The daily business briefing: December 6, 2021
Tightened COVID testing rule takes effect for international travelers, cryptocurrencies climb back after volatile weekend, and more

- 1. New COVID-testing rule for international travelers takes effect
- 2. Cryptocurrencies have volatile weekend after stock selloff
- 3. Dow, S&P 500 futures rise after last week's losses
- 4. Health officials vow fast review of Omicron-specific vaccines
- 5. Evergrande shares plunge as Chinese developer warns it can't make payments

1. New COVID-testing rule for international travelers takes effect
New travel restrictions take effect Monday for people entering the United States. As part of the Biden administration's response to the new Omicron coronavirus variant, the Centers for Disease Control and Prevention has shortened the window for a pre-departure coronavirus test, with all passengers now required to show a negative result from a test conducted within 24 hours of their flight to the U.S. Previously, vaccinated travelers could get a test any time within three days of departure, although the 24-hour rule already applied to unvaccinated travelers. The narrower window will "provide less opportunity to develop an infection with the Omicron variant prior to arrival in the United States," according to the updated CDC order. U.S. airlines also have been asked to collect contact-tracing information for arriving passengers.
2. Cryptocurrencies have volatile weekend after stock selloff
Bitcoin plunged by as much as 20 percent over the weekend before regaining some of the lost ground on Sunday. The price of Ether, the second-largest cryptocurrency, fell by more than 15 percent before climbing back Sunday close to where it started the weekend. The volatility came after last week's stock-market selloff, as investors sought safer investments due to rising concerns about fallout from the spread of the new Omicron coronavirus variant. Other cryptocurrencies also struggled. Cryptocurrencies are notoriously volatile. In addition to uneasiness over Omicron, the Federal Reserve's suggestion that it could unwind its economy-boosting asset purchases faster to fight high inflation also might have sparked some selling.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Dow, S&P 500 futures rise after last week's losses
U.S. stock index futures were mixed early Monday after last week's losses. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up by 0.6 percent and 0.3 percent, respectively, at 7 a.m. ET. Futures for the tech-heavy Nasdaq were down by 0.3 percent. The Dow and S&P 500 dropped by 0.2 percent and 0.8 percent, respectively, on Friday, as investors reacted to fears of economic fallout to the new Omicron coronavirus variant and the Federal Reserve's plan to speed up policy tightening to fight high inflation. The Nasdaq plunged by 1.9 percent. Slower-than-expected job growth contributed to the selling. The Labor Department reported that employers added 210,000 jobs last month, well below the 573,000 economists surveyed by Dow Jones expected.
4. Health officials vow fast review of Omicron-specific vaccines
The Biden administration plans to fast-track authorization of COVID-19 vaccines tweaked to fight the Omicron coronavirus variant, which federal regulators said Sunday had been detected in 16 states. Food and Drug Administration officials have met with vaccine makers to start hammering out guidelines for data that will be needed to expedite approval of changes to current vaccines that will be necessary to make them sufficiently effective against the new strain. "The FDA will move swiftly and CDC will move swiftly after," Centers for Disease Control and Prevention Director Rochelle Walensky said on ABC's This Week with George Stephanopoulos. "We're every day hearing about more and more cases." Public health officials say Omicron appears to cause less severe illness than the widespread Delta variant, but concerns about its impact have roiled markets.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
5. Evergrande shares plunge as Chinese developer warns it can't make payments
Shares of Chinese developer Evergrande plunged by 20 percent on Monday, hitting a record low as the company again approached default. Evergrande warned Friday that it might not have enough money to make looming debt payments, as its 30-day grace period ended and it faced interest payments totaling $82.5 million. As business hours closed in Asia, two bondholders said they had yet to receive payments due from Evergrande. The company declined to comment. Evergrande, once China's top-selling developer, has more than $300 billion in liabilities, and its potential collapse threatens to trigger further damage in China's real estate industry. China's central bank sought to reassure markets by cutting reserve requirements for banks as Beijing vowed to promote the property sector's health.
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Rupert Murdoch's conservative son wins succession battle
Speed Read Lachlan Murdoch will get control over the media empire that includes Fox News and The Wall Street Journal following his father's death, while his siblings will receive payouts
-
Why are global postal services cutting off package delivery to the US?
Today's Big Question 'Uncertainty' around new tariff rules halts small-dollar imports
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
A potential railway megamerger raises monopoly questions
The Explainer Union Pacific and Norfolk Southern would create the country's largest railway operator
-
AMC hopes new ticket discounts will reinvigorate the movie theater industry
In the Spotlight The theater chain now has 50% discounts on both Tuesdays and Wednesdays
-
The FTC is pushing back against false 'Made in the USA' claims
The Explainer The agency has dubbed July 2025 'Made in the USA' month
-
Higher toy prices from Trump's tariffs have arrived
In the Spotlight Three out of four toy products in the US come from China