Biden says U.S. ‘ready to lead’ again, vows to work with allies

President-elect Joe Biden said on Tuesday the United States will be “ready to lead” again on the global stage, turning the page on President Donald Trump’s unilateralist policies as he pledged to work together with Washington’s allies.

Introducing his new foreign policy and national security team, the Democratic former vice president signaled that he intends to steer the United States away from the “America First” nationalism pursued by Trump after taking office on Jan. 20.

The Republican incumbent has unsettled many U.S. allies, in Europe and elsewhere, with an antagonistic approach toward the NATO alliance and trade relations, abandonment of international agreements and warm relationships with authoritarian leaders.

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Joe Biden’s win grows more decisive each day as votes are counted

President Donald Trump’s efforts to deny the outcome of the 2020 election cannot change an undeniable reality: Joe Biden won decisively, and his lead nationally and in key states has grown over time as more votes have been counted.

President-elect Biden is likely to end up over 5 million votes ahead of Trump in the popular vote when all the counting is done. He’ll get about or above 80 million votes — by far the most of any presidential candidate in history.
In the electoral college, Biden looks to be on his way to earning 306 electoral votes. That’s about 57% of all the electoral votes available and will be good enough for a 74 electoral vote margin over the sitting President.
And let’s be clear, the chance of a recount overturning the results in 2020 is basically nothing. Fairvote has looked at statewide recounts since 2000. The average shift in votes has been a mere 430 votes and 0.02 points. The largest shift in votes was a little less than 2,600 and 0.11 points.
All of Biden’s advantages are considerably larger than that right now. In other words, Trump would need multiple recounts to see movement in votes than simply hasn’t happened in the last 20 years.
Indeed, Trump would need at least one recount to shift the margin by over 0.62 points and 20,000 votes (Biden’s current margin in Wisconsin) to win. That’s just not possible outside some divine intervention for Trump. The idea Trump is overturning the result in Michigan, where his supporters want a recount and his edge is about 150,000 and a little less than 3 points, is laughable.
The bottom line is Biden won this election and it’s not particularly close.
Most challengers to incumbent presidents don’t win, let alone come in with as clear a victory. Over the last century, just four other challengers beat incumbent presidents. The only three with a bigger win in the electoral college than Biden is forecasted to get were Franklin Roosevelt in 1932, Ronald Reagan in 1980 and Bill Clinton in 1992.
CNN PRESIDENTIAL PROJECTIONS

Biden’s popular vote win is even bigger. Once all the votes are counted (and there are plenty outstanding), Biden’s probably going to win somewhere between 51% and 52% of the popular vote. The only challenger to score a higher percentage over the last century was Roosevelt in 1932.
Looking to more recent history, you may recall that Trump liked to tout his 2016 win over Hillary Clinton. He would bring it up multiple times at rallies and even carry around a map of his electoral victory.
Biden’s win was equal to or bigger than Trump’s, depending on how you look at it. Biden’s likely to win contests containing the same number of electoral votes (306) that Trump got. Trump, of course, didn’t even get a plurality of the popular vote, let alone a majority. Biden did get a majority, and he did so as a challenger. Beating an incumbent is considerably more difficult than winning a race without an incumbent seeking re-election.
So what’s keeping Trump from conceding? We can’t say for sure, though it’s quite unusual from a historical angle.
There have been six other elections (19481960196819762012 and 2016) where the winner of the electoral college earned a similar share of electoral votes (57% +/- 5 points) Biden is probably going to get. All six had already conceded by this point after the election. In fact, all had thrown in the towel by the day after the election.
This includes Thomas Dewey in 1948, who is perhaps the best historical analogy to Trump. The winner in that election (Harry Truman) got about the same share of electoral votes and was ahead by a similar share in the popular vote. And like for Biden this election, Truman won a number of states by less than a point. That didn’t stop Dewey from congratulating Truman on his win.

Trump campaign sues Michigan to prevent certification of Biden win

Donald Trump’s presidential campaign on Wednesday sued Michigan to block the U.S. state from certifying last week’s election results, where the president has trailed Democrat Joe Biden.

According to a complaint filed in a federal court in western Michigan, many people have submitted affidavits describing alleged misconduct in the voting, with the focus on the Democratic stronghold of Wayne County, which includes Detroit.

The allegations are similar to those raised by the Trump campaign and some Republicans in lawsuits in several states. Legal experts have said the litigation is unlikely to result in Trump getting a second term in the White House.

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Goldman to pay $3 billion, claw back executive pay over role in 1MDB corruption scandal

Goldman Sachs Group Inc on Thursday said it was clawing back $174 million in executive compensation and had agreed to pay $2.9 billion over its role in Malaysia’s 1MDB corruption scandal, lifting a cloud that has hung over the bank for years.

The settlement with the U.S. Department of Justice and other U.S. and overseas regulators resolves a probe into the role Goldman Sachs bankers played in helping to steal cash, which Goldman helped raise, from the Malaysian state fund.

While the scandal has proved a humbling and costly saga for the Wall Street giant, the long-awaited settlement should allow Chief Executive David Solomon to accelerate his plans to turn the bank around after a decade of under-performance, analysts said. Goldman’s shares were up 1.4% on the news.

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AMC to raise fresh capital as liquidity troubles deepen

AMC Entertainment Holdings Inc, the world’s largest theater chain, said on Tuesday it would issue shares to raise cash, but warned it may still not have enough liquidity to help it avoid restructuring its debt.

The company, whose shares fell nearly 11%, said it would sell up to 15 million of its Class A common stocks, adding that a failure to restructure debt would result in it seeking bankruptcy protection.

Big theater chains such as AMC, rival Cineworld Group and others have reopened many locations, but audiences have been thin due to virus fears and delays in major releases by studios. Small and mid-sized theater companies have said they may not survive the impact of the pandemic.

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