Grammys Mull Postponement as Omicron Spread Disrupts Rebound in Entertainment
The entertainment industry's comeback is getting hit by Omicron.
Institutions that put on awards ceremonies, concerts, film festivals and high-profile schmooze events are considering postponement, cancellation or going virtual as the Covid-19 variant sweeps through the U.S.
The Elizabeth Holmes Verdict: Theranos Founder Is Guilty on Four of 11 Charges in Fraud Trial
SAN JOSE, Calif.- A federal jury convicted Elizabeth Holmes, the startup founder who claimed to revolutionize blood testing, on four of 11 charges that she conducted a yearslong fraud scheme against investors while running Theranos Inc., which ended up as one of Silicon Valley's most notorious implosions.
The verdict caps a steep fall for the former Silicon Valley star who once graced magazine covers with headlines such as "This CEO is Out for Blood" and emulated Apple Inc. co-founder Steve Jobs by wearing black turtlenecks.
Fed Weighs Proposals for Eventual Reduction in Bond Holdings
Federal Reserve officials are beginning to map out how and when they could shrink their $8.76 trillion portfolio of Treasury and mortgage securities, which more than doubled amid efforts to stabilize the economy over the past two years.
At their policy meeting last month, officials agreed to wind down their bond-purchase stimulus program more quickly amid growing concerns about high inflation, setting it on track to end in March. Officials began discussing at that meeting what should happen to the bondholdings after that point, and some are pushing to start shrinking them sooner and faster than they did after an earlier asset-purchase program.
Job Openings Likely at Record High Ahead of Omicron Wave
U.S. job openings are on track to have ended last year at a record high in a strong labor market where the gap between available positions and workers continues to widen.
There were 12 million job openings in the U.S. at the end of December, according to estimates from job-search site Indeed, based on an analysis of online job postings and government data sources.
China Passes New Cybersecurity, Algorithm Rules
China has passed two new rules regulating technology companies' overseas activities and use of algorithms, marking the latest step by Beijing to rein in the country's massive internet sector.
The country's top internet watchdog, the Cyberspace Administration of China, said Tuesday that it and several other authorities passed a revised version of the Cybersecurity Review Measure that will subject digital-platform operators with more than one million users to a cybersecurity review if they plan to list overseas.
China's Manufacturing Sector Rebounded in December, Caixin PMI Shows
A private gauge measuring activity in China's manufacturing sector rebounded in December, ending a two-month contraction and reaching the highest level since June, as output remained strong and input cost inflation eased.
The Caixin China purchasing managers index rose to 50.9 from 49.9 in November, according to data released Tuesday by Caixin Media Co. and researcher Markit. A reading below 50 indicates contraction, while a result above that signals expansion.
German Retail Sales for 2021 Seen at Record High
Retail sales in Germany recorded a new record high in 2021, according to preliminary data by the country's statistics office Destatis.
Real retail sales were between 0.6% and 1.2% higher in 2021 than in 2020, depending on December's data, Destatis said Tuesday. The resulting mean the on-year rate of change was 0.9% on a real basis.
Covid-19 Infections Accelerate Across Asia
ADELAIDE, Australia-Australia passed 500,000 Covid-19 cases, and infections have begun to accelerate in India and parts of Southeast Asia that had appeared to be getting on top of the virus in recent months.
The top health official in Australia's Queensland state said people with the Omicron strain were on average infecting as many as 10 others, raising concerns that the country's medical system could be overwhelmed soon. Omicron "has completely changed all the planning," said Dr. John Gerrard, Queensland's chief health officer.
Supreme Court Asked to Open Way for Challenge to Texas Abortion Law
WASHINGTON-Abortion providers in Texas asked the Supreme Court Monday to clear the way for the lawsuit they filed in July against the state law forbidding women from ending unwanted pregnancies after six weeks.
In legal papers, the abortion providers argued that a federal appeals court overseeing the case is obstructing their challenge with superfluous proceedings.
Manhattan DA Ends Andrew Cuomo Nursing-Home Probe
The Manhattan district attorney's office has closed its investigation into how the administration of former New York Gov. Andrew Cuomo handled Covid-19 in nursing homes, a lawyer who represented the administration said Monday.
Defense attorney Elkan Abramowitz, who served as outside counsel for Mr. Cuomo's executive chamber, said he was contacted Monday by the head of the Manhattan district attorney's elder-care unit. "I was told that after a thorough investigation-as we have said all along-there was no evidence to suggest that any laws were broken," Mr. Abramowitz said in a statement.
Facebook Removes Marjorie Taylor Greene's Post a Day After Her Twitter Suspension
Meta Platforms Inc. said it removed a Facebook post by Rep. Marjorie Taylor Greene (R., Ga.), a move that came a day after Twitter Inc. permanently suspended one of the representative's verified accounts from its platform for violating its Covid-19 misinformation policy.
"A post violated our policies and we have removed it; but removing her account for this violation is beyond the scope of our policies," a representative for Meta-formerly Facebook Inc.-said in a statement. The post violated the company's Covid-19 misinformation policies.
Omicron Surge Stymies Public-Transit Systems
Public-transit services in New York and other cities are being interrupted, as the Omicron variant of Covid-19 continues to drive staffing shortages.
Service on several New York City subway and bus lines was partially suspended Monday. An MTA spokesman said hundreds of employees have been out sick in recent days. He declined to give an exact number or say how many workers have tested positive for Covid-19, adding that the agency doesn't track specific illnesses.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Indicators (ET):
0830 Nov Industrial product & raw materials price indexes
0930 Dec Manufacturing PMI
Stocks to Watch:
Popeyes is set to launch in South Korea this year, the latest international move for the chicken brand owned by Restaurant Brands International.
A unit of South Korean conglomerate Silla Group entered an exclusive Master Franchise and Development Agreement to develop and open hundreds of Popeyes locations.
For Restaurant Brands, global successes have included Burger King's late 2012 relaunch in France after completely disappearing from the country.
Expected Major Events for Tuesday
00:01/UK: Dec Shop Price Index
00:30/JPN: Dec Japan Manufacturing PMI
07:00/GER: Nov Retail Trade
07:45/FRA: Dec Provisional CPI
08:55/GER: Dec Labour market statistics (incl unemployment)
09:30/UK: Nov Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
09:30/UK: Nov Monetary & Financial Statistics
09:30/UK: Nov Bank of England effective interest rates
09:30/UK: Dec CIPS / Markit Manufacturing PMI
12:45/US: Weekly Chain Store Sales Index
13:30/CAN: Nov Industrial product & raw materials price indexes
13:55/US: 01/01 Johnson Redbook Retail Sales Index
14:30/CAN: Dec Canada Manufacturing PMI
15:00/US: Dec ISM Report On Business Manufacturing PMI
15:00/US: Nov Job Openings & Labor Turnover Survey
16:00/US: Dec Global Manufacturing PMI
21:00/US: Dec Domestic Auto Industry Sales
21:30/US: 12/31 API Weekly Statistical Bulletin
23:50/JPN: Dec Monetary Base
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Tuesday
BeyondSpring Inc (BYSI) is expected to report $-0.64 for 3Q.
FTI Consulting (FCN) is expected to report $1.20 for 4Q.
MillerKnoll Inc (MLKN) is expected to report $0.57 for 2Q.
SMART Global Holdings Inc (SGH) is expected to report $1.39 for 1Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Marsh & McLennan Cut to Underperform From Neutral by B of A Securities
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-04-22 0549ET
