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EU leaders have expressed concern about Boris Johnson’s new Brexit proposal, as doubts gathered in European capitals on Thursday towards what the UK prime minister insisted was a “real try and bridge the chasm”.
Donald Tusk, European Council president, informed Mr Johnson the EU was “open however nonetheless unconvinced” by his plan to switch the Irish backstop. The European Parliament’s Brexit steering group supplied a blunter evaluation: the plan will not be “a foundation for an settlement”.
The prime minister’s allies say 10 Downing is making ready to make further concessions — however Mr Johnson’s conciliatory stance might be a calculated technique to blame Brussels if talks break down. Alongside the Irish border, the prospect of latest customs checks is already falling flat.
The withdrawal settlement would additionally want approval in Britain’s parliament. A Monetary Instances evaluation concurs with Michael Gove that Mr Johnson has “an excellent probability” of succeeding the place Theresa Might failed thrice — if he can muster Northern Eire’s Democratic Unionist social gathering.
FT editor Lionel Barber and UK political commentator Robert Shrimsley focus on whether or not the PM can break the Brexit impasse. (FT)
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Hold updated with the newest on the UK’s exit from the EU with our every day Brexit briefing.
Within the information
Trump calls on China to analyze the Bidens
Donald Trump urged China to analyze Joe Biden, the previous US vice-president, even because the Democrats’ impeachment inquiry examined whether or not the administration pushed Ukraine to affect the 2020 presidential election. Listed here are the main points behind Mr Trump’s allegations, regarding a $1.5bn funding from the Financial institution of China. (FT, NYT, Reuters)
US-UK knowledge deal
British and American police and intelligence companies will obtain expedited entry to digital communications despatched by terrorists, crime gangs and white-collar criminals underneath the primary bilateral knowledge entry settlement, which covers US tech firms together with Fb, Google and Twitter. (FT)
Financial storm clouds collect
The UK’s financial outlook is darkening, in line with surveys launched this week that confirmed exercise slowed sharply in September, whereas dismal knowledge launched within the US and Germany on Thursday poured gas on the bond rally. The FT View warns that new US tariffs towards Europe dangers a wider commerce struggle. (FT)
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Begin-ups eye blue-chip traders
Silicon Valley start-ups are pondering the way to entice mutual fund traders to direct listings and keep away from the tribulations of an preliminary public providing. In the meantime, traders have positioned file bets towards WeWork’s bonds. The golden age of tech development could also be coming to an finish, Richard Waters writes. (FT)
Insurers stand agency
Allianz chief government Oliver Bäte had studiously pursued natural development and smaller takeovers, a recipe that has been rewarded by shareholders. Thomas Buberl, chief government of France’s Axa, predicted the trade’s “rivals of tomorrow” shall be data-driven tech firms reminiscent of “Fb, Google, or Apple” reasonably than upstart insurers. (FT)
PayPal is on the verge of quitting Fb’s Libra after skipping a gathering in Washington on Thursday — whereas different backers are reconsidering their participation. The EU’s prime court docket additionally dominated that international locations may power Fb to take away unlawful content material, together with hate speech. However the FT View sees dangers to freedom of speech. (FT, WSJ)
Banksy’s Commons bought
A Banksy portray of chimpanzees presiding over the Home of Commons went underneath the hammer at Sotheby’s for £eight.5m, excluding charges, shattering public sale data for the nameless avenue artist. (FT)
Did you retain up with the information this week? Take our quiz. KPMG knowledgeable workers within the UK that it will be taking what measure to scale back prices: not reimbursing taxi rides? Forcing workers to hot-desk? Or recalling work cellphones?
The times forward
Reserve Financial institution of India
All eyes shall be on the Indian central financial institution when it pronounces its repurchase charge on Friday. The RBI has reduce its benchmark repo charge by a cumulative 110 foundation factors to close a decade low of 5.four per cent, however the cuts in its coverage charges haven’t been handed on to debtors rapidly sufficient. (FT)
US jobs report
Month-to-month US non-farm payrolls knowledge to be launched on Friday issue into traders’ charge expectations heading into the Fed’s October assembly. (FT)
Denuclearisation talks resume
US and North Korea negotiators are set to renew working-level talks in Stockholm on Saturday, days after one other North Korean missile check. Negotiations have stalled since a summit in Hanoi in February. (Reuters, FT)
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Beating the jet lag blues in Hong Kong
You’ve achieved all the correct issues: set your watch, taken melatonin and when you’ve got flown in from afar, snoozed by way of a long-haul flight. However you should still arrive in Hong Kong and really feel such as you’re underwater. Monetary Instances workers share some prime tricks to overcome jet lag, or at the least give it a superb struggle and see among the metropolis’s gems on the similar time. (FT)
Do you may have a metropolis secret you’d wish to share with us? Click on right here or write to us at firstname.lastname@example.org to inform us your prime suggestions for Hong Kong, Tokyo, London, Paris, New York or Frankfurt.
What else we’re studying
Franco exhumation reopens previous wounds
“We’re closing a darkish chapter of our historical past,” Pedro Sánchez, Spain’s prime minister, proclaimed after the supreme court docket discovered no obstacle to disinterring the physique of Francisco Franco. However some worry relocating the fascist dictator will revive debate reasonably than put his reign to relaxation. (FT)
EU faces migration wave
The EU’s prime migration official has warned of an “pressing want” to sort out rising irregular crossings from Turkey to Greece. The world over, migrants numbered greater than 250m in 2017, three.four per cent of the worldwide inhabitants. Right here’s the place they’re shifting from — and to. (FT, Bloomberg)
Feminine engineers face cussed bias
From the steam engine to the turbojet, British engineering has remodeled the world. However its workforce stays a relic of historical past: whereas 47 per cent of UK staff are feminine, the determine for core engineering occupations is simply 12 per cent, and girls within the area discover previous prejudices laborious to shift. (FT)
The minimal wage danger
You possibly can have an excessive amount of of a superb factor. Politicians’ plans to dramatically increase the minimal wage within the US and UK are territory finest left to technocrats, Tim Harford writes. The FT additionally examines Labour and Tory spending pledges to court docket austerity-hit voters, whereas the London Inventory Trade is starting to lose its lustre. (FT)
The lengthy shadow of 1989
Three a long time in the past, the communist hegemony in japanese Europe crumbled. However the transition that adopted has generated inequality and social dislocation. Stefan Wagstyl, the FT’s former east Europe editor, revisits figures who he has met each decade since 1989 to take the heart beat of japanese Europe. (FT)
Local weather change is the apartheid of our instances
Boycotts, sanctions and divestment proved efficient in South Africa however that required a mindset shift, says archbishop emeritus of Cape City Desmond Tutu. Join Ethical Cash, your information to the funding and enterprise revolution you possibly can’t afford to disregard. (FT)
Micro-living in San Francisco
Hidden among the many sprawling mansions of Nob Hill, within the ritzy centre of San Francisco, one condo is a dwelling experiment in futuristic micro-living, and a brand new mannequin of city luxurious. (FT)
A looted crown returns to Ethiopia
In 1998, Sirak Asfaw, a Dutch civil servant, seen one thing shiny in a houseguest’s suitcase: a glittering gilded crown. Final yr, after Ethiopia put in a brand new prime minister, Mr Sirak determined it was lastly time to return it. (NYT)
Video of the day
Donald Trump is going through his most perilous disaster
FT US managing editor Peter Spiegel explains how the president’s phone name with Ukraine’s Volodymyr Zelensky has rekindled questions on alleged misconduct in workplace. (FT)