FT News Briefing

Dozens of states and territories have launched the first US antitrust challenge to Google’s core search engine, and a surge of stockpiling by UK companies before the end of the Brexit transition period on January 1 has triggered road congestion in southern England and France. Plus, the FT’s Laura Noonan explains what we can expect out of the Federal Reserve’s stress test today and what they will tell us about US banks’s ability to handle the panemic.  Google accused of abusing search monopoly as antitrust cases mount https://www.ft.com/content/709849fc-4148-4687-9924-0c61f0447f2d Brexit trade talks hit by fresh dispute over state aid ft.com/content/2f508f4d-22e2-4deb-8d42-77a7c31fc53c Brexit stockpiling triggers cross-Channel freight crunch https://www.ft.com/content/77443600-8b40-47af-a807-60612ef2d928 Global regulators to examine banks’ lending caution during pandemic https://www.ft.com/content/6a09e064-9b94-4080-b696-5d347067eb4e  See acast.com/privacy for privacy and opt-out information.

The US central bank  says it will keep buying at least $120bn of debt a month until “substantial further progress has been made” in the recovery, US regulators have hit Luckin Coffee with a $180m penalty in an accounting fraud settlement, and Massachusetts launches legal action against the online trading app Robinhood. Plus, the FT’s global finance correspondent, Robin Wigglesworth, explains why there is an uneven recovery in the US corporate landscape.  Fed to extend debt purchases to boost flagging US economy https://www.ft.com/content/74b6530e-9d69-43f0-a5d7-3cb363ed5398 America’s two-track economy: the small business credit crunch https://www.ft.com/content/1ae439b1-75e7-4b55-876c-66533ac37db8 Massachusetts takes legal action against Robinhood https://www.ft.com/content/0e451231-fa4c-4686-bf2f-a5e107f337b9 Luckin Coffee to pay $180m in accounting fraud settlement  ft.com/content/4db3b074-829f-4f1c-a256-11c7e28a31d1  See acast.com/privacy for privacy and opt-out information.

Spanish blue-chips have positioned themselves for tens of billions of euros in EU coronavirus aid, the UK is drawing up plans to turn London into a rival to Singapore as a hub for shipping companies, and online brokers are scrambling to hold on to customers acquired during a surge in account openings amid the pandemic. Plus, the FT’s energy correspondent, Nathalie Thomas, explains what a possible new nuclear power plant in England means for the UK’s clean energy goals Spanish companies jostle for EU recovery fund billions ft.com/content/e56d8c25-a978-424d-be77-752292e72059? UK draws up plans to rival Singapore with post-Brexit shipping regime ft.com/content/251ec582-1a9d-4af2-8b8c-4caa5cecd18b Investment platforms scramble to retain new customers ft.com/content/899c6908-25fc-4b71-9cc4-0224926306fa? UK enters formal EDF talks over £20bn Sizewell C nuclear plant https://www.ft.com/content/ff25b5b5-5eec-4c81-a9b2-6ef5cad4d9b0  See acast.com/privacy for privacy and opt-out information.

Presidential electors confirmed Joe Biden as the winner of the 2020 US election, and the Federal Reserve is poised to issue new guidance extending its emergency bond-buying programme. Plus, the FT’s Hannah Murphy explains what the US is doing in response to an infiltration by “nation-state” hackers into secure IT systems.  US orders emergency action after huge cyber security breach https://www.ft.com/content/3a635e09-221c-49af-a582-97bc4e803747 Electoral College set to confirm Joe Biden as next US president https://www.ft.com/content/fb5e17ae-7a15-4a88-b871-1db4036186fe Federal reserve poised to extend crisis bond-buying programme https://www.ft.com/content/28db9e0a-9b6b-4e95-99e6-615ffcbdbaf8  See acast.com/privacy for privacy and opt-out information.

US doctors could administer the first authorised coronavirus shot as soon as today, an EY anti-fraud team warned in 2018 that “red-flag indicators” at Wirecard pointed to potential accounting manipulation, and Europe’s top financial regulators are set to approve lender payouts within strict limits. Plus, Boris Johnson and Ursula von der Leyen agreed to extend negotiations for a UK-EU trade agreement. The FT’s Brexit editor, David Bond, explains how that might play out over the next few weeks.  Join us this Tuesday 15 December at 3pm GMT, for an essential webinar, hosted by expert FT journalists, to understand in 50 minutes what a Deal or a No Deal means for you and your business. Regardless of the outcome, learn how all the key areas may be impacted. Register free today at: https://webinars.on24.com/ftdigitaldialogues/brexitbriefing EU and UK still ‘far apart’ but Brexit deal hopes rise https://www.ft.com/content/6a6d5960-3e44-48c8-b33a-ee583b314ee3 Doctors set to give first authorised US doses of Covid-19 vaccine https://www.ft.com/content/c06fed50-715c-4d2b-995c-b37a52254081 EY fraud unit found ‘red-flag indicators’ Wirecard in 2018 ft.com/content/3c0a0999-b434-4cad-9d9e-80cb85bf9cfd? Eurozone banks set to restart dividend payments under strict limits  https://www.ft.com/content/2ffeb47f-cb88-478e-9819-f22ccd8b9668?  See acast.com/privacy for privacy and opt-out information.

Boris Johnson has warned Britain to prepare for a no-deal Brexit, and Airbnb shares more than doubled on their first day of trading on Thursday. Plus, the FT’s Brussels correspondent, Javier Espinoza, explains why the EU is giving Big Tech companies an ultimatum when it comes to policing the internet.  Correction: A previous version of this episode referred to Netscape as Microsoft's browser when it was in fact a rival. Internet Explorer is Microsoft's browser. Boris Johnson warns Britain to prepare for no-deal Brexit https://www.ft.com/content/c112b53b-9dc7-462d-b50a-523ce1d42b23 Airbnb soars on debut in latest IPO bounce https://www.ft.com/content/a1c5cc26-b224-470a-84fe-8a6575fd33dc EU to tell Big Tech to police internet or face large fines https://www.ft.com/content/72371610-4820-44c0-a955-4a19e430d343  See acast.com/privacy for privacy and opt-out information.

Boris Johnson and the EU have set a Sunday deadline for a “firm decision” on the fate of their future-relationship negotiations, the US Federal Trade Commission and 46 states have brought antitrust cases against Facebook, and DoorDash reached a market value close to $60bn in its public trading debut. Plus the FT’s global media editor, Alex Barker, looks at whether Disney’s push into streaming is enough to save the business.  Sunday deadline set for ‘firm decision’ on Brexit talks ft.com/content/fb655185-c89e-4a1b-948f-fbe97176c891 US sues Facebook for ‘years-long’ abuse of monopoly power  ft.com/content/5c03ac0f-7122-4c31-97a5-ecab3928a038 DoorDash shares open up 80% amid IPO frenzy ft.com/content/c9f8f03f-6b82-4828-84e2-7ac25966b7d1 Disney faces digital dilemma despite streaming success ft.com/content/cf22ac6b-c065-4657-bbe6-6689c625461d  See acast.com/privacy for privacy and opt-out information.

Starbucks chief executive Kevin Johnson says the company will continue to grow despite the pandemic, Congress looks to approve the first overhaul of US anti-money laundering laws in decades, and Japan has launched a stimulus package to help speed up the country’s recovery from Covid-19. Plus, the FT’s senior energy correspondent, Anjli Raval, discusses the recent executive exodus at Royal Dutch Shell.  Shell executives quit amid discord over green push ft.com/content/053663f1-0320-4b83-be31-fefbc49b0efc? As thousands of small coffee shops shut, Starbucks’ boss is bullish ft.com/content/ab959c91-7ef2-44d7-bf8c-d03718ae5393 US to shift burden from banks in overhaul of money laundering laws ft.com/content/498493c4-a138-4e5d-b926-a86ae317b8f4 Suga launches $294bn stimulus to boost Japan’s coronavirus recovery ft.com/content/2c927471-849c-4635-8844-31b12b91b613  See acast.com/privacy for privacy and opt-out information.

Boris Johnson is to travel to Brussels for make-or-break talks on a UK-EU trade deal, Uber will swap its self-driving car operations for a minority stake in Aurora, and China has drastically curtailed the overseas lending programme of its two largest policy banks. Plus, the FT’s Guy Chazan explains why there is so much at stake for Europe and German chancellor Angela Merkel during this week’s EU summit.  Johnson to go to Brussels in search of way out of Brexit stalemate https://www.ft.com/content/0317430c-015c-4848-8689-8ec4066dad52? Uber abandons effort to develop own self-driving vehicle https://www.ft.com/content/e55ce767-0ede-4096-aa3b-1d26671f3772? China curtails overseas lending in face of geopolitical backlash ft.com/content/1cb3e33b-e2c2-4743-ae41-d3fffffa4259? Angela Merkel faces final challenge at EU summit https://www.ft.com/content/58866070-51df-4386-be3f-58738a23996c?  See acast.com/privacy for privacy and opt-out information.

Britain’s trade talks with the EU were on “a knife-edge” on Sunday, Brussels has been urged to stick to climate science when drawing up rules on sustainable finance, and doses of the coronavirus vaccine developed by AstraZeneca and the University of Oxford could be available for purchase in India as soon as March. Plus, the FT’s Brussels bureau chief, Sam Fleming explains how the UK’s departure from the EU will affect Europe.  UK trade talks with EU on knife edge, says Irish premier https://www.ft.com/content/af0a4b76-66ad-4166-b743-e190327fe42e Brussels urged to heed climate science in sustainable finance rules https://www.ft.com/content/3b017b2b-e8a5-4ea0-b7d0-c96337e33e5f Covid vaccines will be available for private purchase in India ft.com/content/224b13fb-1d7d-4250-a6c6-1535b30496bc?edit=true  See acast.com/privacy for privacy and opt-out information.

EU budget commissioner Johannes Hanes has warned Poland and Hungary that Brussels could cut them out of its recovery fund, British officials accused France of making new Brexit demands at the eleventh hour on Thursday, and Boeing clinched its first firm order for the 737 Max since the aircraft was grounded 20 months ago. Plus, the FT’s global financial correspondent, Robin Wigglesworth, explains what has been fuelling the rally in global equities and whether it can be stopped. Brussels warns Poland and Hungary they cannot stop EU recovery fund ft.com/content/50d9731d-c5cd-4fa7-9626-7a0f2f2d62d8 Tough Macron stance leaves Brexit deal hanging in balance  ft.com/content/7a679982-abef-4f9a-8a55-e06588e7b770 Boeing clinches first firm order for 737 Max since aircraft’s grounding https://www.ft.com/content/2c32696e-56fc-43a5-b3d4-49daa169bcbd The ‘everything rally’: vaccines prompt wave of market exuberance ft.com/content/d785632d-d9a0-45ae-ae57-7b98bb2fb8d6  See acast.com/privacy for privacy and opt-out information.

Top Democrats have expressed support for a $908bn stimulus plan offered by a bipartisan group of US senators, the UK has become the first country to approve a Covid-19 vaccine, and Chinese state-backed funds are still scouring the US for investments in critical technologies despite stiffer restrictions on such deals. Plus, the FT’s West Africa correspondent, Neil Munshi, explains why Nigeria’s richest residents are investing heavily in Africa’s biggest economy.   Top Democrats signal willingness to compromise on stimulus https://www.ft.com/content/8787eb59-642e-4a93-af5b-59f13afa3e6d UK set for Covid vaccinations ‘next week’ after regulatory approval https://www.ft.com/content/c60f49c1-34c8-4cd0-b295-87f35c70bc04 Chinese state-backed funds invest in US tech despite Washington curbs ft.com/content/745abeca-561d-484d-acd9-ad1caedf9e9e Nigeria’s richest plough money into Africa’s biggest economy https://www.ft.com/content/c5b98699-a5bb-49b2-8436-4a7edf314b87  See acast.com/privacy for privacy and opt-out information.

Airbnb disclosed on Tuesday that it could raise as much as $2.5bn in its initial public offering, and Brussels is still holding back on granting Britain a whole collection of Brexit rights and regulatory waivers. Plus, the FT’s Latin America editor, Michael Stott, explains why Jair Bolsonaro’s monthly subsidy to Brazilians is a double-edged sword.  Airbnb looks to raise up to $2.5bn in IPO ft.com/content/c5450812-c45d-4833-a99f-22a390e5d3e4 EU keeps UK guessing on post-Brexit rights ft.com/content/e7c12053-c9d7-42c8-965f-731257cde644?  See acast.com/privacy for privacy and opt-out information.

The cost of many popular goods and services in the eurozone is rising far faster than the bloc’s overall depressed level of inflation, the video conferencing company Zoom continued to ride the boom in working and learning from home, and Eurozone finance ministers have struck an agreement to revamp the bloc’s bailout fund. Plus, the FT’s James Politi explains what is in store as Federal Reserve chair Jay Powell and US Treasury secretary Steven Mnuchin appear before the US Congress.  Eurozone consumers hit by rising goods costs despite negative inflation https://www.ft.com/content/e8a10dff-ca00-4bd0-8909-a62b51e498af? Zoom sales up fourfold as pandemic keeps workers at home https://www.ft.com/content/3f388aac-9e41-4ce4-bc30-187bad688d8a? Eurozone finance ministers strike deal over bailout reform  https://www.ft.com/content/827f3d0c-ff1d-417e-bdc9-afd55be003b0 Jay Powell frets over US economy despite good news on a vaccine ft.com/content/0b526c01-67e2-411c-ad8c-5ab362515047  See acast.com/privacy for privacy and opt-out information.

The EU will call on the US to seize a “once-in-a-generation” opportunity to forge a new global alliance, the first coronavirus vaccine is on track for international deployment within weeks, and Hong Kong’s leader has said she is being forced to receive her salary in cash because of US sanctions. Plus, the FT’s Helen Warrell explains how the UK is trying to position itself as a global leader in defence.  EU pitches new post-Trump alliance with US in face of China challenge https://www.ft.com/content/e8e5cf90-7448-459e-8b9f-6f34f03ab77a International rollout of Covid-19 vaccine on track for next month https://www.ft.com/content/093d5005-ea9f-4c87-8db3-bae0e93d5102 Hong Kong’s leader has ‘piles of cash’ at home after US sanctions  https://www.ft.com/content/0f9f0e98-faac-4ecd-8896-8cda3746a920  See acast.com/privacy for privacy and opt-out information.