FirstFT: Today’s headlines | Financial Times

The coronavirus pandemic has caused misery and economic losses all over the world, but it has also The Gospel of the Rich It is estimated that 5.2 million people became millionaires last year, and the number of people with a net worth of at least US$50 million has increased by nearly a quarter.

A Credit Suisse report found that as central banks inject cheap funds into financial markets and push up asset prices, the total global wealth accumulated by households has increased by approximately US$28.7 trillion in 2020.

Higher valuations of stocks and residential properties have raised total household net assets (assets including real estate minus debt) to approximately US$418.3 trillion. At a constant exchange rate, this increase is equivalent to an increase of 4.1%-only slightly lower than the annual average of the past two decades, even though the global economy is struggling to cope with the health crisis and blockade restrictions.

Five stories in the news

1. Powell turned dovish, U.S. stocks rose Wall Street Stocks Rose on Tuesday The Nasdaq Composite Index hit a new high because Federal Reserve Chairman Jay Powell said he would take a patient approach to reduce the central bank’s monetary policy support.Senior Democratic Congressman Carolyn Maloney warns the Fed Raise interest rates prematurely.

• Interview: Bob Prince (Bob Prince), Ray Dalio (Ray Dalio) and Greg Jensen (Greg Jensen) jointly run the Bridgewater Fund, Tell the financial times The power of long-term deflation will eventually suppress recent price increases. Although “you will get some inflation”, it will be “moderate”.

2. Vivendi investors support Universal Music Project Vivendi gains shareholder support Spin-off of its largest business Universal Music Group Being an independent company will allow the group controlled by billionaire Vincent Bolloré to focus on traditional European media. Get all the latest M&A news on our website Due Diligence Newsletter. Registration Here.

3. Bitcoin fell below $30,000 for the first time since January The price of Bitcoin briefly fell below $30,000 in volatile transactions, almost erasing all of Bitcoin’s gains this year, and the comprehensive regulatory crackdown put the world’s leading digital assets under continuous pressure.Bitcoin Down as much as 12% Yesterday it fell to $28,824 in the latest round of selling.

4. Jet Airways India takes a step towards renaissance Failed airline One step closer to revival Yesterday, the bankruptcy court approved a resolution plan. The court approved a plan submitted by London financial consulting firm Kalrock Capital and Dubai businessman Murari Lal Jalan to revive India’s oldest private airline.

5. Australians’ trust in China has fallen Australians’ trust in China and its president Collapsed in a fierce dispute With the largest trading partner and concerns about Beijing’s military intentions. The Lowe Institute’s annual survey found that 16% of respondents said they believe that China is acting responsibly in the world, a 30% decrease from last year.

Coronavirus Digest

• Shenzhen Yantian Terminal After the port workers tested positive for Covid-19, it was closed in late May for nearly a week; a few weeks later, productivity only returned to approximately 70% of normal levels.

• House prices in the U.S. and some Europe Have Set a new record Because large-scale fiscal and monetary stimulus measures help the residential real estate market to get rid of the impact of this epidemic.
  Blackstone has agreed Acquisition of American Family Partners US$6 billion is a confidence signal that the boom in the US real estate market will continue.

• Biden Administration Already admitted it Expected to miss the goals of the U.S. President 70% of American adults will be vaccinated by July 4.

• Summer travel abroad Has become more troublesome than its value, Claire Bush wrote. Looking for a Covid test is not a way to enjoy a relaxing holiday.

Follow our live coronavirus Blog with Sign up For us Coronavirus business update communication.

the day before

Hong Kong’s first national security law case starts trial The trial of Tong Yingjie, the first person indicted by the New National Security Law, starting from today. Yesterday, the Hong Kong Court of Appeal upheld the court’s decision to refuse a jury trial. (Reuters)

The fifth anniversary of the UK referendum on Brexit be ahead of Anniversary of the 2016 EU referendum On Wednesday, a new survey found that years of divisive political debates hardly changed people’s minds-four-fifths of voters said they would still vote in the same way. Learn about the latest situation of Britain’s withdrawal from the European Union through Peter Foster’s weekly updates Brexit briefing, Shipped on Saturday.registered Here.

New Zealand restores Victoria’s tourism bubble New Zealand suspends isolation-free travel with Victoria, Australia Lifted from today. Flights between New Zealand cities and Melbourne can be resumed without the need for passengers to undergo a Covid-19 test before departure.

Other content we are reading and listening

Bermuda opposes global taxation The political and business elites of the island tax havens are responding to the G7’s initiative to promote the lowest corporate income tax, just like they are approaching the Atlantic hurricane, hoping to remain intact Taxation system in the 19th century This keeps the company’s profits unchanged.

Prince Charles: Young people must be at the core of global recovery It’s time to create a sustainable labor market Help young people prepare Decent work, which will change energy, transportation, manufacturing, agriculture and our oceans. Today, we have the opportunity to make young people the core of a successful global recovery, which is also earth-friendly.

Will boredom kill Instagram? The photo-sharing app that used to be Apple’s in the eyes of Facebook has been rejecting allegations of toxicity for years. But just when the market valuation of Instagram owners approached $1 trillion, boredom posed a painful new threat to Instagram’s ability to make money. Write Elaine Moore.

The cure of democracy starts at home The rise of China is the most important strategic reality of the G7. Martin Wolf wrote. But the planned new alliance also has long-term dangers. High-income democracies are right to want to protect their core values. But the main threat to these comes not from China, but from a place closer to the mainland.

Baillie Gifford: Can the new generation continue to ride the technology boom? Early bets on Amazon and Tesla made the Edinburgh company an investment phenomenon.but Baillie Gifford is at an inflection pointThe company’s visionary investor James Anderson will step down next year, and when rumors of a new cold war hang in the air, the company is doubling down on its investment in China.

Health and fitness

From Wing frustration with Electric surfing to Swimsuit with Sailor Action Kit, our The ultimate water sports guide Have everything you need to marvel at the waves this summer.