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 Subscribe In print and online World Markets STOCK MARKETS CURRENCIES INTEREST RATES www.ft.com/subscribetoday email: [email protected] Jan 20 prev %chg Jan 20 prev Jan 20 prev price yield chg Tel: +44 20 7775 6000 S&P 500 3841.65 3798.91 1.13 $ per € 1.211 1.213 £ per $ 0.734 0.734 US Gov 10 yr 104.16 1.09 0.00 Fax: +44 20 7873 3428 Nasdaq Composite 13427.67 13197.18 1.75 $ per £ 1.363 1.362 € per £ 1.126 1.123 UK Gov 10 yr 0.30 0.01 Dow Jones Ind 31119.41 30930.52 0.61 £ per € 0.888 0.891 ¥ per € 125.372 126.011 Ger Gov 10 yr -0.53 0.00 © THE FINANCIAL TIMES LTD 2021 FTSEurofirst 300 1584.88 1573.88 0.70 ¥ per $ 103.570 103.905 £ index 79.167 79.142 Jpn Gov 10 yr 118.16 0.03 -0.01 No: 40,611★ Euro Stoxx 50 3622.45 3595.42 0.75 ¥ per £ 141.182 141.477 SFr per £ 1.214 1.210 US Gov 30 yr 116.30 1.85 0.01 FTSE 100 6740.39 6712.95 0.41 SFr per € 1.078 1.077 Ger Gov 2 yr 105.26 -0.72 -0.01 Printed in London, Liverpool, Glasgow, Dublin, FTSE All-Share 3816.31 3793.91 0.59 € per $ 0.826 0.825 Frankfurt, Milan, Madrid, New York, Chicago, San CAC 40 5628.44 5598.61 0.53 Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai Xetra Dax 13921.37 13815.06 0.77 COMMODITIES price prev chg Nikkei 28523.26 28633.46 -0.38 Fed Funds Eff 0.09 0.09 0.00 Hang Seng 29962.47 29642.28 1.08 Jan 20 prev %chg US 3m Bills 0.09 0.09 0.00 MSCI World $ 2732.48 2713.49 0.70 Oil WTI $ 53.36 52.98 0.72 Euro Libor 3m -0.55 -0.56 0.01 MSCI EM $ 1381.31 1358.98 1.64 Oil Brent $ 56.29 55.90 0.70 UK 3m 0.03 0.03 0.00 MSCI ACWI $ 661.09 655.65 0.83 Gold $ 1834.70 1833.05 0.09 Prices are latest for edition Data provided by Morningstar 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.