Talks on U.S. Stimulus Deal Bolster Stock Markets: Live Updates

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The Boeing 737 Max returned to airspace on Wednesday with its first passenger flight since landing almost two years ago.

The flight, operated by the Brazilian airline Gol, departed Sao Paulo at 08:41, according to the FlightRadar24 tracking service. Just over an hour later he landed in Porto Alegre.

A spokesman for Gol refused to comment on the flight, although the airline has announced its intention to use the aircraft since Wednesday. Gol has announced that the first Max flights will depart or arrive at the company’s hub in Sao Paulo. By the end of the month, the airline expects its seven Max planes to be allowed to fly again.

American Airlines is expected to be the first U.S. airline to take over Max’s operations when it begins its daily short-haul flights between New York and Miami later this month. United Airlines and Southwest Airlines have stated that they will not operate flights on board until next year.

Prospects for the pandemic package improved Tuesday when the White House resumed negotiations.

Spokeswoman Nancy Pelosi and Chuck Schumer, leader of the Senate minority, address reporters this week. Prospects for the pandemic plan improved Tuesday when the White House resumed negotiations… Anna Moneymaker for the New York Times.

  • Wall Street shares reached a record high on Wednesday as talks between Britain and the European Union on tax incentives for the US and post-Brexit trading progressed between them.
  • However, profits on the stock market have been modest. In the end, the two negotiating groups were engaged in weeks of disagreement. Spokeswoman Nancy Pelosi said part of the White House’s proposal on costs was unacceptable. In the United Kingdom, officials warn against the assumption that a deal with brexite will inevitably be made.
  • On Tuesday, the White House proposed a stimulus package of $916 billion. The United States of America had resumed negotiations on economic assistance in response to the pandemic. Legislators on both sides have said that Congress must approve the expenditure package before the end of this year’s session. The White House offer includes direct payments to Americans of $600 per person.
  • Economic news helped support overnight stocks, write Royal Bank of Canada analysts.
  • Possible progress in the trade agreement between the UK and the EU has contributed to an increase in the pound sterling by 0.6% against the euro and by 0.7% against the US dollar. Later on Wednesday, British Prime Minister Boris Johnson will meet the President of the European Commission, Ursula von der Leyen, to try to break the deadlock in the trade negotiations. German Chancellor Angela Merkel said there was still a chance to reach an agreement and the British Cabinet Secretary said there was room for compromise on an important issue: the right to fish.
  • The S&P 500 rose slightly at the beginning of Wednesday, but the index has already risen more than 2% this month as legislators returned to the table to negotiate a stimulus plan and some countries began introducing coronavirus vaccines. The S&P 500 increased by more than 10% in November, and this year we increased by almost 15%.
  • The Stoxx Europe 600 Index and the FTSE 100 in the UK rose by around 0.5%. In Asia, Japan’s Nikkei 225 Index rose 1.3%, while Hong Kong’s Hang Seng Index closed at 0.8%.
  • Energy prices also rose, with forward contracts on West Texas Intermediate, the US benchmark for crude oil, rising 1% to $46.07 a barrel.

Legislators are eager to agree on a new set of coronavirus treatments before the end of this year's session.

Legislators are aiming for a new set of coronavirus treatments before the end of this year’s session. A loan… Anna Moneymaker for the New York Times.

A few days before the end of this year’s Congressional session, the White House on Tuesday proposed a $916 billion pandemic stimulus package to Democrats that would meet their demand for some support for state and local governments and include protection of corporate accountability, which was a top Republican priority.

President-elect Joseph R. Biden Jr. called on lawmakers to act now to help an economy collapse before he took office in January. This situation is urgent, he said Friday. If we don’t act now, the future will be very bleak.

The proposal made by Stephen Mnuchin, Finance Minister, to Speaker of Parliament Nancy Pelosi was the first since the November elections, when Trump’s board began negotiating directly on Capitol Hill how to support the country’s economy under the flag. This was because legislators were rushing to agree on a new set of coronavirus treatments before closing this year’s session, which is expected to take place next week.

The plan does not include a proposal to resume the $300 weekly increase in unemployment benefits, although it does expand other state unemployment programs that expire in the coming weeks. Instead, it will include another set of smaller direct payments to Americans of up to USD 600 per person. The Democrats have already described the reduction in unemployment benefits as unacceptable.

The government adopted the original economic stimulus package of $2.2 trillion. The amount of $1,200, which came into effect in March, has been divided. In addition, the government of the United States of America has increased its unemployment benefits to $600. President Trump then extended the $300 a week to July for the majority of workers. Mr Mnuchin’s proposal did not refer to a lapsed benefit and would reduce the lump-sum payment by half.

The President’s proposal should not interfere with ongoing cross-party negotiations in Congress, according to a statement by Ms Pelosi and New York minority leader Senator Chuck Schumer.

The two provisions mentioned by Mr Mnukhin in his proposal – what he described as a strong protection of the responsibilities of companies, schools and hospitals and the resources of national and local authorities – were the main obstacles to compromise.

Tensions have arisen between the United Arab Emirates and Saudi Arabia in recent months.

Visitors to an energy fair in Abu Dhabi last year. In recent months tensions have arisen between the United Arab Emirates and Saudi Arabia… Ali Haider/EPA, through Shutterstock…

Abu Dhabi’s national oil company said Wednesday that it had signed an oil and gas exploration agreement with Houston-based Occidental Petroleum, underlining the UAE’s commitment to generate more revenue from its vast energy resources.

It is unlikely that the exploration agreement will come into production for some time to come. However, Abu Dhabi accounts for almost all UAE oil production and the emirate’s oil and gas ambitions are met by OPEC’s strict quotas to strengthen markets during the pandemic.

Abu Dhabi’s national oil company says it can produce four million barrels a day and plans to increase its capacity to five million barrels a day by 2030. Currently, however, the UAE only pumps about 2,5 million barrels per day under its pact with the Organisation of Petroleum Exporting Countries, Russia and other producers. The United States is the third largest supporter of OPEC, after Saudi Arabia and Iraq.

Tensions have arisen in recent months between the United Arab Emirates and Saudi Arabia, the de facto leader of OPEC, over production quotas in the Emirates during the summer and at a series of production meetings recently held to determine whether production should be increased in January.

The deal with Occidental, a mid-sized producer, came after Abu Dhabi announced that it would seek a series of deals with international companies to find billions of barrels of oil. The findings would help the emirate achieve its goals, but could also increase tensions within OPEC.

Employees at the assembly line of the Smart car plant in Hambach, France, in July.

Employees on the assembly line at the Smart car plant in Hambach, France, in July. Credit…Frederick Florin/Press Agency France – Getty Images

When Daimler unexpectedly announced in June that it would close its intelligent vehicle plant in France, at a time when orders were falling sharply due to the pandemic, the workforce was preparing for a wave of redundancies.

But the plant was saved by the British chemical company Ineos, which is expanding into the automotive sector. Ineos, owned by billionaire Jim Rutcliffe, signed a contract this week with Daimler to purchase the entire factory for the production of his new Grenada, an all-terrain diesel-powered off-road vehicle.

The acquisition will save 1,300 jobs in Hambach, a small town in the east of France where the Smart car factory has been operating for over two decades. The facility was opened in 1997 by Chancellor Helmut Kohl and French President Jacques Chirac in a politically symbolic cooperation ceremony between Germany and France and was so important for the economy of the region that the entire city was nicknamed Smart-City.

This nickname will disappear with the takeover of the factory by Ineos, and the workers will prepare part of the site, specialized in small, environmentally friendly Smart ForTwo electric cars, for Granada. It is a four-wheel-drive vehicle that Mr Rutcliffe, an oil-industry tycoon willing to invest in sports teams, has long tried to imitate the Land Rover model.

But for a few more years, the factory will continue to produce intelligent machines. According to the terms of the agreement until 2024. Daimler will outsource the production of Ineos Smart for parts of the production line and certain parts to Mercedes-Benz. Under the terms of an agreement with the Chinese car manufacturer Geely, which became Daimler’s main shareholder in 2018, Daimler will then move production of the Smart to China.

Daimler and Ineos did not disclose the financial terms of the agreement.

The French employees of the smart factory were proud to have produced an electric motor, but the unions say they hope that Ineos Grenada will finally switch to a less polluting motor.

However, employment remains the most important issue. This summer, the French government intervened in the negotiations between Ineos and Daimler and demanded that 1,500 jobs be maintained – on the construction site and with neighbouring suppliers.

The agreement is considered a victory for France. However, this means a loss of potential jobs in the United Kingdom and Portugal, where Mr Ratcliffe had previously proposed the construction of the Grenadier. Ineos stated that the Daimler plant was more interesting because the vehicle could be built faster on the existing production line.

This acquisition marks our biggest milestone in Grenada, says Dirk Heilmann, CEO of Ineos Otomotiv.

The company will be listed on the New York Stock Exchange from Wednesday under the symbol DASH.

Employee of the DoorDash delivery service in Manhattan. On Wednesday the company is listed on the New York Stock Exchange under the symbol DASH. A loan… Sean Orphan for the New York Times.

DoorDash, the country’s largest food supplier, said Tuesday it will value its shares at $102 per share, earning about $3.4 billion in an IPO and valuing the company at about $39 billion.

DoorDash has already increased its price range in response to demand from potential shareholders in anticipation of the opening of trading on the New York Stock Exchange on Wednesday under the symbol DASH. More recently, the company has been estimated at $16 billion by private market investors.

I.P.O. DoorDash is part of the parade of young value companies rushing to the stock exchange at the end of the year. The storm on the stock exchange, partly due to low interest rates and the strong growth of technology companies, made 2020 the busiest year for IPOs since 1999.

The price of Airbnb’s new rental business is expected to go down on Wednesday and start negotiating on Thursday. It also increased the price range offered after there were signs of strong demand from investors.

Both DoorDash and Airbnb plan to use a new type of hybrid auction system to list their shares to avoid a price increase on the first trading day.

Although the pandemic destroyed part of the economy, it has become a blessing for many technology companies. People stuck at home relied more on delivery services. DoorDash revenues more than tripled to $1.92 billion in the first nine months of the year, compared to $587 million in the same period last year, although growth is likely to slow in the future, she said. The company is not profitable.

Based in San Francisco, DoorDash has more than 18 million customers and one million drivers. More recently, the range of food products has been expanded to include groceries, pet food and ready-made products.

Steel coils at the factory in Bytown, Tex. Britain will introduce tariffs on American aluminium and steel in response to President Trump’s decision to tax metals from Europe and elsewhere. A loan… David J. Phillip/Associated Press .

On Tuesday, Britain said it would impose retaliatory duties on imports of aluminium and steel into the US when the US imposed a duty on 1 January. The European Union withdrew from the EU on 1 January, but in a long-running trade dispute over aircraft subsidies it decided to reduce all fares vis-à-vis the United States.

The reason for this decision is that the United Kingdom is preparing to determine its own trade policy when it withdraws from the European Union. These measures are an attempt to reduce trade tensions with the United States and pave the way for future trade relations, according to the British Government.

Ultimately, we want to defuse the conflict and reach an amicable settlement so that we can deepen our trade relationship with the United States and put an end to it, according to Liz Trass, the British Foreign Secretary for International Trade, in a statement. We protect our steel industry from illegal and unfair tariffs – and we will continue to do so – but we also show the United States that we are serious about ending a dispute that no country is willing to accept.

The tariffs on American aluminium and steel will be introduced following President Trump’s decision in 2018 to impose tariffs on metals from Europe and elsewhere. The European Union has already introduced reciprocal tariffs on American products such as steel bars, whiskey and orange juice, but now that Britain has withdrawn from the block, it will set its own tariffs.

The United States and Europe have also imposed duties on each other as a result of double trade cases before the World Trade Organisation in relation to subsidisation of air transport. In one case, the US could tax European goods to compensate for losses due to EU subsidies to Airbus, while in another, Europe imposed duties on the US in response to subsidies to Boeing.

Both parties have expressed an interest in negotiating a solution.

In its statement, the British government said it would initiate a consultation process with British companies and ensure that its tariffs on American metals were aligned with the British economy.

It stated that it suspended Boeing’s fares in order to help the US reach a reasonable agreement and to demonstrate that Britain took the outcome of the negotiations seriously, but that it reserved the right to reintroduce the fares if such a compromise could not be reached.

The Senate confirmed Tuesday to the Federal Communications Commission that the Trump’s lawyer is an initiative that critics say the agency could lead into a deadlock early next year as it faces a digital divide widened by the pandemic.

The legislature voted 49-46 in favour of Nathan Simington, a sales lawyer who had previously worked in the private sector. His confirmation for a term of five years makes it possible to divide the office equally among the parties during Joseph R.’s early days. Biden Jr.

The agency’s president, Republican Ajit Pai, said he would leave on the day of the inauguration. This would keep the Commission in balance between two Republicans and two Democrats, making it difficult for the Democrats to advance their agenda until Biden’s candidature is confirmed.

Senator Richard Blumenthal, a Democrat from Connecticut, said the confirmation will leave the agency, which is blocked and dysfunctional because it votes on proposals, and will be a blessing for major media and telecommunications companies.

Simington’s appointment was also controversial as he was working this year on a petition from the Department of Commerce asking the FCC to restrict the legal protection of social media platforms. Critics of Simington’s appointment are concerned that it is part of Trump’s wider campaign against the law known as Section 230, and that it is caused by frustration at the way social media platforms are handling its positions.

A model flight taxi developed with Uber can be seen in Las Vegas in January. On Tuesday Uber announced the launch of his Joby Aviation aircraft. A loan… Etienne Laurent/EPA, at Shutterstock…

Uber is handing over his flying car project, Uber Elevate, to the new air taxi company Joby Aviation, the two companies said Tuesday. Uber will also invest $75 million in Joby’s efforts to build a flying taxi while he agrees to partner with a partner to start up the flying car, Cade Metz told the New York Times.

Mr. Uber announced the move the day after he announced that he would move the design of the stand-alone car to another launch.

I know that it’s doubtful whether Uber still has significant and bold operations, said Dara Khosrowshahi, Uber’s chief executive officer, in an e-mail to company employees watching the Times. I understand this question, but it seems to me that it lacks some big bold bets right under our noses: to become the undisputed world leader in both mobility and delivery.

The company refused to make any further comments.

Thanks to Uber’s new investments, Joby Aviation, based in Santa Cruz, California, has raised more than $820 million. The company is trying to set up an air taxi service as an alternative to the crowded streets of the big cities. It hopes to be operational in at least one city by 2023. But first the government regulators must approve the use of their aircraft, which is a cross between an aircraft and a vertical take-off helicopter.

  • FireEye, a leading cybersecurity company, said Tuesday that its systems were riddled with what it called a nation with a high level of offensive capabilities. According to the company, hackers have used new methods to create their own toolkits, which can be useful in carrying out new attacks worldwide. A company of $3.5 billion, part of which lives from investigating those responsible for some of the world’s most flagrant violations – its customers included Sony and Equifax – immediately refused to say who was responsible. But his description and the fact that the FBI transferred the case to Russian specialists leave no doubt about the identity of the prime suspect.
  • Alon Mask said Tuesday that he had moved near the new Tesla factory building near Austin, Texas. At a conference organized by the Wall Street Journal, he said California has become less accommodating to successful entrepreneurs and start-ups, comparing the state to a sports team that takes winning for granted. They really tend to be a little complacent, a little qualified, and then they don’t win the championship anymore, he said.
  • The Federal Trade Commission is taking legal action to block the proposed acquisition of Billie by Procter & Gamble, which sells shavers and personal care products directly to consumers. The F.T.C., which is responsible for enforcing antitrust laws, said Tuesday that the agreement will allow Procter & Gamble, a leading supplier of wet shaving products, to eliminate competition that will drive up prices for women’s shaving products.

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