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Russian troops have pressured about 3,000 workers at the Zaporizhia Nuclear Electricity Plant to get hold of Russian passports.

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China on Saturday marked the first day of “chun yun”, the 40-day period of Lunar New Year travel known pre-pandemic as the world’s largest annual migration of people, bracing for a huge increase in travellers and the spread of COVID-19 infections.

This Lunar New Year public holiday, which officially runs from Jan. 21, will be the first since 2020 without domestic travel restrictions.

Over the last month China has seen the dramatic dismantling of its “zero-COVID” regime following historic protests against a policy that included frequent testing, restricted movement, mass lockdowns and heavy damage to the world’s No.2 economy.

Investors are hoping that the reopening will eventually reinvigorate a $17-trillion economy suffering its lowest growth in nearly half a century.

But the abrupt changes have exposed many of China’s 1.4 billion population to the virus for the first time, triggering a wave of infections that is overwhelming some hospitals, emptying pharmacy shelves of medication and causing long lines to form at crematoriums.

China’s Ministry of Transport said on Friday that it expects more than 2 billion passengers to take trips over the next 40 days, an increase of 99.5% year-on-year and reaching 70.3% of 2019 trip numbers.

Reaction to that news online was mixed, with some comments hailing the freedom to return to hometowns and celebrate the Lunar New Year with family for the first time in years.

Many others, however, said they would not travel this year, with worry of infecting elderly relatives a common theme.

“I dare not go back to my hometown, for fear of bringing the poison back,” said one such comment on the Twitter-like Weibo.

There are widespread concerns that the great migration of workers in cities to their hometowns will cause a surge in infections in smaller towns and rural areas less well-equipped with ICU beds and ventilators to deal with them.

Julian Evans-Pritchard, senior China economist at Capital Economics, acknowledged that risk in a Friday note but went on to say that “in the large cities that make up much of China’s economy, it seems the worst has passed”.

Ernan Cui, analyst at Gavekal Dragonomics in Beijing, cited several online surveys as indicating that the current wave of infections may have already peaked in most regions, noting there was “not much difference between urban and rural areas.”

Sunday marks the reopening of China’s border with Hong Kong and the end of China’s requirement for inbound international travellers to quarantine. That effectively opened the door for many Chinese to travel abroad for the first time since borders slammed shut nearly three years ago, without fear of having to quarantine on their return.

More than a dozen countries are now demanding COVID tests from Chinese travellers, as the World Health Organisation said China’s official virus data underreported the true extent of its outbreak.

Chinese officials and state media have defended the handling of the outbreak, playing down the severity of the surge and denouncing foreign travel requirements for its residents.

On Saturday in Hong Kong, people who had made appointments had to queue for about 90 minutes at a centre for PCR tests needed for travel to countries including mainland China.

For much of the pandemic, China poured resources into a vast PCR testing program to track and trace COVID-19 cases, but the focus is now shifting to vaccines and treatment.

In Shanghai, for example, the city government on Friday announced an end to free PCR tests for residents from Jan. 8.

A circular published by four government ministries Saturday signalled a reallocation of financial resources to treatment, outlining a plan for public finances to subsidise 60% of treatment costs until March 31.

Meanwhile, sources told Reuters that China is in talks with Pfizer Inc (PFE.N) to secure a licence that will allow domestic drugmakers to manufacture and distribute a generic version of the U.S. firm’s COVID-19 antiviral drug Paxlovid in China.

Many Chinese have been attempting to buy the drug abroad and have it shipped to China.

On the vaccine front, China’s CanSino Biologics Inc (6185.HK) announced it has begun trial production for its COVID-19 mRNA booster vaccine, known as CS-2034.

China has relied on nine domestically-developed COVID vaccines approved for use, including inactivated vaccines, but none have been adapted to target the highly-transmissible Omicron variant and its offshoots currently in circulation.

The overall vaccination rate in the country is above 90%, but the rate for adults who have had booster shots drops to 57.9%, and to 42.3% for people aged 80 and older, according to government data released last month.

China reported three new COVID deaths in the mainland for Friday, bringing its official virus death toll to 5,267, one of the lowest in the world. International health experts believe Beijing’s narrow definition of COVID deaths does not reflect a true toll, and some predict more than a million fatalities this year.

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Dozens of protesters attempted to take over an airport near Peru’s border with Bolivia Friday as part of anti-government protests, prompting police to use tear gas to disperse them.

Protesters set fire to a police tank outside the Inca Manco Capac airport in Juliaca, in Peru’s Puno region, according to images on social media and local television.

Protests against President Dina Boluarte resumed this week after a two-week pause, following violent clashes in December that left 22 dead after the removal and arrest of former President Pedro Castillo.

News outlets in Puno reported 15 injured, including two policemen. The healthy ministry did not immediately confirm the reports.

Andean Airports of Peru, which operates the Juliaca airport, said services were suspended “due to the violent acts and lack of security.”

In December, protesters forced the temporary closure of three airports in Peru.

Demonstrators demand Boluarte’s resignation, the closure of Congress, constitutional changes and Castillo’s release. The former president is serving 18 months in pre-trial detention while being investigated for “rebellion” after illegally trying to close Congress, a charge he denies.

Up to 49 blockade points were reported Friday in different regions of the country, an uptick from the day before, the Ombudsman’s office said in a statement.

In the Ica region, on Peru’s central coast, protesters have blocked a key highway, stranding dozens of passenger and cargo transport vehicles.

“We have already supported last year’s strike, we have been unemployed for about 10 days and the truth is, with the pandemic and all that there has been, we want to continue working,” said Jose Palomino, a driver affected by the roadblock.

The attorney general’s office said Friday it was assessing complaints against Boluarte and three of her ministers and, if warranted, would launch an investigation into deaths that occurred during December’s protests.

Human rights group have accused security forces of using deadly firearms and launching smoke bombs on protesters, who the army says have used homemade weapons and explosives.

Boluarte welcomed the prosecutor’s announcement on Twitter, writing that she “will provide all the appropriate resources for the prompt clarification of the facts, as he has repeatedly requested.”

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Republican Kevin McCarthy was elected speaker of the U.S. House of Representatives early on Saturday, after making extensive concessions to a group of right-wing hardliners that raised questions about the party’s ability to govern.

The 57-year-old Californian suffered one final humiliation when Representative Matt Gaetz withheld his vote on the 14th ballot as midnight approached, prompting a scuffle in which fellow Republican Mike Rogers had to be physically pulled away.

McCarthy’s victory in the 15th ballot brought an end to the deepest congressional dysfunction in over 160 years. But it sharply illustrated the difficulties that he will face in leading a narrow and deeply polarized majority.

He won at last on a margin of 216-212. He was able to be elected with the votes of fewer than half the House members only because six in his own party withheld their votes – not backing McCarthy as leader, but also not voting for another contender.

“I’m glad that it’s over,” McCarthy told reporters shortly after the vote.

McCarthy agreed to a demand by hardliners that any lawmaker be able call for his removal at any time. That will sharply cut the power he will hold when trying to pass legislation on critical issues including funding the government, addressing the nation’s looming debt ceiling and other crises that may arise.

“We got the things that are transformational,” said Republican Representative Ralph Norman, who voted to back McCarthy after opposing him for much of the week.

Republicans’ weaker-than-expected performance in November’s midterm elections left them with a narrow 222-212 majority, which has given outsized power to the right-wing hardliners who have opposed McCarthy’s leadership.

Those concessions, including sharp spending cuts and other curbs on McCarthy’s leadership, could point to further turbulence in the months ahead, especially when Congress will need to sign off on a further increase of the United States’ $31.4 trillion borrowing authority.

Over the past decade, Republicans have repeatedly shut down much of the government and pushed the world’s largest borrower to the brink of default in efforts to extract steep spending cuts, usually without success.

Several of the hardliners have questioned McCarthy’s willingness to engage in such brinksmanship when negotiating with President Joe Biden, whose Democrats control the Senate. They have raged in the past when Senate Republicans led by Mitch McConnell agreed to compromise deals.

The hardliners, also including Freedom Caucus Chairman Scott Perry and Chip Roy of Texas, said concessions they extracted from McCarthy will make it easier to pursue such tactics this year – or force another vote on McCarthy’s leadership if he does not live up to their expectations.

“You have changes in how we’re going to spend and allocate money that are going to be historic,” said Representative Scott Perry, the chairman of the hard-right House Freedom Caucus.

“We don’t want clean debt ceilings to just go through and just keep paying the bill without some counteracting effort to control spending when the Democrats control the White House and control the Senate.”

One of those Democrats, Senate Majority Leader Chuck Schumer, warned that the concessions McCarthy made to win the job may come back to haunt him.

“Kevin McCarthy’s concessions to the extremists in his party make it far more likely that the MAGA Republican controlled House will cause a government shutdown or a default with devastating consequences to our country,” Schumer said in a statement.

In a sharp contrast to this week’s battles among House Republicans, Biden and McConnell appeared together in Kentucky on Wednesday to highlight investments in infrastructure.

McCarthy’s belated victory came the day after the two-year anniversary of a Jan. 6, 2021, attack on the U.S. Capitol, when a violent mob stormed Congress in an attempt to overturn then-President Donald Trump’s election loss.

This week’s 14 failed votes marked the highest number of ballots for the speakership since 1859, in the turbulent years before the Civil war.

McCarthy’s last bid for speaker, in 2015, crumbled in the face of right-wing opposition. The two previous Republican speakers, John Boehner and Paul Ryan, left the job after conflict with right-wing colleagues.

Wielding the speaker’s gavel will give McCarthy the authority to block Biden’s legislative agenda, force votes for Republican priorities on the economy, energy and immigration and move forward with investigations of Biden, his administration and his family.

But McCarthy has agreed to concessions that mean he will hold considerably less power than his predecessor, Democrat Nancy Pelosi, according to sources involved in the talks. That will make it hard for him to agree to deals with Democrats in a divided Washington.

Allowing a single member to call for a vote to remove the speaker will give hardliners extraordinary leverage.

He has also offered influential committee posts to members of the group, lawmakers said, as well as spending restrictions that aim to reach a balanced budget within 10 years. The agreement would cap spending for the next fiscal year at last year’s levels – amounting to a significant cut when inflation and population growth are taken into account.

That could meet resistance from more centrist Republicans or those who have pushed for greater military funding, particularly as the United States is spending money to help Ukraine fend off a Russian assault.

Moderate Republican Brian Fitzpatrick said he was not worried that the House would effectively be run by hardliners.

“It’s aspirational,” he told reporters. “We still have our voting cards.”

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The U.S. Food and Drug Administration on Friday approved the Alzheimer’s drug lecanemab developed by Eisai Co Ltd (4523.T) and Biogen Inc (BIIB.O) for patients in the earliest stages of the mind-wasting disease.

Eisai and Biogen said on Saturday the Japanese drugmaker had applied for full FDA approval of the drug.

The drug, to be sold under the brand Leqembi, belongs to a class of treatments that aims to slow the advance of the neurodegenerative disease by removing sticky clumps of the toxic protein beta amyloid from the brain.

Nearly all previous experimental drugs using the same approach had failed.

“Today’s news is incredibly important,” said Dr. Howard Fillit, chief science officer of the Alzheimer’s Drug Discovery Foundation. “Our years of research into what is arguably the most complex disease humans face is paying off and it gives us hope that we can make Alzheimer’s not just treatable, but preventable.”

Eisai said the drug would launch at an annual price of $26,500. Biogen shares, which had been halted, were up 3% at $279.40.

The Japanese company said it also plans to apply for marketing authorization for Leqembi in Japan and the European Union by the end of its business year on March 31.

Eisai estimated the number of U.S. patients eligible for the drug would reach around 100,000 within three years, increasing gradually from there over the medium to long term.

Dr. Erik Musiek, A Washington University neurologist at Barnes-Jewish Hospital, said he was “pleasantly surprised” by the drug’s price.

“Considering the marketplace and the fact that we have no other good disease-modifying treatments, I think it’s in the ballpark of what I would expect,” he said.

Initial patient access will be limited by a number of factors including reimbursement restrictions by Medicare, the U.S. government insurance program for Americans aged 65 and older who represent some 90% of individuals likely to be eligible for Leqembi.

“Without Centers for Medicare & Medicaid Services (CMS) and insurance coverage … access for those who could benefit from the newly-approved treatment will only be available to those who can pay out-of-pocket,” the Alzheimer’s Association said in a statement.

Leqembi was approved under the FDA’s accelerated review process, an expedited pathway that speeds access to a drug based on its impact on underlying disease-related biomarkers believed to predict a clinical benefit.

“This treatment option is the latest therapy to target and affect the underlying disease process of Alzheimer’s instead of only treating the symptoms of the disease,” FDA neuroscience official Billy Dunn said in a statement.

CMS said on Friday that current coverage restrictions for drugs approved under the accelerated pathway could be reconsidered based on its ongoing review of available information.

If the drug receives traditional FDA approval, CMS said it would provide broader coverage. Eisai officials have said the company plans to submit data from a recent successful clinical trial in 1,800 patients as the basis for a full standard review of Leqembi.

The CMS decision was largely in response to a previous Alzheimer’s treatment from Eisai and Biogen. Aducanumab, sold under the brand name Aduhelm, won accelerated approval in 2021 with little evidence that the drug slowed cognitive decline and despite objections by the FDA’s outside experts.

Biogen initially priced Aduhelm at $56,000 per year before cutting the price in half. With limited acceptance and insurance coverage, sales were only $4.5 million in the first nine months of 2022.

Lecanemab is intended for patients with mild cognitive impairment or early Alzheimer’s dementia, a population that doctors believe represents a small segment of the estimated 6 million Americans currently living with the memory-robbing illness.

To receive the treatment, patients will need to undergo testing to show they have amyloid deposits in their brain – either through brain imaging or a spinal tap. They will also need to undergo periodic MRI scans to monitor for brain swelling, a potentially serious side effect associated with this type of drug.

The medicine’s label says doctors should exercise caution if lecanemab patients are given blood clot preventers. This could be a safety risk, according to an autopsy analysis published this week of a lecanemab patient who had a stroke and later died.

In the large trial of lecanemab, which is given by infusion, the drug slowed the rate of cognitive decline in patients with early Alzheimer’s by 27% compared to a placebo. Nearly 13% of patients treated with Leqembi in the trial had brain swelling.

Dr. Babak Tousi, a neuro-geriatrician at the Cleveland Clinic, said the approval will make a “big difference” in the field because it is based on biomarkers rather than just symptoms.

“It’s going to change how we make a diagnosis for Alzheimer’s disease, with more accuracy,” he said.

Tousi acknowledged that the benefit of the drug will likely be modest. “Still, it is a benefit that we were not able to achieve” before this approval.

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Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.

Ant’s $37 billion IPO, which would have been the world’s largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control.

While some analysts have said a relinquishing of control could clear the way for the company to revive its IPO, the changes announced by the group on Saturday, however, are likely to result in a further delay due to listing regulations.

China’s domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai’s Nasdaq-style STAR market, and one year in Hong Kong.

A former English teacher, Ma previously possessed more than 50% of voting rights at Ant but the changes will mean that his share falls to 6.2%, according to Reuters calculations.

Ma only owns a 10% stake in Ant, an affiliate of e-commerce giant Alibaba Group Holding Ltd (9988.HK), but has exercised control over the company through related entities, according to Ant’s IPO prospectus filed with the exchanges in 2020.

Hangzhou Yunbo, an investment vehicle for Ma, had control over two other entities that own a combined 50.5% stake of Ant, the prospectus showed.

Ma’s ceding of control comes as Ant is nearing the completion of its two-year regulatory-driven restructuring, with Chinese authorities poised to impose a fine of more than $1 billion on the firm, Reuters reported in November.

The expected penalty is part of Beijing’s sweeping and unprecedented crackdown on the country’s technology titans over the past two years that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits.

But Chinese authorities have in recent months softened their tone on the tech crackdown amid efforts to bolster a $17-trillion economy that has been badly hurt by the COVID-19 pandemic.

“With the Chinese economy in a very febrile state, the government is looking to signal its commitment to growth, and the tech, private sectors are key to that as we know,” said Duncan Clark, chairman of investment advisory firm BDA China.

“At least Ant investors can (now) have some timetable for an exit after a long period of uncertainty,” said Clark, who is also an author of a book on Alibaba and Ma.

Ant operates China’s ubiquitous mobile payment app Alipay, the world’s largest, which has more than 1 billion users.

Ant, whose businesses also span consumer lending and insurance products distribution, said Ma and nine of its other major shareholders had agreed to no longer act in concert when exercising voting rights, and would only vote independently.

It added that the shareholders’ economic interests in Ant will not change as a result of the adjustments.

Ant also said it would add a fifth independent director to its board so that independent directors will comprise a majority of the company’s board. It currently has eight board directors.

“As a result, there will no longer be a situation where a direct or indirect shareholder will have sole or joint control over Ant Group,” it said in its statement.

Reuters reported in April 2021 that Ant was exploring options for Ma, one of China’s most successful and influential businessmen, to divest his stake in Ant and give up control.

The Wall Street Journal reported in July last year, citing unnamed sources, that Ma could cede control by transferring some of his voting power to Ant officials including Chief Executive Officer Eric Jing.

Ant’s market listing in Hong Kong and Shanghai was derailed days after Ma publicly criticised regulators in a speech in October 2020. Since then, his sprawling empire has been under regulatory scrutiny and going through a restructuring.

Once outspoken, Ma has largely remained out of public view since the regulatory crackdown that has reined in the country’s technology giants and did away with a laissez-faire approach that drove breakneck growth.

“Jack Ma’s departure from Ant Financial, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors,” said Andrew Collier, managing director of Orient Capital Research.

“This trend will continue the erosion of the most productive parts of the Chinese economy.”

As Chinese regulators frown on monopolies and unfair competition, Ant and Alibaba have been untangling their operations from each other and independently seeking new business, Reuters reported last year.

Ant said on Saturday that its management would no longer serve in the Alibaba Partnership a body that can nominate the majority of the e-commerce giant’s board, affirming a change that started mid-last year.

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Rep.-elect Kevin McCarthy smiles on the House floor during a speakership vote.

Alex Brandon/AP

• Kevin McCarthy finally realized his goal and was elected speaker of the House. 
• McCarthy was elected after days of failure amid the most chaotic speaker election in over a century.
• The celebrations may be short-lived considering what looms before Congress.

Rep.-elect Kevin McCarthy was elected speaker of the House early Saturday morning, fulfilling a long-held ambition and ending the most chaotic selection of the House’s leader in over a century.

McCarthy clinched the speaker’s gavel after 15 ballots and in the wee hours of the fifth day of voting. His victory was finally secured after days of struggle. At the start of Friday, McCarthy and his allies managed to flip more than a dozen votes to his side, injecting palpable momentum into a candidacy that was sorely lagging. 

Leaders then agreed to hold off final votes until Friday evening. The final hours sparked almost Shakespearean scenes on the House floor.

Rep-elect Mike Rodgers of Alabama had to be held back as he appeared to lunge at Rep.-elect Matt Gaetz of Florida who refused to budge from voting “present.” House GOP leaders then scrambled to delay future votes until Monday before abruptly reversing and forcing an immediate 15th vote. 

—Josh Bergeron (@Joshpberg) January 7, 2023

McCarthy then finally prevailed.

It was never supposed to go this way.

Electing a speaker is normally very straightforward. Before this week, the House had gone an entire century without needing even a second ballot to secure its leader. McCarthy’s victory consumed the most ballots since the end of the Civil War. Part of the lack of recent drama is because previous Congresses hashed out their differences within their parties before the formal floor vote. Lawmakers in McCarthy’s circumstances, carrying a party from the minority to the majority, virtually glide on the spirit of good feelings about retaking the majority. 

Faced with disappointing midterms, McCarthy had little margin for error. And after years of stern speakers, average lawmakers have grown restless from being cut out of talks surrounding major legislation. Some of the holdouts also clearly just weren’t that into McCarthy.

The victory celebrations may be short-lived. 

In order to secure his position, McCarthy agreed to a rules package framework that will cede significant power to conservative lawmakers who demonstrated for days that they owe nothing to the Californian. One of those concessions, per Politico’s Olivia Beavers, would allow any single lawmaker to essentially call for a no-confidence vote and push McCarthy out of power. The “motion to vacate” has only been voted on once in a century, but then Rep. Mark Meadows’ introduction of it in 2015 set off a chain of events that eventually resulted in then-Speaker John Boehner’s retirement.

According to Bloomberg News, McCarthy also acquiesced to an agreement that would cap future government spending at 2022 levels — meaning the Pentagon would see a roughly $75 billion cut in funding. Any defense spending would require Senate approval, but endangering defense budgets, which most Republicans want to raise even higher, will likely trigger the ire of more establishment-leaning lawmakers. Later in the evening, multiple reports cautioned that the cuts could be shouldered by non-defense programs, though Democrats are unlikely to agree to such cuts.

Later this year, Congress will be tasked with raising the debt ceiling. If lawmakers fail to do so, the US would default on its debt, almost assuredly sending domestic and international markets into a tailspin. The mere threat of breaching the debt ceiling in 2011 led to a historic credit downgrade during the Obama administration. 

The reality McCarthy will soon face is that leading a narrowly-divided chamber is incredibly difficult. He’ll also have to grapple with a Democratic-controlled Senate and White House, which will certainly block many conservative priorities. With just five votes to spare, the now-speaker may be forced to rely on House Democrats to pass bills that Congress must act on. But cutting any deal across the aisle could trigger a conservative revolt that could topple McCarthy.