FirstFT: The European Central Bank broke out due to its commitment to maintain negative interest rates


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The European Central Bank decides to be more tolerant of inflation before raising interest rates Prompt criticism From some of the more hawkish policy makers, there are disagreements within the central bank on when to reduce bond purchases.

After yesterday’s latest policy-making meeting, the European Central Bank stated that it would continue to buy bonds and maintain deep negative interest rates in order to get rid of the pattern of weak inflation in the euro area. It added that it is prepared to tolerate a moderate and temporary overshoot of its price growth target.

But the governor of the German Bundesbank, Jens Weidmann, complained that the European Central Bank’s new conditions were too aggressive, increasing the risk of inflation exceeding the target.

Malcolm Barr Write The European Central Bank’s strategic review that produced new goals is a missed opportunity.

There are five more stories in the news

1. NHS and company share hospital data More than 40 companies, including the world’s largest management consulting company, a pharmaceutical company, and a data company co-founded by Sackler, have received detailed medical records from British hospitals for many years. FT analysis found it.

2. Northern Ireland will lose access to 2,000 drugs The British Generic Drug Manufacturers Association stated that its members will Stop supply of drugs Due to the cost and complexity of copying the post-Brexit regulation, it was manufactured in the UK to Northern Ireland.

  • More information about the Brexit deal: The ministers are “Avoid“The head of the Trade and Agriculture Committee said the trade-offs needed to protect the British environment and agricultural standards.

3. The price of thermal coal has soared Supply disruption, drought in China and rebound in electricity demand Igniting the thermal coal market, Making the world’s least popular commodity one of the best performing assets this year. Since January, the Asian coal market benchmark has climbed 80%, reaching its highest level in more than a decade.

4. British court: Mike Lynch can be extradited to the United States The billionaire founder of the software company Autonomy can be Extradited to the U.S., A London judge ruled yesterday in a case that was seen as a test of the willingness of the British courts to prevent the removal of corporate executives.

5. U.S. sanctions target Cuban military leaders Washington has Impose economic sanctions Cuban Defense Minister Alvaro Lopez Miera expressed dissatisfaction with Havana’s suppression of protesters in order to increase pressure on the communist regime.

Coronavirus Digest

  • Boris Johnson Support emergency plan Limit interference British Food Supply From a shortage of Covid-related personnel.Ministers urge the public Do not delete This NHS Covid-19 app. A record 600,000 people He was ordered to self-quarantine for the week ending July 14.

  • Spread Alpha variant Last fall in the UK was a “Super seeding event“, an international study shows.

  • China Rejected the next stage WHO-led survey Enter the origin of the pandemic.

  • BioNTech/Pfizer Will start manufacturing Their vaccine is in South Africa Speed ??up the promotion on the African continent.

  • Ibiza Hope for summer party Crash Because of the surge in infections.

Surprisingly, Covid’s chaos still exists. Tim Harford overview Five counterintuitive truths can easily exceed our understanding. registered For us Coronavirus business update Learn more in the newsletter.

Tim Harford:

Tim Harford: “While calculating the cost, we should also calculate our blessings” © Anna Wray

The days to come

Olympic Games Tokyo Olympics, No shortage of scandals, Opening today.Latest: Organizer Fired the director At the opening ceremony the day before the performance, he joked about the scenes of the massacre in 1998.Meet Nine Olympians here.

Transaction update Mobile operator Vodafone releases first quarter transaction update Announce the plan Invest hundreds of millions of euros to expand its share of the post-pandemic market.

  • Company reports and economic data: Honeywell, NextEra Energy and American Express report and United Utilities hold annual meetings. The UK’s monthly retail sales data are released, as are the UK and Eurozone manufacturing and service purchasing managers’ indexes.

FT Alphaville will host a Twitter space conversation Held with Ecuadorian presidential candidate Andres Arauz (Andres Arauz) today at 4pm UK time. Arauz is a member of a new generation of left-wing leaders in Latin America who oppose the orthodoxy of the free market and are open to experiments with digital currency systems.Join the conversation Here Or follow @izakaminska or @jemimajoanna And wait for the link to pop up.

What are we still reading

The meaning of Emmanuel Macron The President of France is an easy person to hate.Almost everyone thinks there is a mistake: arrogance and despise, Still despise ordinary people. “You can admire him without loving him,” a senior banker Tell Victor Mallett.

The game is still very open 2021 has brought considerable challenges to professional fund managers, but there is also a less serious pursuit: the annual Financial Times Stock Selection Contest. This contest of cunning, wit and old-fashioned luck has been going on for six months, and now it’s time to see how the FT hackers and 700 smarter readers formed.

How Haywood opened the door for Lex Greensail The results of an independent investigation into the Greensail lobbying scandal fully illustrate how the disgraced Australian financier came to work in Whitehall about 10 years ago. This is its discovery.

Joe Biden’s affair may fall apart The ordeal of the US President—the stagnation of his reform bill, the stubbornness of Covid-19, and concerns about murder rates and border crossings—are largely beyond his control. Edward Luce wrote.

Book Review: American Mourning After autumn By Barack Obama’s former speechwriter Ben Rhodes and Last hope (Earth) reporter George Packer (George Packer) trying to solve the problem What is a citizen In the United States today.

The reporter who knew us: Murad Ahmed

Murad Ahmed | I am the sports editor of the British “Financial Times” and will lead our coverage of the Tokyo Olympics. FirstFT interviewed Murad to see how he adapted and looked forward to what might be one of the most unusual games in history.

First FT: How was your time when you arrived in Tokyo?

Murad Ahmed: A mix of chaos and super efficiency. It takes four hours to queue up and fill out forms from Tokyo Haneda Airport. There are paperwork checks, customs barriers, Covid tests and more paperwork checks. Then we were taken to the bus, crowded with people like sardines, and then taken to a parking lot full of luxury taxis. Somehow, this well-designed system worked, even though social distancing was largely unobserved.
The real purpose is to keep us away from the wider Tokyo public. I have now started a three-day strict quarantine in my hotel, including daily saliva testing, before I can visit the Olympic venues this weekend. Fortunately, there is a lot of news to report during this period.

Fast Fourier Transform: We have written a lot of articles about the Japanese being skeptical of the Olympics. The Olympics is about to begin. Has public sentiment changed?

Well: Since I was trapped in a quarantine area, I just didn’t know. But my colleague in the Tokyo branch of the British Financial Times has a theory that once the sport starts, if Japan wins a few gold medals early, public enthusiasm may rise rapidly. A person close to the Olympic officials told me that the outside world still hopes that fans can even return in the second week of the Olympics, although it is more likely to be at the Paralympic Games starting next month.

Fast Fourier Transform: How do you think the government and organizers will measure the success of the event?

Well: Japan and the International Olympic Committee hope to host an efficient operation of the Olympic Games, creating a new global audience record while producing fascinating TV programs. Any hope that these Olympics can symbolize national rejuvenation like the 1964 Tokyo Olympics has been dashed. It is up to the athletes to make these games a victory over the pandemic.

Fast Fourier Transform: What are you most looking forward to in the next 16 days?

Well: Witness the greatness of sports.Have the honor to watch American gymnast Simone Biles somersault on vaulting horse or British swimmer Adam Petty In the swimming pool. They are one of the Olympians who challenge the limits of the human body. I hope their stories can replace the preoccupied narrative of the coronavirus.

Murad and his team will write daily reports throughout the Olympics. Add to ‘Tokyo Olympics‘Go to myFT for the latest situation. We will also show daily projects in FirstFT.

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