Medical works operate a testing tent at a COVID-19 mobile testing site, Wednesday, Nov. 11, 2020, in the Brooklyn borough of New York. (AP Photo/John Minchillo)
Here are the headlines you Need2Know for Thursday, November 12, 2020:
COVID-19: LATEST DEVELOPMENTS
The U.S. is back up to 1,400 coronavirus daily deaths, a tally that hasn’t been seen since August, as more states add new restrictions. New York will require bars, restaurants and gyms to close at 10 pm and put a limit on private gatherings. Ohio is the latest state to issue a mask mandate. Nevada’s governor told residents they have two weeks to get the virus under control or he will impose new rules. Texas is the first state to hit one million cases, with California on track to become the second any day. WSJ
PRESIDENTIAL TRANSITION
President-elect Biden has made his first senior leadership appointment, naming Ron Klain as White House Chief of Staff. Klain is a longtime confidant of Biden who served as his chief of staff during the Obama years. He was also Obama’s “Ebola czar” during the 2014 outbreak and is widely respected in the medical community. As the White House stalls on the transition, GOP Sen. James Lankford of Oklahoma says he will use his authority on the Senate oversight committee to step in and make sure Biden is getting the presidential daily briefing by tomorrow. WASH POST
GEORGIA ON EVERYONE'S MIND
The one outstanding Senate race in Alaska has been called by the AP for the incumbent Republican, Sen. Dan Sullivan. That means that control of the chamber will indeed come down to whatever happens in the runoffs for Georgia’s two Senate seats, scheduled for Jan. 5. Before that, the Peach State will do an audit and hand recount of every ballot cast for president, where Biden is winning by about 14,000 votes. CBS NEWS
THE STORM THAT WON'T GO AWAY
Tropical Storm Eta made its fourth (!) landfall overnight, coming ashore north of Tampa with heavy rain, 50 mph winds and knocking out power to about 30,000 Floridians. Eta has been kicking around the Caribbean and Gulf of Mexico for two weeks -- strengthening, weakening, strengthening and weakening again as it now moves over the Florida peninsula and then back out into the Atlantic. The Southeast and mid-Atlantic will see heavy rain today into tomorrow. TRACK
STUDENT DEBT FORGIVENESS
Can -- or will -- a Biden administration cancel student-loan debt? Biden has said he’s open to the idea, and Sen. Chuck Schumer has said he believes it would be one of Biden’s first executive actions. The plan reportedly being floated among Democrats is to zero out $10,000 per federal borrower as part of a larger coronavirus relief bill, which wouldn't require Congressional sign off. The majority of borrowers owe less than $20,000. YAHOO FINANCE
RING RECALL
About 350,000 Ring doorbell cameras are being recalled after some of them have caught fire. According to the CPSC, the cameras in question were sold on Amazon between June and October of this year. TECHCRUNCH
MASTERS LIKE NO OTHER
It’s not Augusta in April, but it is still the Masters. The iconic golf tournament starts today, seven months late, from the pristine greens of Augusta National, and without any spectators. Tiger Woods, defending his Masters title, tees off just before 8 a.m. ET. Bryson DeChambeau is the consensus favorite to win the green jacket this year following his U.S. Open victory in September. GOLF CHANNEL
SPOTTED...
...the Bush and Obama daughters, in throwback snapshots shared by Jenna Bush on Instagram, showing her and her twin sister giving Sasha and Malia a tour of the White House during the transition in 2008: SEE PICS
BRITNEY CONSERVATORSHIP
Britney Spears has lost her motion in court to have her father removed as the conservator of her estate. Jamie Spears has been the legal guardian of his daughter’s $60 million fortune for more than a decade, and a judge found that he can continue to control her finances for now. Spears has said she’s afraid of her dad and won’t perform so long as he’s her conservator. AP
LEFTOVERS: MEMES OF THE YEAR
If there was ever a golden age for the meme, 2020 has been it. Four Loko, the boozy drink brand, surveyed Americans in order to rank the top memes of this crazy year. No surprise: 8 of the top ten were pandemic themed: SEE THE LIST
Listen to the N2K Podcast! Looking for more context and analysis on the big stories of the day? Check out our podcast! Hosts Jill and Carlo break down the headlines, every weekday morning Listen on Apple or Spotify, or watch on YouTube, and send us your feedback!
We are just one day away from what has been called the most influential tech event in the world. CES 2022 will officially kick off on Wednesday in Las Vegas, but the annual tech summit is being impacted by COVID-19, like so many other recent events. The Consumer Technology Association originally planned for a hybrid event to take place from January 5-8, with some in-person events and some virtual; however, a few big-name companies announced they will not be attending in-person, so the CTA decided to shorten the event by one day, with it now ending on Friday. Consumer electronics senior analyst Will Greenwald joins Cheddar News' Closing Bell to discuss.
California's new composting law will affect what residents do in their kitchens. As of this week, Californians will have to recycle excess food in an effort to reduce emissions caused by food waste. Cities and counties will turn recycled food into compost or use it as a renewable energy source. California's new law is the largest mandatory residential food waste recycling program in the country. Rachel Wagoner, Director of the California Department of Resources, Recycling and Recovery called the law 'the biggest change to trash' since recycling started in the 1980s. She joined Cheddar Climate to discuss.
Fast-casual restaurant chain Sweetgreen is rolling out its first salad subscription service called sweetpass as it looks to customers tackling new year weight loss and health goals. Members will receive up to 30 percent off of purchases.
Washington DC and the surrounding areas saw a record breaking snow storm Monday as a strong storm system works its way across the eastern U.S. The extreme weather event caused extensive damage in the greater Washington area, leaving thousands in the region without power. Jonathan Porter, Chief Meteorologist, AccuWeather, joined Wake Up with Cheddar to discuss the fierce storm.
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
There is a new player in the mobile app stock trading space.
Zingeroo recently announced a funding round of $8.5 million. The company says it aims to bring 'friendly competition' to stock trading, by literally breaking trading down into daily and weekly competitions between friends. Zingeroo also says it hopes its new approach can make trading more accessible, educational, and social than ever before. Zingeroo co-founder and CEO Zoe Barry joins Cheddar News' Closing Bell for more.
