THURSDAY 21 JANUARY 2021 WORLD BUSINESS NEWSPAPER EUROPE
‘Democracy has prevailed’ 3 Call for Americans to come together to end ‘uncivil war’ 3 Salvo of executive orders to unpick predecessor’s legacy
Joe Biden is sworn in as the 46th president as his wife Jill looks on at the US Capitol in Washington yesterday — .Saul Loeb/Pool/AP
James Politi and Lauren Fedor during what he described as a “winter of guarded by 25,000 troops, took place on relief in the midst of the pandemic. He tive orders that immediately reverse Washington peril and significant possibilities”. the steps of the US Capitol before Mr has called for large-scale government some of Mr Trump’s most controversial Joe Biden hailed the resilience of US “My whole soul is in this: bringing Biden’s inaugural address just two spending and some tax increases to policies in areas ranging from climate democracy and appealed for unity in a America together,” he said, in a clear weeks after the seat of American stimulate the recovery and redress change to immigration. divided nation as he was sworn in as the break from the divisiveness of Mr democracy was attacked by pro-Trump entrenched economic and racial ine- The US intends to rejoin the Paris cli- 46th president, completing a tumultu- Trump, adding that “politics doesn’t rioters, leaving five people dead. qualities. “It’s time for boldness, for mate accord and stop its withdrawal ous transfer of power marred by the have to be a raging fire”. At 78 years old, Mr Biden is the oldest there is so much to do,” he said. from the World Health Organization. recent deadly attack on the Capitol. “We must end this uncivil war that incoming US president. He will be “Together, we shall write an Ameri- Mr Biden will halt the construction of In his inaugural address, Mr Biden did pits red versus blue, rural versus urban, joined by Kamala Harris, the former can story of hope not fear, of unity not the border wall with Mexico that was not mention Donald Trump by name conservative versus liberal,” he said. senator from California, who will serve division of light, not darkness,” he said. championed by his predecessor and roll but said the foundations of the US politi- Mr Biden’s oath of office was adminis- as the first female, first black and first “A story of decency and dignity, love and back the travel ban on citizens of certain cal system had been tested by his prede- tered by Supreme Court chief justice Asian-American vice-president. She healing, greatness and goodness.” Muslim countries. cessor’s refusal to concede defeat. John Roberts in the presence of congres- was sworn in by Supreme Court justice Mr Biden vowed to “repair our allian- He will also send an immigration “We have learned again that democ- sional leaders from both parties and Sonia Sotomayor, after Lady Gaga sang ces and engage with the world once reform bill to Congress that creates an racy is precious, democracy is fragile former presidents including Barack the National Anthem and before a per- again” after tensions under Mr Trump. eight-year pathway to citizenship for and, at this hour my friends, democracy Obama, Bill Clinton and George W Bush formance by Jennifer Lopez. He promised that the US would “lead, undocumented immigrants. has prevailed,” Mr Biden said. He called — but not Mr Trump, who flew to Flor- Mr Biden also called on Americans not merely by the example of our power News & Analysis pages 2&3 on Americans to come together to tackle ida yesterday morning. Kamala Harris’s vice-presidency and US lawmakers to rally around his but by the power of our example”. Editorial Comment page 18 the pandemic and economic downturn The ceremony, which was heavily marks multiple milestones sweeping agenda of economic and social The new president has signed execu- Opinion page 19 No fanfare for Trump as he boards final Air Force One flight to Florida
Demetri Sevastopulo and you soon,” he added, before boarding successor’s inauguration. He did not call Courtney Weaver — Washington his final Air Force One flight destined Joe Biden to concede defeat nor invite In the end, it was over with a whimper. for Palm Beach, Florida. him to the White House. He did not even Donald Trump, a president defined by If Mr Trump’s departure was low key, mention his successor by name in his barnstorming rallies, exited the stage it was not without the controversy that farewell speech, though he wished the Italy threatens legal action without any pomp and circumstance, punctuated his four years in office. Just incoming administration “great luck against Pfzier over vaccine bringing the curtain down on a chaotic hours earlier, he delivered dozens of and great success”. He added: “The administration that had shocked the pardons including to Steve Bannon, his future of this country has never been Report i PAGE 4 world and tested the very fabric of US divisive former strategist, and rappers better . . . They have the foundation to democracy. Lil Wayne and Kodak Black over weap- do something really spectacular.” ons charges. In his only nod to the norms of trans- Austria €3.90 Malta €3.70 Bahrain Din1.8 Morocco Dh45 A small group of family members and After losing the election, Mr Trump ferring power, Mr Trump left a letter for Belgium €3.90 Netherlands €3.90 supporters — tiny compared with the made a furious attempt to overturn the the new US president in the White Bulgaria Lev7.50 Norway NKr40 Croatia Kn29 Oman OR1.60 crowds he drew during his two election result, peddling baseless claims of mass House, according to an official, who did Cyprus €3.70 Pakistan Rupee350 Czech Rep Kc105 Poland Zl 20 campaigns — gathered to wave off the voter fraud and pressuring Republican not elaborate on its contents. Denmark DKr38 Portugal €3.70 outgoing president from Joint Base officials to reverse the outcome. But his Mr Trump’s long list of pardons — Egypt E£59 Qatar QR15 Finland €4.70 Romania Ron17 Andrews. He delivered a short, some- last-gasp campaign screeched to a halt which in the end did not include himself France €3.90 Russia €5.00 Germany €3.90 Serbia NewD420 what deflated speech, in which he dan- two weeks ago, when a mob of his sup- or his family — came as the Senate pre- Gibraltar £2.90 Slovak Rep €3.70 gled the possibility of a political come- porters launched a deadly attack on the pares for Mr Trump’s second impeach- Greece €3.70 Slovenia €3.70 Hungary Ft1200 Spain €3.70 back. US Capitol. ment trial, this time for inciting the riot India Rup220 Sweden SKr39 Italy €3.70 Switzerland SFr6.20 “We will be back in some form,” Mr Mr Trump was the first president in in the nation’s capital. Lithuania €4.30 Tunisia Din7.50 Trump said. “Have a good life. We’ll see more than 150 years not to attend his Luxembourg €3.90 Turkey TL19 Trump leaves White House page 2 North Macedonia Den220 UAE Dh20.00
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JANUARY 21 2021 Section:FrontBack Time: 20/1/2021 - 19:10 User: andy.puttnam Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1 2 ★ FINANCIAL TIMES Thursday 21 January 2021
Biden inauguration Trump leaves White House after issuing Bannon pardon Former strategist among dozens of people granted last-minute clemency
Demetri Sevastopulo — Washington was suspended in November after he said Christopher Wray, the FBI director, Donald Trump brought an end to his and Anthony Fauci, a top member of the tumultuous presidency after issuing an coronavirus task force, should be eleventh-hour pardon to Steve Ban- beheaded. non, his former strategist. Mr Bannon said the heads of the men, Just days after his historic second who had contradicted Mr Trump on impeachment for inciting a mob that occasions, should be placed on pikes stormed the US Capitol on January 6, Mr outside the White House to warn other Trump pardoned one of the most divi- officials not to cross the president. sive and polarising people in his political The White House said in a statement orbit. The pardon was one of dozens listing well over 100 pardons and com- issued at the last minute for former poli- mutations that Mr Bannon was “an ticians, people convicted of drug important leader in the conservative offences and Lil Wayne, the rapper. movement and is known for his political Mr Bannon was charged last year by acumen”. federal prosecutors in New York with Lil Wayne recently pleaded guilty to defrauding hundreds of thousands of possessing a loaded, gold-plated hand- Trump supporters who donated to a gun and faced up to 10 years in prison. crowdfunding campaign to build the The musician appeared to endorse Mr wall on the US-Mexico border, which Mr Trump for re-election when he posted a Trump pledged to erect during the 2016 photograph of himself and the president race. Mr Bannon had pleaded not guilty on Twitter and said he backed Mr and was released on bail awaiting trial. Trump’s criminal justice reform efforts Mr Trump did not issue pre-emptive and economic programme for African pardons for himself or any of his family, Americans. an idea he floated in conversations with The list of pardons included a number staff after losing the November election. of ex-politicians, including former Cali- Most constitutional scholars said he fornia congressman Randall Cunning- could not pardon himself, but the the- ham and Kwame Kilpatrick, the former ory has never been tested in court. Democratic mayor of Detroit convicted The pardon of Mr Bannon is likely to in 2013 of two dozen charges that spark fierce criticism. He ran the final included extortion and racketeering. leg of the president’s 2016 campaign Elliott Broidy, a former Republican before he was fired from the White National Committee deputy national House. Mr Bannon’s Twitter account finance chair, was also pardoned. He had been charged with failing to register as a lobbyist in connection with the cor- Pomp and ceremony: the US Capitol during yesterday’s inauguration, a far cry from the attack it suffered two weeks previously — Jim Bourg/Reuters Beijing backlash ruption scandal surrounding 1Malaysia Development Berhad, the sovereign Pompeo among those wealth fund. hit with China sanctions Anthony Levandowski, co-founder of Google’s self-driving car project, who Upper chamber China imposed sanctions on a was given an 18-month prison sentence number of former Trump last year for stealing trade secrets to administration officials, including help Uber, was also granted clemency. outgoing US secretary of state Mike Separately, Mr Trump issued an exec- Moderates emerge as Senate dealmakers Pompeo, accusing them of having utive order rescinding an order he made “seriously violated” its sovereignty. in his first month in office that imposed Beijing took the rare move a day strict restrictions on lobbying by former Lauren Fedor — Washington Murkowski of Alaska and Maine’s Susan cratic senator from South Dakota, the Others are more sceptical, given how administration officials. The move Collins. Senate majority leader. sharp the partisan divide has become. after the Trump administration There is a new group of political power came despite his claim four years ago he “They become the dealmakers, or the Mr Daschle, who left the Senate in Mr Biden takes office under the long declared the repression and brokers in Washington. detention of more than 1m Muslim would “drain the swamp” of lobbyists. deal breakers, depending on what the 2005, said this week he thought it was a shadow of an impeachment trial for Mr Uighurs in the north-western Mr Trump’s pardons stand out in They will not be found in the White bill is,” said Republican strategist Doug “good thing” that Mr Biden’s agenda Trump, and it remains unclear whether Chinese province of Xinjiang terms of their controversy, according to House or government departments, nor Heye. “Clearly, they are in a position of would depend on the backing of people more than a dozen Republican senators amounted to genocide. Jack Goldsmith, a Harvard Law School in the ranks of congressional leadership, influence that is much greater than just such as Mr Manchin, a self-described will vote to convict the outgoing presi- The Chinese foreign ministry said professor. Prof Goldsmith found that but rather in the Senate, where a hand- a week ago.” “conservative Democrat” from a state dent for inciting the January 6 unrest. it was placing sanctions on 28 the overwhelming majority had been ful of centrist lawmakers are ready to Democrats still control the agenda, Donald Trump won by an almost 40- “It is a very different environment individuals, including Matt granted to people with whom the wield outsized influence. with Chuck Schumer, the senator from point margin in November. Mr Manchin now,” Mr Heye said. “Given the polarisa- Pottinger, former deputy national former president had a connection. Their newfound power comes as the New York, becoming Senate majority sided with Republicans on abortion and tion in the country, which manifests security adviser, who was one of He also issued dozens of pardons and Democrats prepare to take control of leader, and Mitch McConnell, the upper voted for Brett Kavanaugh’s nomination itself in both the House and the Senate, the main drivers of the hawkish commutations in December. The list the upper chamber of Congress by the chamber’s top Republican, demoted to to the Supreme Court. it is going to be hard to get things done.” approach to Beijing over the past included Paul Manafort, his first cam- narrowest of margins after winning two minority leader. Nancy Pelosi, Demo- “They will be the ones who can ensure So far, a few Republicans have indi- couple of years. paign manager, and Roger Stone, the run-off elections in Georgia this month. cratic Speaker of the House of Repre- that there is at least an effort to reach cated they are open to conviction. Also targeted were Robert self-described political dirty trickster The 100-member Senate will be split sentatives, will maintain control of the compromise,” Mr Daschle said of Mr While Mr Biden may use a process O’Brien, former national security and a confidant of the president. 50:50, with Kamala Harris, the vice- lower chamber. Manchin and other moderate Demo- called budget reconciliation to push his adviser, and John Bolton, his Mr Trump also pardoned four men president, having a casting vote. The Senate has been split evenly just crats. “I have always said that compro- relief plans through the Senate with a predecessor in the position. who were convicted of killing Iraqi civil- Given the tight margins, a group of once before, in 2001, when Dick Cheney, mise is the oxygen of democracy, and we simple majority, most of his other pro- The sanctions mark the latest ians in Baghdad while working for self-styled moderates that do not always George W Bush’s vice-president, could need a lot more oxygen in the Senate posals will need the backing of at least deterioration in relations between Blackwater, a private security company vote along party lines will prove crucial cast a tiebreaking vote for Republicans. now.” 60 senators under arcane “filibuster” Washington and Beijing. New once owned by Erik Prince. Mr Prince is to President Joe Biden’s chances of pass- But that changed in June that year rules. So Mr Schumer will not only need the brother of Betsy DeVos, who served ing legislation, most pressingly his when Jim Jeffords, a senator from Ver- to hold on to votes from Mr Manchin president Joe Biden has vowed to Inside and online be tougher on China, and last year as Mr Trump’s education secretary. $1.9tn Covid-19 relief package. The mont, left the Republican party to cau- See Editorial Comment, Opinion, and other moderate Democrats, but also described Chinese president Xi Charles Kushner, the father of Jared group includes Democrats Joe Manchin cus with the Democrats, leaving the Markets and Lex win over as many as 10 Republicans to Kushner, Mr Trump’s son-in-law, was of West Virginia and Arizona’s Kyrsten chamber 51:49 in Democrat hands. The pass significant pieces of legislation — Jinping as a “thug”. ft.com/us pardoned last month. Sinema, as well as Republicans Lisa switch made Tom Daschle, the Demo- no small feat in this political climate.
Zients appointment MAKE A SMART INVESTMENT Subscribe to the FT today at FT.com/subscription ‘Mr Fix It’ put in charge of tackling coronavirus crisis
Kiran Stacey — Washington F WORLD BUSINESS NEWSPAPER ha e s a ds e ub ic o re a d response,” said Tom Frieden, former Previously with Bain Consulting, and is not necessarily going to be doing what
Trump vs the Valley A Five Star plan? Dear Don... Hannah Kuchler — New York Tech tita s eed to i i ise ta y s o u ists are tryi to oo ay s irst stab at the brea u head of the US Centers for Disease Con- then Advisory Board, a healthcare is going to help the most people immedi- o itica ris T TT the oor etter T S S
Lloyd’s of BrusselsInsurance market K . ; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY1APRIL / SUNDAY 2 APRIL 2017 HMRC warns Briefing trol and Prevention. “You need someone research company that went public, Mr ately, but doing things that do not dis- to tap new talent pool with EU base i US bargain-hunters fuel Europe M&A Europe has become the big target for cross-border Joe Biden has promised to put science dealmakiTng, as UHS compaEnies rid e aENTrump-fuelled D HOW DRIVERLESS equity market rally to hunt for bargains across the customs risks Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17 TECHNOLOGY IS i Report outlines longer NHS waiting times A reporOt on howFthe healt h servicTe cHan survivEe CHANGING AN more austerity has said patients will wait longer for to be the conductor of the orchestra. Zients came to public prominence in rupt business as usual, whether that’s being swamped non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE some surgicaRl prOoceduresAwill be scrDapped.— PAGE 4 Censors and sensitivity back at the heart of the US govern- i Emerging nations in record debt sales Warning: this article may be FT WEEKEND MAGAZINE Developing countries have sold record levels of upsetting — LIFE & ARTS 017 by Brexit surge government debt in the first quarter of this year, taking a dvantage of a surge in optimism toward emerging markets as trade booms.— PAGE 15 They don’t need to know how to play 2009 when Barack Obama hired him as not upsetting the stock market or not 3 Confidence in IT plans ‘has collapsed’ i London tower plans break records 4 2 FEBRUARY A survey has revealed that a Art of persuasion Mystery deepens ment’s response to the pandemic. Yet 3 Fivefold rise in declarations expected record 455 tall buildings are How To Spend It planCned or urnderediconstruction t Suisse over disputed painting of Jane Austen AMES IT T T adjust its negotiation position with the in London. Work began on EU,aWhitehall official said. “If running almost one toweraweek A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4 duties and clear imports into the UK much harder than we anticipated, that may not be able to handle the huge ought to have an impact on how we i Tilenlerson faigls to eause Tulfrkeyetensdions in every instrument, you just need to know the government’s first “chief perform- creating regulatory uncertainty, or not surgeinworkloadexpectedonceBritain pressforcertainoptionsinBrussels.” The US secretary of state has failed to reconcile leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep the man he has chosen as his White admittedtoMPs. of the Commons treasury select com- Tayyip Erdogan on issues including Syria and the Chic new lodgings HM Revenue&Customs told a parlia- mittee, HMRC said the timetable for extradition of cleric Fethullah Gulen.— PAGE 9 mentary inquiry that the new system delivering CDS was “challenging but fresh tax probe needed urgent action to be ready by achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan in Scotland March 2019, when Brexit is due to be complexprogramme”thatneededtobe In a stormy three-hour meeting, investors accused MAGAZINE completed, and the chair of the probe linked to dozens of other computer sys- managers oaving an entrenched secrecy culture said confidence it would be operational tems to work properly. In November, and3cast doubt on a revival plan after Westinghouse what to do to get the best out of them.” ance officer”, before asking him to turn expanding the state.” UK, France and Netherlands swoop intime“hascollapsed”. HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16 Setting upadigital customs system CDS, indicating it would be deliveredon 3 Blow for bid to clean up Swiss image House coronavirus tsar is not a scien- has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers Brexit planning because of the fivefold committee saying the programme had TheRAba nk haATsKINunSv—eilZeUdaRICrangH e of gender-neutriatlfollowed “a strategy offull client tax increase in declarations expected at been relegated to “amber/red,” which title s Nsuc AhNasR “MxINS”, inN a—dditioBRUSnSELtoSMr, Mrs, Misscoormpliance” but was still trying to BritishportswhentheUKleavestheEU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togathethe rinformationabouttheprobes. About 53 per cent of British imports apparentinanumbero£eyareas”. neeCdrseodif trt aSuissnsgenedehracustos beemnertargets.— PAeGdE 2b0y HM Revenue&Customs said it had come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun- The US has been hit harder by the round the error-plagued launch of Others say they are worried about the single market and customs union. But andit will be able tosupport frictionless DabatcakwaSwitzerlandtch ’s attempts to clean up dering by “a global financial institution TheresaMayannouncedinJanuarythat international trade once the UK leaves itsimageasataxhaven. and certain ofits employees”. The UK tist, but rather a management consult- Brexit would include departure from the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international both trading blocs. HMRC handles 60m to make sure that each project gets the T rcroor-o pteratit c sn ginwit hsta rnuthoriti Europes afteRecenr ittsattacrkeacs —h of this investigation sends a clear The lure of the exotic declarationsayearbut,onceoutsidethe focus and resource it requires for suc- officesinLondon,ParisandAmsterdnotabmly the m20e11ssage that there is no hiding place for customs union, the number is expected cessfuldelivery.” i h i hwere contated atctac ted by thelocars l officialmassacs28821,re bythoseseekingtoevadetax.” Coslada, Madrid. LegalRobin Lane Fox on Depositthe flair Number FINANCIAL toTIMEShit300m. HMRC’s letters to the select commit- “concerningclienttaxmatters”. Anders BreivikDinutch prosecutors, who initiated the of foreign flora — HOUSE & HOME The revelations about the system, tee, which will be published today, pro- AFP Dutch authorities said their counterNorwa-y, theaction, said they seized jewellery, paint- russe s attacks in Paris called Customs Declaration Service, are vide no explanation for the rating Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- parts in Germany were also involved, ings and gold ingots as part of their pandemic than most other countries, HealthCare.gov, the insurance exchange most important coronavirus job in the and Nice, and the likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourgthoughttobemorelikely orwhil eayAustralia’s revenue department probe; while French officials said their saiditwasinvestigatingaSwissbanBruk.ssels suicidinveestigation had revealed “several whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But aris ice bombings—have ant and investor known to former The inquiries threaten to undermine(Depositothousand” bank accounts opened in Legal) M-32596-1995; host of regulatory regimes—in areas siontoleavetheEUcustomsunion. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on bucked the trend Bracken House, 1 Friday Street, London EC4M 9BT. efforts by the country’s banking sector Switzerland and not declared to French ranging from customs and immigration Tim t b r t R p i a e expected loss of passporting headquarters,picturedabove. its transport links, talent pool of generally low to agriculture and fisheries — by the Sc m to import E s a e rightsafterBrexit. The Belgian capital had not and “extremely good regula- tooverhaulbusinessmodelsandefnatsualitirees frotamxauthorities. customers meet international tax The Swiss attorney-general’s office timeBritainleavestheEU. E itori omm nt Not boo a e John Nelson, chairman of the been seen as the first choice for toryreputation”. Sources a e s Terroris a d sur e cy e tre terror incidents in requirements following a US-led clamp- said it was “astonished at the way this ProblemswithCDSandotherprojects i ip St p ns ris i s a e centuries-old insurance mar- London’s specialist insurance a e western Europe down on evaders, which resulted in operation has been organised with the essentialtoBrexitcouldforceLondonto Mor n options a e ket, said he expected other groups after the UK leaves the Insur rs s t to o o a e Publishing Director, Roula Khalaf; billionsofdollarsinfines. deliberate exclusion of Switzerland”. It with case numbers, hospital admissions website used to distribute the policies White House being done by a non-scien- The probes risk sparking an interna- demandedawritten explanation from tional dispute after the Swiss attorney- Dutchauthorities. Obama staff as “Mr Fix It” for his ability general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty ment” that it had been left out of the in the US to an “extensive and wide- City watchdog sendsaclear message as actions co-ordinated by Eurojust, thePublishingranging conspiracy” to help clients Company, The ETHEscaFinancialpe theRISE tap erOF trap ECO-GLAM Times Limited, Subscriptions & Customer service EU’sjudicialliaisonbody. evadetax.Itagreedtofinesof$2.6bn. CreditSuisse,whosesharesfell1.2per AdditionalreportingbyLauraNoonanin How high earners can evade banker loses job over WhatsApp boast cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache — FT MONEY offered under the Affordable Care Act. tist, especially if he undermines or lands,FranceandtheUK.Thebanksaid inParis Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library