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FirstFT: Today’s prime tales | Financial Times

For the second time this yr, policymakers from Dublin to Rome are preparing to relax Covid-19 lockdowns — and “save Christmas” for the household reunions of 500m Europeans. Except this time they keep away from calling it a reopening.

The restrictions applied on the finish of October all through Europe are beginning to yield outcomes, with a slowdown in new infections recorded in most international locations in keeping with information tracked by the Financial Times. This is fuelling calls from retailers to finish the obligatory closures of retailers deemed non-essential throughout essentially the most profitable buying and selling month of the yr. But in contrast to in the summertime, European governments warn there can be no full-scale leisure of the restrictions.

The UK, France and Ireland are among the many international locations the place lockdowns are as a consequence of expire in early December. They have signalled they are going to ease restrictions solely progressively after being too lax the primary time round.

UK ministers have agreed that forward of the Christmas interval, a stricter tier system can be launched. Some mixing between households for a “small number of days” over the festive interval can be allowed, however ministers burdened Christmas wouldn’t be “normal” this yr. 

Meanwhile, Chancellor Rishi Sunak has paved the best way for big tax rises, warning Wednesday’s spending review will lay naked “the economic shock” of the pandemic.

In the US, millions plan to travel for Thanksgiving this week, regardless of the nation approaching 200,00Zero constructive virus circumstances a day. (FT, CNN)

Coronavirus digest

Covid-19 has modified lives, from exercise habits to retirement plans. Should we even be locking down every winter to guard hundreds from influenza, Jemima Kelly asks.

Follow our global economic recovery tracker and our live blog for the newest developments.

In the information

Trump’s authorized choices dwindle The avenues for Donald Trump to problem his election loss are about to significantly narrow, with three battleground states carried by Joe Biden as a consequence of certify their leads to the wake of a crushing weekend courtroom defeat for the Trump marketing campaign, which additionally on Sunday requested a second recount of Georgia’s ballots. (FT, NPR)

A Trump cut-out determine at a protest in opposition to the outcomes of the election in Atlanta on Saturday © Chris Berry/Reuters

Investors to reassess China’s tech sector Investors are reviewing their record holdings of mainland web firms after Beijing proposed sweeping new antitrust guidelines for China’s expertise business. “I believe the bull run in the tech sector in China has halted,” mentioned Wong Kok Hoi, chief funding officer of Singapore-based APS Asset Management. (FT)

SK Group pursues path away from fossil fuels South Korea’s third-biggest firm has vowed to end all new oil and gas investments abroad and slash its carbon emissions by two-thirds, because it plots a metamorphosis away from fossil fuels. (FT)

Buyout of Japan Asia Group faces activist problem The administration buyout of a small inexperienced power and expertise group has put one of many world’s largest personal fairness companies, Carlyle, on a collision course with the household of Japan’s most infamous activist investor. Analysts predict that, after many years of a near-total absence of hostile takeovers, Japan is getting ready to change. (FT)

Ethiopia tells Tigrayans to ‘save themselves’ Ethiopia’s military mentioned it planned to strike the city of Mekelle with heavy artillery, warning civilians to go away or take shelter forward of a brand new, harmful section within the two-week previous civil battle. (FT)

Ethiopia’s army spokesman Col Dejene Tsegaye informed the state-run Ethiopia Broadcasting Corporation ‘the junta is now shielding itself within the public and the public must say to them ‘don’t get me killed’ © Ethiopian News Agency/AP

Deutsche Bank seeking to broaden funds enterprise Germany’s largest lender Deutsche Bank is on the lookout for takeovers and joint ventures to assist in direction of its aim of turning into a significant pressure in Europe’s quickly consolidating funds processing business. Read extra in our weekly #fintechft e-newsletter delivered on Mondays. Sign up here. (FT)

China seeks first lunar rock retrieval since 1970s China will launch an unmanned spacecraft to the Moon this week to retrieve lunar rocks — a primary for any nation in 50 years. If profitable, China will be a part of solely the United States and the then-Soviet Union in accumulating lunar samples. (Reuters)

Booker Prize winner Douglas Stuart has received the 2020 Booker Prize for his debut novel Shuggie Bain. Here are the three authors shortlisted for the FT and McKinsey’s Bracken Bower Prize 2020 for the perfect enterprise ebook proposal; learn excerpts of their proposals right here. (FT)

The days forward

South Korea export information Figures out on Monday will present a pointer on the well being of worldwide commerce. Get the newest with our global economic recovery tracker.

Dame Elizabeth’s FCA report Former High Court choose Elizabeth Gloster will publish on Monday a report on how the Financial Conduct Authority dealt with the collapse of funding fund London Capital & Finance. Her account on the mini-bond scandal has been held up greater than as soon as by FCA delays on disclosing data. (FT)

What else we’re studying

The way forward for HK as Asia’s monetary centre Singapore and Tokyo are poised for alternative, however China’s shadow looms massive, writes Leo Lewis.
Despite the chilliness of Beijing’s new nationwide safety legislation, the territory’s demise as a monetary hub is a idea nonetheless awaiting an actual take a look at. Xi Jinping’s purpose to double China’s economic system is a fantasy, writes Michael Pettis. (FT)

The race to discover a inexperienced power storage answer Renewables equivalent to wind and photo voltaic have gotten cheaper than fossil fuels in most elements of the world, however they need storage to be a viable, steady supply of power. As billions are being invested in renewables, there’s a race to supply sufficient battery storage. (FT)

Lithium-ion batteries are presently the dominant storage expertise and are being put in worldwide to assist electrical energy grids handle surging provides of renewable power © Yuriko Nakao/Bloomberg

Corporate America’s take care of the Devil When Donald Trump handed main company tax cuts, massive enterprise supported the president. Now, as chief executives weigh how to answer Mr Trump’s unsupported claims of election fraud, it’s a bit “too little, too late”, writes Rana Foroohar. Erika James, the brand new dean of Wharton Business School confronts the culture wars on campus. (FT, NYT)

Loneliness and me Rather horribly, the isolation the pandemic has imposed this yr just isn’t that completely different from my regular life, writes Claire Bushey. Millions of us had been residing with this curse lengthy earlier than the pandemic. With empty workplace buildings, the lonesome work life of office security staff is usually forgotten. (FT)

Tough street forward for New Zealand’s prime diplomat Nanaia Mahuta, the primary Maori lady appointed international minister in New Zealand, is already going through a fraught portfolio on geopolitics and climate. On China, a fragile balancing act is rapidly rising extra advanced. (FT)

Nanaia Mahuta’s appointment stunned Wellington’s diplomatic corps

How Xi blew it Donald Trump’s presidency gave Xi Jinping a once-in-a-lifetime opportunity to expand China’s influence at America’s expense. Four years later, that didn’t occur and a Joe Biden administration makes it even much less doubtless. (Atlantic)

Taylor Swift’s catalogue offered to non-public fairness group The information this week {that a} personal fairness group has purchased Taylor Swift’s previous masters, and that bidders are lining as much as purchase ebook writer Simon & Schuster, highlights the worth of again catalogues, writes John Gapper. (FT)

Could you restore a derelict house? The final lockdown distraction remedy: restore a heritage heap. Take Horse Sand Fort, this 61m-diameter derelict man-made island going for £750,00Zero was constructed to cease Napoleon III’s invasion. One potential purchaser thought-about changing it right into a legalised marijuana farm. But intrepid renovators want dedication and severe dosh. (FT)

Horse Sand Fort within the Solent, close to Portsmouth, on sale for £750,000, was initially constructed to push back invasion by Napoleon III © Alamy Stock Photo

Podcast of the day

Simon Schama on Culture Call Simon Schama is likely one of the world’s premier historians and artwork historians. He joins Culture Call host Lilah Raptopoulos to speak about Joe Biden’s victory after a tumultuous election, and colonialism. They are joined from Lagos by West Africa correspondent Neil Munshi. Listen on FT.com, Spotify, or Apple podcasts. (FT)

Illustration of the day

Banx: Two weeks after shedding the election, Trump nonetheless calling out fraud

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