Economy

FirstFT: At the moment’s prime tales

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Donald Trump arrived at Buckingham Palace on Monday at first of a three-day state go to, which is fuelling political disarray within the UK as Prime Minister Theresa Might prepares to go away workplace and the scramble begins to interchange her.

Downing Avenue confirmed that the US president and Mrs Might wouldn’t maintain a proper bilateral one-to-one assembly throughout the go to, amid indicators of tensions between the 2 leaders on a spread of points together with Brexit, China and commerce.

Mr Trump shattered diplomatic etiquette even earlier than he touched down in Britain, hitting out at London mayor Sadiq Khan on Twitter by calling him “a stone chilly loser”. The 2 males have feuded for years and over the weekend Mr Khan labelled the US president “one of the egregious examples of a world risk”.

Earlier Mr Trump had endorsed his “good friend” Boris Johnson, who launched his bid to develop into chief of the UK’s ruling Conservative social gathering. The US president additionally weighed into Britain’s fraught Brexit debate, saying the UK ought to be ready to go away the EU and not using a deal and dispatch Nigel Farage, chief of the brand new Brexit Occasion and a good friend of the president, to steer Brexit negotiations.

The FT editorial board notes that state visits honour a rustic, not a person — and the particular relationship will survive this US presidency. On this video our chief international affairs commentator Gideon Rachman and US nationwide editor Edward Luce share their views on Mr Trump’s first state go to to Britain. (FT, CNN)

Within the information

Mexico-US commerce talks Mexican officers, in Washington for talks to keep away from commerce tariffs triggered by Donald Trump’s calls for to curb migration, have signalled their eagerness for a decision whereas stressing they’d not settle for a deal forcing migrants to use for asylum of their nation as an alternative of the US. This evaluation explains why Mexico has been left with few choices in confronting the specter of the US president’s tariffs. (FT, Reuters)

Antitrust focus turns to Large Tech Apple and Fb are confronting a brand new wave of presidency scrutiny as a result of regulators have determined that the justice division will oversee antitrust complaints in regards to the iPhone maker whereas the Federal Commerce Fee will oversee complaints in regards to the social community. The oversight is a part of a broader effort of antitrust enforcement over many huge expertise corporations, together with Google and Amazon. Tech shares had been dragged decrease on Monday led by Fb and Alphabet over the antitrust investigation. (New York Occasions, FT)

Apple’s annual convention The tech big has redesigned its Maps app from the bottom up, including “vital new element” from a whole lot of automobiles and planes outfitted with cameras and lidar, which measures the gap to a goal by illuminating the goal with a pulsed laser gentle. The characteristic was launched at Apple’s annual developer convention and will probably be rolled out throughout the US by the top of the 12 months. (FT )

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Huawei case begins in Texas The Chinese language telecoms provider blacklisted by the US opens its trade-secrets case in a Texas federal court docket at the moment towards a former worker. The lawsuit, a uncommon occasion through which Huawei claims its expertise was stolen by a would-be rival, may make clear the corporate’s inside workings. Right here’s a have a look at what goes right into a Huawei smartphone. In the meantime, huge US expertise corporations are re-examining their provide chains to determine Chinese language teams which may be focused within the escalating commerce battle between China and the US. (FT, Bloomberg)

High banks push forward with digital cash 13 of the world’s largest banks are making ready to launch digital variations of world currencies in 2020 after years of analysis satisfied them that the expertise underpinning cryptocurrencies may very well be used to make buying and selling much less dangerous and cheaper. In the meantime, Fb has additionally begun talks with US regulators over plans for its digital foreign money. (FT)

Blackstone’s document actual property deal The choice funding supervisor has struck the most important personal actual property deal in historical past, agreeing to purchase the US warehouses portfolio of Singapore-based GLP for $18.7bn, together with debt. GLP, which is managed by a consortium of Chinese language traders, counts on-line retailer Amazon as its largest tenant. (FT)

China metal tie-up A deliberate merger of China’s largest steelmaker and a home rival is ready to create a gaggle whose mixed manufacturing final 12 months exceeded that of the complete US metal business, as Beijing pushes ahead with efforts to consolidate an enormous sector. (FT)

The day forward

Three many years after Tiananmen Tuesday marks 30 years since Chinese language troops opened fireplace to finish the student-led pro-democracy demonstrators in Beijing. Mike Pompeo, US secretary of state, known as on China on Monday to launch rights prisoners to mark the anniversary of the Tiananmen Sq. rebellion. Paradoxically, although younger Chinese language now get pleasure from lots of the advantages that the protesters sought, they’re as an alternative rising disenchanted with the US amid a protracted commerce battle and a way that China is lastly America’s equal on many fronts. (FT)

Anti-Trump protest in UK Whereas the US president is scheduled to fulfill Theresa Might on Tuesday, the Cease Trump Coalition — shaped forward of Mr Trump’s final UK go to and involving Labour MPs, commerce unions and environmental campaigners — is planning a “noise protest” in Trafalgar Sq., anticipating “tens of hundreds of individuals”. Jeremy Corbyn, the opposition Labour social gathering chief, may also communicate on the anti-Trump protests, his workplace mentioned. (FT, Bloomberg)

Join right here to Tech Scroll Asia, your orientation to the billions being made and misplaced on the planet of Asia tech from the FT and Nikkei.

What we’re studying

FT government training rankings IMD of Switzerland and Stanford of the US prime the FT’s annual rating of government training programs, whereas Iese of Spain gives the world’s finest bespoke programmes for company shoppers. Learn the complete 2019 checklist and rating methodology right here. (FT)

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FAA identifies new Boeing flaws The US aviation regulator highlighted new issues with Boeing’s 737 Max plane and an older mannequin on Sunday, saying that wing parts “could also be vulnerable to untimely failure or cracks”. The aviation business’s prime commerce physique downgraded revenue forecasts by 7 per cent due to commerce tensions. (FT)

Cryptocurrency founder wins Buffett lunch Justin Solar, a digital coin entrepreneur, revealed himself on Monday because the winner of a charity public sale for lunch with billionaire investor Warren Buffett, after inserting the record-breaking bid of $four.6m on Friday. The annual public sale, which was hosted by on-line market eBay, will see the lads dine at a New York steak restaurant without spending a dime and the cash go to the anti-poverty charity Glide. (FT)

Justin Solar introduced himself because the profitable bidder on his Twitter feed

Essentially the most highly effective man within the Center East Prince Mohammed bin Zayed, a Sandhurst graduate and de facto chief of the United Arab Emirates, instructions sovereign wealth funds value $1.3tn and a navy outfitted with American plane. He’s additionally one of the influential figures in Washington, working to align the Trump administration towards his personal regional enemies — the Muslim Brotherhood and Iran — and drawing the eye of particular counsel Robert Mueller. (NYT)

Remedy within the workplace Two out of three folks working in monetary companies have skilled psychological well being points because of work or the place work was a associated issue, in keeping with a 2018 survey. However finance professionals are not often open about searching for psychological assist for worry of damaging their careers. Large banks together with HSBC, JPMorgan Chase and Goldman Sachs are actually growing on-site counsellor teams to take the psychological well being combat in-house. (Reuters)

Girls in work The story about JPMorgan’s document paternity go away settlement acquired me fascinated with work-life steadiness, writes Rana Foroohar. The $5m settlement made it clear that the corporate’s coverage should prolong to women and men equally. However, in fact, girls nonetheless do many of the baby rearing and what’s extra, they’re selecting, in a lot larger numbers than males, to go away the company world when it’s time to have youngsters. (FT)

Social media is absolutely problematic for adolescents There was a whole lot of fear about adolescents and social media over the previous couple of weeks, with new research and reviews elevating questions on psychological well being and vulnerability, sleep and suicide. An professional says underlying issues might make some younger folks significantly susceptible to what they discover on social media. (NYT)

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Video of the day

Tiananmen Sq.: China 30 years on Because the anniversary of the 1989 crackdown on protesters in Beijing approaches, James Kynge, the FT’s world China editor who reported on occasions within the Chinese language capital 30 years in the past, talks to present dissidents and political activists in regards to the legacy of Tiananmen. (FT)

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