House Democrats on Monday introduced an article of impeachment against Donald Trump for the second time, levelling an unprecedented charge against the US president of inciting an insurrection.
The Democratic-controlled House also attempted to pass a separate resolution urging Mike Pence to convene the cabinet and activate the 25th amendment, which gives the vice-president the authority to strip the president of his powers.
The resolution will be debated by the House later today after failing to receive unanimous consent and a vote on impeachment is likely to come on Wednesday.
The move to impeach Mr Trump for a second time came as the FBI warned of potential violence and “armed protests” at 50 state capitals across the country in the days leading up to Joe Biden’s inauguration on January 20.
Meanwhile, more US businesses joined the rush to distance themselves from the Republican party following last week’s violent scenes at the Capitol by cutting off funding to lawmakers who voted against certifying Mr Biden’s election victory. AT&T, the largest public company donor to those lawmakers; Amazon, the ecommerce group; Dow, the chemical company; and American Express all took the step.
Others, including the banks JPMorgan Chase and Citigroup, as well as technology groups Facebook and Microsoft suspended all political donations.
“The past four years have demonstrated there are times when it is best to set self-interest aside,” writes Michael Moritz, a partner at Sequoia Capital. “Given the choice between appealing polices and a dark character, and objectionable policies and a respectable character, it is always safer to pick the latter.” (FT)(FT)
Exclusive: Ex-Credit Suisse chief to launch blank cheque vehicle Former Credit Suisse chief executive Tidjane Thiam is raising a $250m special purpose acquisition vehicle to invest in financial services businesses, according to people familiar with the matter. In other blank cheque news, the crypto marketplace Bakkt has plans to go public through a Spac deal. (FT)
US eleventh-hour foreign policy drive Mike Pompeo, US secretary of state, on Tuesday will accuse Iran of having secret ties to al-Qaeda, making it harder for the incoming Biden administration to negotiate with Tehran. Donald Trump’s administration has also put Cuba back on the “sponsor of terrorism” blacklist and designated Yemen’s Houthi rebels as a terror group. (FT)
Alibaba driver sets fire to himself A delivery driver for Alibaba has set himself on fire in protest over unpaid wages, in the latest incident to highlight allegations of mistreatment of workers in the country’s booming takeaway sector. (FT)
Brexit snags Northern Ireland supply chains Supermarkets in Northern Ireland are struggling to fill their shelves because of new post-Brexit trading arrangements, with hundreds of products caught up in supply-chain delays. Separately, chancellor Rishi Sunak on Monday said Brexit will “reinforce the UK’s position as a globally pre-eminent financial centre”. (FT)
Louis Bacon makes 2020 bumper gains The billionaire chalked up one of the biggest profits of his trading career during 2020’s market turmoil, with Moore Capital gaining more than 70 per cent after a decision to return money to outside investors allowed for riskier bets. (FT)
Auto start-ups rev up Spac issuance Automotive tech start-ups catapulted on to the US stock market via blank cheque vehicles have together amassed a market capitalisation approaching $60bn even as several are yet to book a single dollar of revenue or make a product. (FT)
Affirm IPO PayPal co-founder Max Levchin’s second big fintech start-up is set to IPO, aiming for a market capitalisation of more than $9bn. (FT)
Dominic Ongwen judgment A judgment is expected to be handed down in the case against Dominic Ongwen at the International Criminal Court in The Hague. Mr Ongwen is accused of 70 counts of war crimes and crimes against humanity allegedly committed in northern Uganda. He has pleaded not guilty to the charges. (FENS)
Soldiers, spies and Turkey’s quest for power In recent weeks Turkey’s president Recep Tayyip Erdogan has come to terms with the US election defeat of his friend Donald Trump and has said he would like to “turn a new page” with the west. But will this newfound conciliatory approach to Turkey’s traditional allies last? (FT)
This is the first in a series about Erdogan’s geopolitical ambitions, from his renewed push in Africa to his troubled relationship with the EU.
Uganda’s ‘ghetto president’ battles for office Bobi Wine, the pop singer turned political activist, says he has lost count of the number of times he has been harassed since launching his challenge to become Uganda’s next president. The 38-year-old has inspired young people to stand against a gerontocratic ruling elite, led by incumbent President Yoweri Museveni. (FT)
Jack Ma vs Xi Jinping Chinese authorities have launched an unprecedented squeeze on Jack Ma’s business empire including Ant Group, whose services are central to the functioning of the country’s online economy, in what could become a defining moment for the future of private business in Xi Jinping’s China. (FT)
Why going global has proved so hard for big banks The overall international record of the industry is poor, writes Robert Armstrong. Last week came a reminder of the challenges for a global bank: Deutsche Bank agreed to pay US regulators $125m to resolve allegations that it paid bribes to win clients in the Middle East and elsewhere. (FT)
Europe is not immune from US political madness Many of the elements that led to last week’s breach of the Capitol are also present in Europe, writes Gideon Rachman. History suggests Donald Trump’s post-White House options are narrow, writes Courtney Weaver. (FT)
Inside manufacturing’s split with Trump Jay Timmons, the president of the National Association of Manufacturers, called Donald Trump “a true champion for our industry” in 2017, but a rift between the lobby group and the president has been growing steadily since 2019. Mr Timmons also blames Mr Trump for the death of his father from Covid-19. (NYT)
Help! I need to sort out my pensions Putting all of your pension savings in one place to make it easier to manage your retirement plans sounds like a sensible idea — but it’s not necessarily the right solution for everyone. Consumer Editor Claer Barrett and her guests provide tips for people of all ages looking to sort out their pension savings. (FT)