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The U.S. Senate voted to approve Joe Biden’s $ 1.9 billion stimulus legislation, bringing the president’s plan for U.S. economic recovery closer to final passage in Congress, but sending a further shock to financial markets.

The upper house of Congress passed the budget stimulus legislation by 50 to 49, following party lines with all Democrats voting for and all Republicans in attendance opposing it.

The bill is now expected to go to the Democratic-controlled House of Representatives for a final vote on Tuesday and will then head to Biden’s office for signing.

The centerpiece of the stimulus package is a new round of means-tested direct payments worth $ 1,400 per person for Americans earning less than $ 75,000 a year, part of a package aimed at to facilitate large-scale tax transfers directly targeted at low- and middle-income families.

An extension of federal emergency unemployment benefits worth $ 300 per week through early September is also included.

In addition to financial support for American families, there is $ 350 billion in aid to states and local governments, an extension of a tax credit, and additional funds for the rollout of vaccinations and the reopening of schools. . An earlier proposal to increase the federal minimum wage from $ 7.25 to $ 15 was scrapped after the Senate parliamentarian ruled it could not be approved by a simple majority in the upper house of Congress.

Futures trading suggests that U.S. equity markets are likely to experience further declines on Monday after the Senate stimulus bill passes. Futures on the Nasdaq 100 fell around 2% in European trading, suggesting that the tech-focused index could fall further after slipping around 8% in the past three weeks. Sales also continued in the US government bond market. The yield on the benchmark 10-year Treasury index rose 0.04 percentage point to exceed 1.6%, close to its highest level in a year.

Coronavirus digest

  • More than 4.4 million new businesses have been created in the we since last March, according to the Census Bureau, far exceeding the slight increase that has occurred in previous recessions. Data released Friday showed the US economy created 379,000 jobs in February.

  • the Bank of Japan maintain monetary easing but lay the groundwork for an “agile” response to changing economic conditions, according to the central bank vice-governor.

  • Brazil fights a second viral attack, fueled by a more contagious P. 1 strain.

  • the EU will urge the United States to allow the export of millions of doses of AstraZeneca’s vaccine.

  • More than half of adults in rich countries will still wait to receive their first dose of vaccine in 15 months, warned the head of a logistics group for the distribution of vaccines.

Sanya Ojiambo argues that post-pandemic recovery is an opportunity to tackle gender inequalities. Follow our Covid-19 live blog and vaccine tracker.

In the news

“I didn’t want to be alive anymore” Meghan Markle was left suicidal by her experience with a British royal family who refused to protect them from hate tabloids and worried about the skin color of her unborn child, the Duchess of Sussex revealed in a two-part show Sunday hours with Oprah Winfrey. (FT)

Sunday night’s interview with Oprah Winfrey described how a fairytale biracial romance became a crisis for the British monarchy © Via Reuters

Oil price rises above $ 70 after attack Oil prices topped $ 70 a barrel for the first time in 14 months after Saudi Arabia, the world’s largest oil exporter, said energy facilities at one of the largest oil shipping ports in the world were attacked on Sunday by Iranian-backed Houthi forces in Yemen. (FT)

GE signs deal to sell aircraft leasing unit General Electric is set to close a deal to sell its aircraft leasing business to Irish group AerCap for more than $ 30 billion, people briefed on the matter have said. GE Capital Aviation Services is one of the largest leasing companies in the world, buying planes and leasing them from airlines. (FT)

New York Senate Speaker calls for Andrew Cuomo’s resignation Andrea Stewart-Cousins, Democratic Majority Leader in the State Senate, argued the governor had become a distraction as new women showed up to accuse him of inappropriate behavior and called on the New York governor to three terms to resign. (FT)

ECB asks banks about their exposure to Greensill European Central Bank supervisors have asked mainland lenders for details of their exposure to Greensill Capital and its client GFG Alliance, as officials try to figure out whether the crisis is contained, according to four people familiar with the matter. (FT)

Beijing to reduce proportion of directly elected lawmakers in Hong Kong Hong Kong’s new electoral law, which will be officially unveiled this week at the Communist Party’s National People’s Congress, will reduce the proportion of democratically elected lawmakers and strengthen President Xi Jinping’s grip on the territory. (FT)

Pope Francis concludes historic visit to Iraq The very first papal visit to Iraq, including the former Islamic State stronghold of Mosul, ended on Monday. During the three-day visit, the pontiff also held a historic and iconic interfaith meeting with the most prominent Shia Muslim cleric, Grand Ayatollah Ali al-Sistani. (FT)

Iraq’s most revered Shia cleric, Grand Ayatollah Ali al-Sistani met Pope Francis and his delegation in the holy city of Najaf © Ayatollah Sistani Media Office

Nazanin Zaghari-Ratcliffe facing a new trial Dominic Raab, the British Foreign Secretary, called on Iran to end the “cruel and intolerable ordeal” endured by the charity as it faced another legal case despite its release from the United Kingdom. house arrest. (FT)

The day to come

Trial of ex-policeman accused of George Floyd murder begins Jury selection is set to begin today in the trial of Derek Chauvin, the former police officer charged with the murder of George Floyd, a 46-year-old black man. The death sparked nationwide protests against racism and police brutality. (FT, Minneapolis Star Tribune)

Presentations from decision-makers Andrew Bailey, Governor of the Bank of England, will address the post-coronavirus economic outlook in a speech to the Resolution Foundation on Monday. The European Central Bank will release weekly figures for its emergency pandemic purchasing program. (FT)

Schools in England reopen Almost all English pupils will be resuming face-to-face lessons as the first part of the UK government’s ‘roadmap’ out of a national lockdown begins. The Office for National Statistics will release figures on vaccine reluctance. (FT)

International Women’s Day 2021 The theme of this year’s celebrations is ‘choose to challenge’, with events being held around the world to speak out against gender prejudice and inequalities. Meet our cast of women who are changing the world. (IWD, FT)

The latest in our series of live future of work events focuses on the workforce. HR managers and their teams are at the heart of defining business strategy and overhauling their organizations as the crisis evolves from a social disaster to an economic imperative. Register now now.

What else do we read

The race for the rise of green hydrogen For decades, hydrogen has been hailed as a potentially revolutionary alternative to fossil fuels, but its high costs and complexity have delayed attempts to create whole new economies. Can gas help solve the world’s dirtiest energy problems? This is the first in a series examining whether hydrogen can help reduce emissions in all industries.

Since the 2015 Paris climate agreement, low-carbon hydrogen, produced either without fossil fuels or by storing and capturing the emissions generated, is back on the agenda.

Since the Paris climate agreement of 2015, “low carbon hydrogen”, produced either without fossil fuels or by storing and capturing the emissions generated, is once again on the agenda © FT montage

Why Walmart is betting on the bank What exactly does Walmart do? Following the news of the poaching of Omer Ismail, the leader of Goldman Sachs personal banking startup, the issue has become more pressing for the banking industry. One thing is almost certain, writes US financial writer Robert Armstrong, Walmart is betting that the regulatory environment has changed. (FT)

The worsening crisis in Rio de Janeiro Brazil is reeling from the overlapping crises. Its economy has barely grown in a decade and that was before the coronavirus pandemic created both a health emergency and a deep recession. Today, its most famous city is mired in heavy debt and violent crime. (FT)

A body is removed from a street in Rio. Public health expert Lígia Bahia says that “people don’t die because of the coronavirus variants or the severity of Covid-19 – they die because they don’t have access to health care” © Ricardo Moraes / Reuters

Wishful thinking on China won’t serve U.S. interests While the former president lacked a coherent strategy to counter China’s rise and his vitriolic rhetoric has not helped America, the past four years have at least ended willful blindness, writes Rana Foroohar. (FT)

Mothers get back to work A global survey of FT readers indicates that two in five working mothers have taken or are considering taking a step back at work during Covid-19. Meanwhile, only one in ten of those appointed chief executive or executive chairman of the world’s 500 largest companies in the past two years was female, according to a shareholder advisory firm. Read our series of special reports on women in business.

Do young people really need the office? Emma Jacobs argues that there is a risk in romanticizing a return to the office for young people. It seems sometimes during the pandemic, she writes, that the idea of ​​the workplace has become imbued with magical powers. (FT)

Podcast of the day

Disrupt the hospital Could a piece of high-tech cloth keep Covid-19 patients out of hospital and allow them to be monitored at home? In the latest episode of the Tech Tonic podcast, Hannah Kuchler, the FT’s pharmaceutical and biotech correspondent, reports on the wearable technology that is changing healthcare during the pandemic and examines what it means for the future of patient care. (FT)

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