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Biden declares major disaster in Texas after winter storms

President Biden declared a major disaster in Texas after severe winter storms struck the state, causing millions of residents to lose power and water.

Why it matters: The declaration clears the way for more federal funds to be spent on relief efforts across the state.


What they're saying: "Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster," the White House said Saturday.

  • "Federal funding is also available to state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency protective measures and hazard mitigation measures statewide."

The big picture: Nearly 2 million homes across Texas had their power restored on Thursday, though approximately 325,000 Texans remained without electricity that day.

  • As of Friday, over 13 million Texans still did not have access to drinkable water.
  • At least 16 deaths in the state were linked to the harsh weather as of Thursday.

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China vs. capitalism: Didi learns its lesson the hard way

China's leadership is deeply suspicious of the international financial system, and wants to ensure that the Chinese Communist Party remains the absolute power in the land, unthreatened by fast-growing corporate giants.

What's new: That lesson was learned the hard way this week by Didi, but the repercussions are likely to be much larger. Already, Chinese fitness app Keep has decided to scrap its planned $500 million IPO in New York.

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