Andrew Cuomo resigned as New York governor yesterday following allegations of sexual harassment that shredded his reputation and engulfed his administration.
In a video address, Cuomo said he was inclined to fight impeachment proceedings but feared that doing so would consume the state’s government at a perilous moment. “Given the circumstances, the best way I can help now is if I step aside and let government get back to governing,” said Cuomo, 63. His resignation will become effective in two weeks, after which Kathy Hochul, the state’s lieutenant-governor, will take charge.
The governor announced that he would step down a week after a 168-page report released by New York attorney-general Letitia James concluded that he had violated state and federal laws by sexually harassing 11 women, mostly current and former state employees. Cuomo’s alleged transgressions ranged from suggestive comments to a young assistant about her sex life to reaching under a woman’s blouse and cupping her breast. He has repeatedly denied touching anyone inappropriately.
Yesterday’s resignation marked the end of a political career that soared over the past year, raising speculation of a possible White House bid, before it came crashing down.
Five more stories in the news
1. US Senate passes $1tn infrastructure package The Senate has passed a sweeping bill that will provide hundreds of billions of dollars to upgrade crumbling transport systems, in a victory for Joe Biden and the Democrats. What is in the infrastructure plan? Read our explainer here.
There’s more: the Senate moves on to its next order of business, a budget bill with an estimated price tag of $3.5tn, on which Democrats plan to go it alone.
2. Treacherous markets fuel boom in outsourcing investment The market for outsourced investment teams is “red hot” thanks to the darkening outlook for future returns, with allocators of capital increasingly delegating entire multibillion-dollar mandates to outside money managers.
3. Taliban sets sights on big cities The Taliban has taken control of three more provincial capitals in Afghanistan as Joe Biden reaffirmed his decision to pull US troops out of the country even as the militant group makes sweeping territorial gains.
4. Hackers siphon $600m in digital tokens A decentralised financial network said hackers absconded with about $600m worth of cryptocurrencies, a heist that would rank among the largest to target the rapidly growing digital asset industry.
5. Private school owners in China forced to hand over institutions Rising numbers of private school owners have been forced to give their institutions to the Chinese state as the fallout from Beijing’s abrupt education overhaul ripples across the country. “The top leaders do not believe private schools serve the greater good,” said a Beijing-based government adviser.
Coronavirus digest
School districts in San Francisco and Long Beach will require their teachers and other staff to be fully vaccinated against Covid-19 or be tested regularly.
Kentucky has also announced an indoor mask mandate for students and staff at schools across the state.
Israel is weighing lockdowns and extending access to booster shots after infections surged to the highest level since February.
Germany will end free Covid testing for the unvaccinated this autumn.
The pandemic has brought the biggest disruption to ports since the start of container shipping 65 years ago.
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The day ahead
Inflation data The US labour department will release monthly consumer price index figures.
Opinion: there are signs we will soon have to worry about rising prices despite reassuring central bank forecasts, writes Chris Giles.
Earnings eBay and Duolingo are among the companies reporting earnings. Read the full list here.
What else we’re reading
How to reach the unvaccinated Carrot or stick? As the Delta variant spreads around the world, governments are facing the delicate issue of how to convince hesitant citizens to take the jab. Their solutions often involve a combination of incentives and coercion. Should governments enforce the use of vaccine passports? Vote in our latest poll.
Cryptocurrency exchanges target sport sponsorships Companies behind the nascent industry are increasingly turning to sports sponsorship to turbocharge their decade-long journey from the depths of the internet to mainstream speculative asset. Major League Baseball has signed a long-term multimillion-dollar deal with FTX, an exchange that was valued at $18bn last month, up from $1.2bn last year.
Investors should beware Beijing’s unpredictability The structure of Chinese IPOs can lull the unwary into thinking that investing in the country is no different than putting money in developed markets. That is a terrible mistake, writes Brooke Masters. Shareholders are buying into an arbitrary system where the rules can and do change overnight.
Global leaders’ dangerous climate roulette Given that the imperative to act today is no different from eight years ago, why the paralysis, asks Anjana Ahuja. The drive for certainty is the enemy of action in the climate emergency.
Go deeper: the landmark UN report released on Monday laid bare the urgent need to prepare for changes that are under way and will only get worse.
Japan’s prime minister fails to win Olympics bounce Yoshihide Suga had a plan for the summer: stage the Tokyo Olympics despite the Covid-19 pandemic, fire up the public and ride a wave of medal success to victory in a general election. But there has been no sign of an Olympic bounce, thrusting Japan into political turmoil and uncertainty.
Travel
Living like a king in Versailles Simon Kuper spent a night at Le Grand Contrôle, a newly opened lavish retreat within the Château’s grounds, where guests are greeted by staff dressed as 18th-century servants.
Source: Economy - ft.com
