaining ballots are expected to come justices he appointed to the Supreme Datawatch Mr Trump lashed out at Republicans by the Associated Press in the early from areas that favour Democrats. Court as ungrateful, after the court who have refused to back his last-gasp hours of yesterday morning. With 98 The two run-off elections were trig- declined to hear his challenges to the United we rise The S&P 500 has effort to cling to power. “They’re weak per cent of votes counted, he had 50.6 gered after no candidate earned more election. “They couldn’t give a damn,” S&P performance in periods of performed better Republicans. They’re pathetic Republi- per cent of the vote with a lead of about than 50 per cent of the vote in the he said. united* and divided US govt when the same cans,” he said. 53,000 over Republican incumbent November 3 general election. US stocks and Treasury yields rose on (compound annual growth, ) party has held the He was speaking as Democrats moved The AP, which the Financial Times the prospect of a bigger fiscal stimulus - White House and within touching distance of control of relies upon to call elections, has yet to that could feed through to inflation. US - both houses of - Congress. Average Congress after Raphael Warnock Inside Georgia set to give Biden a clearer declare victory for Mr Ossoff, a 33-year- 10-year Treasury yields hit 1 per cent for - path to deliver on party’s priorities - annual growth has became the first African-American in old documentary film producer. the first time in more than nine months, - been 12 per cent Georgia to win a Senate seat and fellow ANALYSIS, PAGE 3 Mr Pence was one of several Republi- rising 0.06 percentage points to 1.02 per - with unified - Democrat Jon Ossoff led his Republican cans who Mr Trump lambasted in what cent in Asia trading, reflecting expecta- - governments but opponent in run-off elections. The US Senate run-offs have shown is likely to be one of his last speeches tions of higher government spending. - - 10 per cent amid The rising prospect of a Democratic the electoral cost of Trumpism before leaving office. He called Georgia’s Yields rise when bond prices fall. *Single party holds presidency and both houses splits, excluding of Congress Source: FT research the 2007-09 fall. sweep in the two pivotal races would EDITORIAL COMMENT, PAGE 14 Republican governor Brian Kemp “one Markets pages 8 & 9 hand the party unified control in Con- of the dumbest governors in the United Lex page 16 UK watchdog to probe industry fears over Nvidia’s $40bn Arm takeover Tim Bradshaw — London reduce competition. The agency has which would be “good for the market” proven itself one of the world’s most as it “brings more competition”. The UK’s competition regulator is aggressive antitrust enforcers, blocking “[Arm’s] definition of neutrality is preparing to investigate Nvidia’s $40bn a higher percentage of deals in recent that they are willing to sell to anybody acquisition of Arm, after rivals raised years than regulators in other countries. who wants to buy their technology,” he concerns about the deal. Merz brushes off criticism The CMA inquiry will be separate to told the Financial Times. “Of course we The Competition and Markets Author- any examination by the UK government will do that and be neutral in that way.” in race to succeed Merkel ity yesterday invited interested parties of the deal’s impact on national security However, some rival chipmakers Millionaire lawyer Friedrich Merz, one to share their views on the US tech or industrial policy. remain concerned. Nigel Toon, chief of the three candidates bidding to group’s purchase from SoftBank of the Arm’s designs are used across the executive of Graphcore, which com- become the next leader of Germany’s British chip designer, with the agency smartphone industry and in data cen- petes with Nvidia in chips for artificial Christian Democrats, ignores criticisms set to begin its formal investigation later tres, laptops and the emerging “internet intelligence applications, has warned that he is an anachronism from the in the year. of things”. The company licenses its that the deal is “bad for the market 1990s who wants to drag the party “We will work closely with other com- technology to many technology groups, . let alone that it is bad for Britain”. back to its conservative past. The race petition authorities around the world to including Apple, Samsung and Micro- He added: “I think it smacks of anti- will have far-reaching consequences; carefully consider the impact of the deal soft, as well as rival chipmakers, such as competitiveness. It’s market power whoever wins as CDU leader is likely to and ensure that it doesn’t ultimately Qualcomm, Broadcom and NXP. coming into the hands of a big player succeed Angela Merkel when she steps result in consumers facing more expen- Jensen Huang, Nvidia chief executive, that is going to reduce competition.” down after 16 years as chancellor. sive or lower-quality products,” said has said both that Arm will retain its Mr Huang said he had expected close Rival sells modern vision i PAGE 2 Andrea Coscelli, CMA chief executive. “neutral” status under his company’s regulatory scrutiny of the deal. “I’m Constanze Stelzenmüller i PAGE 15 The CMA has the power to block the ownership and that he hopes to sell fully expecting a lot of back and forth.” deal if it decides that the tie-up could more of Nvidia’s tech to Arm licensees, Additional reporting by Kate Beioley Subscribe In print and online World Markets STOCK MARKETS CURRENCIES INTEREST RATES www.ft.com/subsusa Tel: 1 800 628 8088 Jan 6 prev %chg Jan 6 prev Jan 6 prev price yield chg