The daily business briefing: November 13, 2020

1. Biden, congressional Democrats renew call for COVID-19 relief bill

President-elect Joe Biden and top congressional Democrats on Thursday called for a deal on a new coronavirus relief package before the end of the year, accusing Republicans of refusing to deal with skyrocketing COVID-19 cases. "It's like the house is burning down and they just refuse to throw water on it," House Speaker Nancy Pelosi (D-Calif.) said of Republicans. Senate Majority Leader Mitch McConnell (R-Ky.) rejected Democrats' proposals as too expensive, saying Republicans were pitching stimulus spending in the $500 billion range. "I gather [Pelosi] and the Democratic leader in the Senate still are looking at something dramatically larger. That's not a place I think we're willing to go," McConnell said.

Reuters

2. Local governments impose new restrictions as coronavirus cases soar

Numerous state and local governments are tightening restrictions on public and private gatherings as new coronavirus cases skyrocket. Chicago Mayor Lori Lightfoot on Thursday called for residents only to leave the house for work, school, and essential needs, and to avoid even gathering with trusted friends outside of one's household. State officials made a similar plea. "We're running out of time and we're running out of options," said Illinois Gov. J.B. Pritzker (D). U.S. public health officials reported 164,405 new coronavirus cases on Thursday, smashing the previous single-day record set Wednesday. Hospitalizations for COVID-19 rose to 67,096, also a record, according to the COVID Tracking Project. Hospitalizations have doubled over the last five weeks.

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The New York Times

3. Stock futures rise despite renewed COVID restrictions

U.S. stock index futures rose early Friday despite ongoing concerns about sharply increasing coronavirus cases. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite were up by about 0.8 percent several hours before the opening bell. The Dow has fallen for two straight days as some states and cities tightened restrictions to curb the spread of the virus, renewing concerns of further economic damage from the pandemic. Chicago is urging people to stay home; New York state is imposing a curfew on bars and restaurants starting Friday. Federal Reserve Chair Jerome Powell said America's economic outlook remains clouded as the pandemic continues. "With the virus spreading, the next few months could be challenging," Powell said.

CNBC

4. Appeals court backs Harvard admissions policies

A federal appeals court ruled Thursday that Harvard University's admissions process does not violate civil rights law. A group representing Asian Americans claimed the school's affirmative action policy discriminated against them and unfairly favored Black and Hispanic applicants. "Harvard has shown that its holistic consideration of race is not impermissibly extensive," Judge Sandra Lynch wrote for the appellate panel. The activists challenging Harvard's policies said they would appeal to the Supreme Court. The high court has long upheld affirmative action policies on college campuses by one-vote margins, but it now has a stronger conservative majority, so this time the result could be different.

CNN The New York Times

5. U.S. backs down on TikTok

The Commerce Department on Thursday extended the deadline for Chinese-owned video-sharing app TikTok to shut down in the United States, following a court ruling that declared the ban would exceed the government's authority. The Trump administration had given TikTok's owner, ByteDance, until Thursday to sell its U.S. operations, citing concerns that the Chinese government could access user data. TikTok denies that happens. The Commerce Department decision put off implementation of a plan to bar U.S. companies from providing internet hosting or content delivery to TikTok, but the Trump administration's attempt to crack down on Chinese companies continued. The administration on Thursday announced an executive order barring U.S. investments in Chinese firms believed to be owned or controlled by the Chinese military.

The Wall Street Journal Reuters