The daily business briefing: December 15, 2020

1. Coronavirus death toll surpasses 300,000 as vaccinations begin

U.S. public health officials on Monday administered the country's first coronavirus vaccinations, as Pfizer continued to deliver the first batch of doses around the country. The first vaccinations outside of clinical trials marked a long-awaited milestone in the fight against the pandemic, although it came on the day that the U.S. death toll surpassed 300,000. States are tightening restrictions on businesses and gatherings as coronavirus infections, hospitalizations, and deaths hit record levels. New York Gov. Andrew Cuomo (D), speaking at Long Island Jewish Medical Center in Queens as nurse Sandra Lindsay received the first U.S. COVID-19 vaccination, said the shots were "the weapon that will end the war" against the virus. "I trust science," Lindsay said.

The Hill

2. Congress nears spending deal as deadline looms

Congressional negotiators made progress toward a $1.4 trillion spending bill that will prevent the government from shutting down on Friday. Lingering sticking points include funding for President Trump's border wall. Also on Monday, a group of bipartisan senators unveiled a new coronavirus stimulus proposal. It consists of two bills: a $748 billion package containing universally popular measures such as renewed unemployment benefits, and a $160 billion bill containing a controversial "liability shield" protecting businesses from coronavirus-related lawsuits. Neither proposal contains another round of stimulus checks. Congress is planning to lump the relief bill into the larger omnibus funding bill.

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Politico The Washington Post

3. UAW reaches settlement with DOJ in corruption investigation

The Justice Department on Monday reached a civil settlement with the United Auto Workers union following an extended corruption investigation. The multi-year inquiry has landed several former labor leaders in prison, including two former union presidents, with 15 convictions so far. Under the proposed settlement, the UAW will submit to six years of independent oversight by a court-appointed monitor, and pay $1.5 million to satisfy lingering tax issues, said Matthew Schneider, U.S. Attorney for the Eastern District of Michigan. The UAW also agreed to hold a referendum to determine whether to change the way it selects its top leaders to give rank-and-file members more say in who runs the union. The deal doesn't rule out possible criminal charges.

The Wall Street Journal

4. Businesses, government agencies scramble to counter Russian cyberattack

Thousands of businesses on Monday rushed to respond to a broad hacking campaign blamed on the Russian government. The hackers targeted numerous federal agencies. Early reports identified the Treasury and Commerce departments as focuses of the cyberattack, but officials on Monday added the Department of Homeland Security, the State Department, and the National Institutes of Health to the list of targets, according to The Washington Post. Technology company SolarWinds said as many as 18,000 of its customers had downloaded a compromised software update that let hackers access the computer systems of businesses and government agencies for nearly nine months. The federal government on Sunday issued a rare order for agencies to disconnect SolarWinds software because it had been compromised by "malicious actors."

Reuters

5. Stock futures rise as vaccinations start

U.S. stock index futures rose early Tuesday as U.S. coronavirus vaccinations began and a bipartisan group of lawmakers released the latest proposal for a new round of coronavirus relief spending. Futures for the Dow Jones Industrial Average were up by 0.5 percent several hours before the opening bell. Futures for the S&P 500 and the Nasdaq gained 0.6 percent and 0.4 percent, respectively. Luke Tilley, chief economist at Wilmington Trust, said that more COVID-19 stimulus spending is needed to support the economic recovery until vaccines are widely available. Stocks were mixed on Monday. The S&P 500 fell by 0.4 percent in its fourth straight down day, although the three main U.S. indexes are still near record highs after a post-election surge.

CNBC