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Good morning. On a go to to Beijing, France’s finance minister Bruno Le Maire has mentioned new French automotive subsidies are “paving the way” for Europe’s automobile business to stand up to the specter of an inflow of cheaper Chinese electrical automobile imports.
Under a bundle of measures outlined in May to help inexperienced industries, the French authorities will solely pay subsidies for brand new electrical automobiles primarily based on the emissions of their producers. That will hit producers from China, the place the business depends on electrical energy largely powered by coal.
European producers are alarmed by Chinese advances in EVs, with the nation taking the lead in battery manufacturing and its carmakers outselling western rivals in China’s home market.
But Le Maire mentioned he was “not concerned” in regards to the menace to Europe’s carmakers from Chinese electrical automobile imports.
“I think with our new legislative decisions, we pave the way in Europe for a less naive approach, taking into account the level of emissions of the industry,” he mentioned. Read the full story.
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Related: The head of Europe’s largest automobile elements provider Bosch has urged European governments to spend extra time bettering the competitiveness of the EU as an alternative of specializing in the risks companies face doing business in China.
Here’s what else I’m protecting tabs on immediately:
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Economic knowledge: The EU publishes second-quarter progress and month-to-month inflation figures. The eurozone is anticipated to return to slight growth within the second quarter, whereas inflation amongst its members is about to preserve falling in July.
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Results: First-quarter earnings stories are due from Mizuho Financial Group, Panasonic and Sumitomo Mitsui Financial Group.
Five extra high tales
1. Two skyscrapers in Moscow’s premier enterprise district have been broken by drone strikes that sparked a fireball and left charred holes within the aspect of the buildings. Sunday’s assault marks at the very least the fifth time that unmanned aerial automobiles have reached Moscow since May. There was no immediate claim of responsibility from Ukraine.
2. Blackstone’s $68bn flagship property fund has gone from being one of many world’s largest consumers of property to a big vendor, because it raises liquidity to meet redemptions and make investments billions in knowledge centres to feed the unreal intelligence increase. Here are more details from an FT analysis of Blackstone’s securities filings.
3. French mining group Eramet has blamed an absence of EU funding for crucial minerals for having pushed it right into a deepening partnership with China’s Tsingshan, the world’s largest stainless-steel producer, which was behind the nickel market blow-up final yr. Here’s what the company told the FT about its partnership with the controversial Chinese group.
4. A fundraising automobile for Donald Trump’s presidential marketing campaign spent greater than $40mn on authorized prices within the first half of the yr, marketing campaign finance filings are anticipated to present on Monday. News of the hefty authorized invoice comes as Trump’s group braces for more criminal charges against the former president.
5. McKinsey chief Bob Sternfels has signalled he plans to run for a second time period as managing companion as he rebuilds the consultancy after years of reputational crises and because the agency battles mounting financial and geopolitical challenges. Big US consultancies have come underneath enormous stress in China amid Beijing’s nationwide safety raids, however Sternfels mentioned he remained committed to operating in the country.
The Big Read
The deliberate NeuConnect electrical energy cable will allow the UK and Germany to commerce electrical energy immediately for the primary time, serving to the 2 G7 economies section out fossil fuels. But issues buying cables have delayed the £2.4bn challenge — and others prefer it — because the demand for the infrastructure outstrips provide. The shortages elevate the query: will there be enough cables for the clean energy transition?
We’re additionally studying . . .
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War in Ukraine: A brand new mobilisation legislation reveals that Vladimir Putin is getting ready for an even bigger war in Ukraine.
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Working from dwelling: From return to workplace calls for to productiveness ranges, numerous what we expect we learn about distant work is flawed, writes Pilita Clark.
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AI: The indisputable fact that giants akin to Microsoft and Alphabet are dominating one other wave of tech innovation factors to deep dysfunction in the system, writes Ruchir Sharma.
Chart of the day
Many nations depend upon India, the world’s largest rice exporter, for shipments of the staple. But amid rising meals costs in India, prime minister Narendra Modi’s authorities not too long ago banned exports of a number of rice varieties, sending shocks around the globe.
Take a break from the information
Last week, a revered former US intelligence official informed a congressional committee that, in impact, aliens exist. In this captivating essay, the FT’s Henry Mance appears on the proof and asks: is it now OK to assume significantly about aliens?
