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Around the World

US Supreme court dismisses Texas bid to overturn presidential election results

The US Supreme court has dismissed a bid by the State of Texas to overturn the result of the Presidential election won by Joe Biden.

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U.S. budget suffers a deficit of $3.1 trillion in 2020, as pandemic slams the economy, President Trump to decide fate of TikTok in 24-36 hours, Vaccine, America's Trump finally bans TikTok, WeChat, US imposes visa ban on Nigerians for election-related activities, I am not going to do second debate - Trump

The US Supreme court on Friday, December 11, 2020, dismissed the bid by the State of Texas to overturn the result of the Presidential election which was won by the Democratic candidate, Joe Biden, according to Bloomberg.

This new setback appears to be the final blow in the effort by President Donald Trump to hang on to power, thereby obstructing the path of Joe Biden being inaugurated as the 46th President of the US.

In a judgement to the lawsuit which was filed on Tuesday against 4 states namely, Georgia, Michigan, Wisconsin and Pennsylvania, the judges in an effectively unanimous order late Friday, barred Texas from filing suit directly at the high court to challenge Joe Biden’s victories in those states. The order ensures those states can cast their votes for Biden in the Electoral College on Monday.

The court said, “Texas has not demonstrated a judicially cognizable interest in the manner in which another state conducts its elections.”

None of the 9 Supreme court justices including the 3 appointed by Donald Trump, publicly dissented from that conclusion or said he or she would block the states from casting their votes. Trump’s three Supreme Court appointees — Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett, gave no suggestion they disagreed with the unsigned order.

What they are saying

Before the ruling on Friday, Trump had called on the nation’s supreme court to show great Wisdom and Courage. However, in a late-night tweet after the court’s decision he wrote, “The Supreme Court really let us down. No Wisdom, No Courage!”

He followed with another tweet calling the lack of legal relief an embarrassment to the USA.

  • Michigan’s attorney general, Dana Nessel tweeted that the court’s decision is an important reminder that the US is a nation of laws and that though some may bend to the desire of a single individual, the courts will not.
  • Also, Michael Gwin, a spokesman for the Biden campaign, said in a statement that the court “Decisively and speedily rejected the latest of Donald Trump and his allies’ attacks on the democratic process.”
  • While appearing on Fox News Friday night, White House Press Secretary, Kayleigh McEnany, made efforts to describe the court’s dismissal of the lawsuit as a procedural move.
  • McEnany said, “There’s no way to say it other than they dodged. They hid behind the procedure, and they refused to use their authority to enforce the Constitution.”

What you should know

  • President Donald Trump has refused to acknowledge the victory of the Democratic candidate, Joe Biden, in the November 3 presidential election, describing the election as riddled with fraud and rigging without any evidence.
  • He had spent months before the election, trying to shake the nation’s faith in the integrity of its voting systems and had repeatedly predicted that the election would be rigged because of the expanded use of mail-in ballots.
  • Trump and his allies have filed dozens of lawsuits in several key states and has had almost all of them thrown out by the courts. Members of the Trump administration, including Attorney General William Barr, have said they haven’t found any instances of widespread fraud.

What this means: The Supreme court’s decision puts an end to Trump’s expectation of vindication at the Supreme Court, which has a 6-3 conservative majority due to his appointments. Barrett’s nomination was rushed through the Senate confirmation process, with Trump saying her vote would be needed to resolve any election disputes.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Around the World

Covid-19: US economy grappling with 10 million job losses, adds 379,000 jobs in February 

The Covid-19 pandemic has led to the mandatory lockdown of major businesses and factories in the US.

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The World’s biggest economy is grappling with the loss of 10 million jobs due to the Covid-19.

The Covid-19 pandemic led to the mandatory lockdown of major businesses and factories in the country. This meant downsizing for most companies who could not continue paying salaries with no incoming revenue

According to the Nasdaq, the unemployment rate in the United States economy was at its highest in April last year, reaching a record high of 14.7%. The unemployment rate dropped to 6% but that is still a significant number.

According to CNN, the US economy added 379,000 Jobs in February this year. This is a clear sign of the world biggest economy getting back on track. Although the US economy is still missing around 9.5 million jobs since the beginning of Covid-19.

Biggest losers 

According to Nasdaq, the most affected industries in the Covid 19 economic decline is the Hospitality and Outdoor industry. Hotels and restaurant workers were mostly put out of jobs. They also fall into a category regarded as the long-term unemployment category. This category is used to define those who have been without a job for 27 weeks.

Big government to the rescue 

The United States government has rolled out the following packages to cushion the effect of the Covid 19:

  • The Joe Biden Administration has postulated a 1.9 trillion Covid Relief Package for Americans. The Bill made it through a house vote and now needs to pass the senate-house too.
  • Jobless American workers will be entitled to an extra $400 a week.
  • The Joe Biden new relief bill will also contain a $1,400 stimulus check for citizens.

 What to know 

  • The US economy is gradually shifting to the post-Covid-19 era adding 379,000 jobs in February alone. It added a paltry 166,000 jobs in January.
  • The United States major economic rival China is already in the post-Covid-19 era, the only major economic country in the post-Covid-19 era.

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Around the World

Jack Dorsey’s Square set to acquire majority stake in Jay Z’s Tidal for $297 million

Jack Dorsey’s company, Square set to acquire Tidal, the streaming music service owned by Jay-Z for a $297 million deal.

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Square, the mobile payments company owned by Jack Dorsey, announced on Thursday its plan to acquire a “significant majority” of Tidal, the streaming music service owned by Hip-hop music mogul, Jay-Z.

Square said it expects to pay $297 million, in a combination of cash and stock, for a stake in Tidal. Shawn “Jay-Z” Carter will join Square’s board, subject to the closing of the transaction while Tidal will operate independently within Square.

Existing artist shareholders will still remain stakeholders. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj, and Rihanna.

In a tweet made by Jay-Z today, he highlighted that “from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey.”

He also commented that “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board.

“This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Jack Dorsey, who is CEO of both Square and Twitter, also commented on this deal “comes down to one simple idea: finding new ways for artists to support their work.”

“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”

Jesse Dorogusker, a Square executive will lead Tidal on an interim basis. He added that Square will offer financial tools to help Tidal’s artists collect revenue and manage their finances. “There are other tools they need to be successful and that we’re going to build for them,”.

What you should know

  • Last month, Jack Dorsey and Jay-Z announced a Bitcoin fund focused on developing the cryptocurrency’s adoption in Africa and India.
  • In 2017, Sprint bought a 33% stake in Tidal. This week, Jay-Z bought back those shares from T-Mobile (which acquired Sprint).
  • Last month, Jay-Z announced that he would sell 50 percent of his champagne company, Armand de Brignac — better known as Ace of Spades — to LVMH Moët Hennessy Louis Vuitton amid a downturn in the entertainment industry caused by the pandemic that has affected some of Jay-Z’s holdings.

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