FirstFT: Today’s headlines | Financial Times

FirstFT: Today’s headlines | Financial Times


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Fed further Relax restrictions on dividends and repurchase During Covid-19, pressure was put on the largest banks in the United States because it released an analysis showing that lenders may suffer losses of nearly 500 billion U.S. dollars but can still easily meet capital requirements.

Twenty-three banks, including JPMorgan Chase and Goldman Sachs, underwent a “stress test” by the Federal Reserve, which simulated a series of financial losses in apocalyptic scenarios, including the collapse of the US stock market, the decline in economic output, and the severely troubled assets of commercial entities.

The results announced yesterday paved the way for billions of dollars in stock buybacks and dividends, which investors have been eagerly awaiting.

The Fed expects that banks will wait until Monday to carefully review the results of the stress test before announcing any shareholder dividend plans.

Five stories in the news

1. Sanjeev Gupta wins legal probation The metal tycoon has Won a three-month probation From legal actions aimed at forcing some of his companies (including Liberty Commodities and Specialty Steel UK) to suspend business due to outstanding debts, the group’s lenders turned to a more voluntary approach.

2. Toshiba chair was ousted shareholder Vote against The chairman of the company’s board of directors, Osamu Nagayama, was reappointed today after an explosive report on suspected government collusion. This is a historic vote that pushed one of the country’s most famous company names into uncharted territory and marked investors Japan is a watershed for radicalism.

3. Putin summit conflict European leaders Locked corner France and Germany are pushing for an EU summit with Russian President Vladimir Putin. Critics warned against making “free concessions” when relations with the Kremlin deteriorate. Latvian Prime Minister Krisjanis Karins warned against offering Putin too much, while Polish Prime Minister Mateusz Morawiecki stated that dialogue should only be held in the case of “demotion”.

4. Hedge funds reassessed after the impact of the US$12 billion meme stock Hedge funds that bet on falling stock prices are stepping up their efforts Discover the next GameStopAfter this year’s “memetic stocks” boom caused the industry to suffer billions of dollars in losses in just six months. These stocks have staged their second rebound in recent weeks.

5. The UK Innovation Plan targets science schools and R&D spending Ministers are making plans For science-focused schools, billions of pounds of research and development spending and better access to private funding for technology-focused companies are part of the innovation strategy to be launched next month.

  • Former Conservative Prime Minister George Osborne appointment The next chairman of the British Museum.

Coronavirus Digest

  • Thousands of International Students Possibility from “red list” countries Blocked from starting a course in United Kingdom This fall, because of insufficient quarantine capacity.

  • This Emperor of Japan Yes “worried” According to his most senior official, it was a rare intervention to hold the Olympic Games during the pandemic, bypassing the ban on imperial participation in politics.

  • JPMorgan, The largest bank in the United States, Urge U.S. employees to get vaccinated Before planning to return to the office next month.

  • Want to travel Malta, Balearic Islands or Madeira?Boris Johnson approved a Overseas holiday recovery To some major destinations.

When the government works from home, good things happen, Robert Shrimsley wroteThis trend may become one of the best legacy of the pandemic, bringing cheaper capital, happier citizens and better public services. registered For us Coronavirus business update communication.

Simon Cooper: Bureaucracy is usually good for managing at home © Harry Haysom

the day before

London Vaccine Summit Today’s meeting will bring together senior officials from all over the capital, NHS London, Mayor Sadiq Khan, clinical experts and community leaders to solve the capital’s problems Delay in vaccination.

Economic data The GfK measure of German consumer confidence is forecast There will be growth in June, and economists expect US consumer spending to increase again in May. (Wall Street Journal)

Biden meets with the President of Afghanistan Joe Biden will host Ashraf Ghani and Abdullah Abdullah, who leads the peace talks with the Taliban, at the White House, Discuss the issue of U.S. withdrawal. The Biden administration has expressed its intention Resettlement of Afghans They assist the U.S. military while waiting for visa approval. (Reuters, New York Times)

Derek Chauvin’s verdict on the murder of George Floyd Former Minneapolis Police Officer Sentenced Last April, George Floyd was found guilty on three charges. Chauvin could face up to 30 years in prison. (Associated Press)

What are we still reading

Venice calculates the cost of travel As cities get rid of the pandemic blockade, attracting foreign tourists to return home is critical to restarting the economy. Venice is almost entirely dependent on the approximately 30 million tourists who arrive each year before the coronavirus.However, the return of mass tourism has Not universally welcomed By city dwellers.

The century of the Chinese revolution Deng Xiaoping, who became China’s supreme leader in 1978, is considered to be a contributor to a series of commercial liberalization. But his political reforms also targeted the tragic flaw of the Chinese Communist Party: If this centralized power is not controlled, it will inevitably slip into political evils and economic stagnation. With the 100th anniversary of the founding of the ruling party in China, James Kynge reviews its history.

Meet the anti-surveillance activists In the eight years since the Edward Snowden leak revealed the scope of large-scale surveillance, public concerns about privacy have steadily grown. After being expelled from what they believed was unconstrained state power, activists began to fight back. “Encryption Party”-a seminar on how to use the Internet anonymously- Just the beginning.

Why fake drugs have lasting appeal Humans seem to be unable to deal with the idea of ??untreatable diseases. When we feel that experts cannot help, we will seek more speculative remedies, even if our expectations are low. This may be why false treatments are so popular, Tim Harford wrote.

Tim Harford: It turns out that snake oil is still selling well for good reasons

Tim Harford: It turns out that snake oil is still selling well for good reasons © Claire Merchlinsky

Troops participating in the waste war Inspired by children, Gillian Tai wrote She is determined to let the “circular economy” work at home to reduce food waste. She said that for those who have folk memories of rationing during wartime, there are reasons to celebrate the fact that culture can change it.


FT Deputy Book Editor Laura Battelle shared her Summer reading 2021. Her favorite book so far? Clara and the Sun Author: Kazuo Ishiguro luster Author: Raven Leilani lonely person Author: Chris Power, etc.

Thank you for reading.Send your suggestions and feedback to [email protected]

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