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FirstFT: Today’s Top Stories | Financial Times


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Boris Johnson’s plans to build a yacht in the UK are prepared to violate the agreement of the World Trade Organization experts warned about his government last year.

The Prime Minister announced last month that he hoped a domestic shipbuilder would create the £200m vessel, the successor to the Royal Yacht Britannia, to boost British trade and industry around the world. world.

But building Number 10’s unnamed ship in the UK would violate an agreement Britain signed just eight months ago.

Ministers did not exclude civil shipbuilding from the list of contracts that must be open to global competition when it signed the WTO’s “government procurement agreement” covering 48 countries last October.

Digestive coronavirus

  • The greatest danger to Tokyo Olympics are not athletes and officials from abroad but can greater mobility and communication among locals, experts warn. Kazuhiro Yamada, the leader By Carlyle Japanese businesses, have predicted an increase after the pandemic private equity trading domestic.

  • WE and UK Airline executives issued a rare general appeal for Joe Biden and Boris Johnson to use this week’s G7 meeting to reopen transatlantic air travel. UK travel agents are losing their homes and facing “absolute difficulty“Following the strict limits on international travel, industry body Abta warns.

  • WE Labor shortage is hurt independent companies cannot offer the same incentives as companies.

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On the news

G7 targets Amazon in corporate tax plan Finance ministers are plotting a raid on Amazon lucrative cloud business to ensure it pays more corporate taxes under the new G7 agreement on global rates. Chris Nuttall has more information on Big Tech’s advance tax period in Latest #techft newsletter. Registration here.

  • Amazon director goes out of this world: Jeff Bezos intends to become one of the first civilians in space next month on Blue Origin’s first manned flight, just two weeks after he officially stepped down as chief executive.

Alzheimer’s drug wins US approval The governing body has First treatment approval for the disease for nearly two decades, giving the green light to a drug developed by Biogen despite scientific debates about whether the drug is effective. The decision by the Massachusetts-based biotech company to price the treatment in $56,000 a year has sparked debate about the cost of drugs in the largest and most profitable healthcare market in the world.

Katerra backed by SoftBank files for bankruptcy The US construction startup backed by SoftBank’s Vision Fund has filed for bankruptcy with over $1 billion in liabilities. It blamed Covid-19, the “unexpected default” of former lender Greensill Capital and the inability to secure financing.

BoE: Stablecoins face ‘difficult questions’ The Bank of England announced on Monday that stablecoins – cryptocurrencies pegged to other assets – must – under strict supervision, the latest sign that regulators are preparing to crack down on digital tokens. For millennia, money has acted as a store of value and reduced transaction costs, Roger Svensson wrote of the Industrial Economic Research Institute. So is crypto.

Apple WWDC 2021 At its annual developer conference, Apple said it would add protect user privacy after under pressure as experts warn that thousands of apps are continuing to collect data from users who have opted out. (Reuters, FT)

France fines Google 220 million euros Competition Authority fined Google 220 million euros for abusing its dominant position in the online advertising market and imposing changes to the way the company operates in the country for three years.

Next days

Portugal removed from UK green list British tourists returning after 4am today will have to quarantine for 10 days 10 and performed one more Covid-19 test after Portugal was moved to Downing Street’s “amber list” of tourist destinations. Immunizations will also begin for 25 to 29 years old Brother.

The last call of the former commander of the Bosnian Serb Final Judgment in the trial of Ratko Mladic will be decided at The Hague today. Mladic appealed a 2017 decision that he committed war crimes including genocide during the Bosnian war and found him sentenced to life in prison. (AP)

US economic data Economists have forecast a narrowing the trade gap in April but the overall number is expected to remain up as reopenings solidify. (WSJ)

Colonial pipeline director testifies Joseph Blount will testify before the US Senate today and the House of Representatives tomorrow about the ransomware attack that forced his company to shut down its fuel supply last month and pay hackers $4.4 million. US officials say they have recover $2.3 million from the payment of the ransom.

Marqeta IPO Valuation Debit card company’s initial public offering is due valued as it aims to complete one of the biggest fintech listings this year.

What else we’re reading

How clean energy is driving cargo superbikes As governments launch massive stimulus programs focused on job creation and environmental stability, such a combination of demand and potential supply shortfalls has left many on Wall Street and in The City of London praised the arrival of the super-cargo and questioned: copper is set to be the new oil?

Brexit: Can the sticky point in N Ireland be resolved? The UK and the EU have become locked in a row on trade rules ahead of intense negotiations this week and Joe Biden’s arrival in the UK for the G7 summit. In a sign of growing tensions, EU capitals have fight at the UK’s Brexit Secretary, Lord David Frost’s proposal in FT that the bloc needs to compromise. FT viewing angle is a problem not for the US to solve, but for the protagonists.

  • A successful G7 summit could spark the idea that the West can provide global leadership in alliances with other democracies, write Gideon Rachman.

British farmers worried about Australian trade Downing Street’s decision to offer Australia a duty-free trade deal has raised concerns among UK farmers about opening up to free trade with a large range of livestock producing countries, potentially threaten their way of life.

“Agriculture is important to a lot of people, upstream and downstream. It would be a shame if they sold it in the water” – Jimmy Ireland, National Farmers Union in Scotland

UAE resets decade of foreign policy For a decade, the Gulf country has been the Arab country of the world the most muscular actor in the region, deploying its dollar wealth and military might to strengthen allies and weaken enemies. But after the coronavirus hit the economy, underscoring its connection to global trade, the UAE is shifting its focus from aggressive intervention to “economic” diplomacy.

Minister of Chaos In a new Boris Johnson’s profile – which the prime minister has sat against the wishes of his advisers – Atlantic’s Tom McTague seeks to discover whether the Prime Minister is “really a populist or just popular”. (Atlantic)

Comment of the day

Reply ‘Don’t make me go back to work five days a week‘:

“Not having to iron my clothes is probably the best thing about Covid working from home for me. When I started going back to the office a few times a week, burning the iron for the first time in a year, I felt particularly depressed. Also, my shirts seem to have mysteriously shrunk! ” – AdamC

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