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FirstFT: In the present day’s prime tales | Monetary Instances

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Hong Kong’s pro-democracy tabloid Apple Every day is on the verge of closure after its belongings have been frozen by the federal government final week, proscribing its capability to function.

The asset freeze follows the arrest of two of the newspaper’s senior executives who have been charged underneath China’s robust nationwide safety legislation after a raid by 500 cops on Apple Every day’s workplaces on June 17. The paper’s proprietor, Jimmy Lai, has already been jailed.

Critics say the actions mark a brand new low for press freedom within the Chinese language territory, which was promised freedom of expression within the handover of town from the UK to China in 1997. This modified after Beijing launched a nationwide safety legislation that heralded a tricky crackdown on civil society and politics.

The clampdown, geared toward quelling dissent on show throughout mass anti-government protests in 2019, has since prolonged to the beforehand freewheeling media. However police strikes to cost Ryan Regulation, Apple Every day’s editor-in-chief, have been the primary time the nationwide safety legislation had been used immediately in opposition to journalists.

5 tales within the information

1. China orders banks to accentuate anti-crypto marketing campaign China’s central financial institution warned a number of of its largest state-owned banks and Jack Ma’s Alipay to “examine and establish” financial institution accounts facilitating cryptocurrency buying and selling and block all corresponding transactions, in Beijing’s newest transfer in opposition to Bitcoin. Learn extra in Chris Nuttall’s #techFT publication. You possibly can join right here.

2. Wall Road rebounds as markets alter to Fed price rise outlook US shares bounced again and authorities bonds softened on Monday, reversing among the tumultuous strikes final week that adopted a Federal Reserve assembly the place officers took a extra hawkish tone on rates of interest and inflation.

  • Extra on the Fed: John Williams, the president of the Federal Reserve Financial institution of New York, mentioned the US financial system was not but prepared for the central financial institution to begin pulling again its hefty financial help.

3. Iran’s president-elect indicators robust line on nuclear deal Ebrahim Raisi, a conservative cleric and judiciary chief, informed reporters that his authorities wouldn’t “negotiate for the sake of negotiations” and dominated out any assembly with US President Joe Biden.

4. Pupil athletes win US Supreme Courtroom showdown The courtroom’s 9 justices unanimously upheld a decrease courtroom resolution discovering that restrictions set by the Nationwide Collegiate Athletic Affiliation on education-related advantages — together with “scholarships for graduate or vocational faculty, funds for educational tutoring, or paid post-eligibility internships” — to scholar athletes have been unfair.

5. Germany’s Armin Laschet warns in opposition to chilly battle with China The frontrunner to turn into Germany’s subsequent chancellor agreed with Angela Merkel that Beijing was as a lot a associate as a systemic rival. In a wide-ranging interview Laschet, chief of Germany’s centre-right Christian Democratic Union, prompt many in Europe have been sceptical of US President Joe Biden’s hawkish angle to China.

  • Go deeper: On this Large Learn, FT’s Berlin bureau chief Man Chazan and editor Roula Khalaf report that Laschet desires to see a return to the orthodoxies of the pre-pandemic world.

Coronavirus digest

  • Japan will enable spectators as much as 50 per cent of venue capability on the Olympics, with a most of 10,000 individuals — going in opposition to medical advisers’ steering.

  • Vaccitech, the group behind Oxford/AstraZeneca’s vaccine, believes it has a greater probability of treating cancers than new medicines based mostly on mRNA.

  • As Britain struggles to study to reside with Covid, there was little dialogue concerning the mortality stage that is perhaps acceptable to the general public.

  • From bagpipes to barbecues, incentives abound to lure employees again to the workplace, writes Andrew Hill.

Observe our reside coronavirus weblog and join for our Coronavirus Enterprise Replace publication.

The day forward

New York Metropolis mayoral main In closely Democratic New York Metropolis, the winner of in the present day’s main will definitely carry November’s normal election. Eric Adams — a black former policeman who has referred to as for extra NYPD officers — is without doubt one of the favourites to win a contest that has turn into a referendum on New Yorkers’ attitudes in the direction of policing and public safety.

Spain to pardon jailed Catalan separatists The leftwing authorities is to difficulty pardons for 9 jailed Catalan separatists on Tuesday, in a transfer it says will pave the way in which for reconciliation on the nation’s most divisive difficulty however which the opposition says undermines the rule of legislation.

How ought to privateness issues be addressed given knowledge’s rising standing as a tradable commodity? Senior trade leaders will share their insights at an FT digital webinar beginning on Wednesday. Register at no cost right here.

What else we’re studying

How China broke the Asian mannequin Whereas the economics of the China mannequin are spinoff, the politics are new, writes Gideon Rachman. Not like Taiwan or South Korea, which turned from one-party states to democracies as they bought richer, China underneath Xi has entrenched the dominance of the Communist get together.

  • Video: The worldwide financial system is shifting away from the US and Europe in the direction of Asia. The FT’s international China editor James Kynge and FT economics commentator Martin Sandbu talk about whether or not China will dominate international commerce.

Video: Will China turn into the centre of the world financial system?

Tech Tonic podcast: The sport-changer On this first episode of our five-part collection on AI, the FT’s innovation editor and host John Thornhill talks to among the largest names in AI analysis together with the CEO of Google’s DeepMind Demis Hassabis. He explores among the newest improvements and asks a core query: will AI reside as much as its promise or succumb to its pitfalls? 

Esther Duflo and Abhijit Banerjee: ‘Ours is a social science’ The Nobel laureates name for higher financial “plumbing” after the pandemic and warn about inaction over local weather change. That is the newest in our Economists Change collection that includes conversations between prime FT commentators and main economists about coronavirus financial restoration.

Capital for the individuals — an thought whose time has come Whereas no one lately has a lot sympathy for rich people or corporations or actually believes in trickle-down economics, the specter of tax and regulatory arbitrage by different states is actual. California is making use of some sometimes artistic pondering to this drawback, writes Rana Foroohar.

Masters in Finance The FT’s 2021 rating of the world’s greatest masters in finance programmes have been printed. HEC Paris once more leads the rankings, that are dominated by French enterprise faculties. You possibly can learn the complete checklist right here and study extra concerning the methodology used to calculate the rankings right here.

Life & Arts

Summer time books of 2021 The FT in the present day launches its annual summer season evaluate of the very best books of the yr, beginning with the genres of science fiction, enterprise and food and drinks. You possibly can share your favorite reads of the yr up to now right here. The very best responses will likely be printed on FT.com as a part of the broader collection.

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