FirstFT: UK gears up to collide with EU in plan to redesign Brexit Treaty

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The UK will put itself on a collision course with Brussels today by unveiling a set of demands that would revise post-Brexit trade deals between Britain and Northern Ireland.

Lord David Frost, Minister of the Cabinet Office, will describe what officials have called a “global shift in approach” that aims to remove most of the Irish Sea trade border controls that came into effect in January.

In a warning that Britain could suspend the Northern Ireland protocol if the EU does not give in, Frost will claim the UK is already within its rights to activate the Article 16 notwithstanding clause of the agreement.

The UK’s new stance is likely to exasperate Brussels. Under the Northern Ireland Protocol agreed by Johnson in 2019 to avoid the return of a hard border to Ireland, all goods shipped from Britain to the region must follow EU rules for customs and agrifood products.

Five other articles in the news

1. Jeff Bezos touches space The Amazon founder-turned-private space entrepreneur reached the lower parts of space early yesterday after a series of long delays. He thanked “every Amazon employee and every Amazon customer, because you paid for it all.” Blue Origin’s successful mission was a moment to savor, but Elon Musk’s SpaceX stays ahead.

“All polluting industries will leave Earth and Earth will eventually be zoned residential. “- Jeff Bezos

Jeff Bezos leaves the capsule of the New Shepard spacecraft after its flight yesterday © Blue Origin / AFP via Getty Images

2. Trump ally accused of acting illegally as UAE agent Tom Barrack, former CEO of Colony Capital who was one of Donald Trump’s earliest supporters during his 2016 presidential campaign, has been arrested and charged with acting illegally as an agent of the United Arab Emirates.

3. UBS launches portfolio for female-led hedge funds The Swiss bank’s asset management arm has launched a portfolio that invests solely in female-led hedge funds with the aim of improving diversity and identifying talent in the male-dominated industry. Women’s representation in hedge funds, at 18.6 percent, is the second lowest among seven alternative asset classes.

4. Netflix is ​​losing its subscribers The streaming group lost 430,000 subscribers in the US and Canada in the second quarter and posted weaker-than-expected forecasts, rekindling investor doubts about how the market leader will fare after the economic reopening of the pandemic.

5. American envoy: China must reduce its emissions Beijing must cut emissions this decade if the planet is to avoid “climate chaos,” US climate envoy John Kerry told the Financial Times as he published a harsh assessment that the world was not meeting its environmental commitments .

  • Read more: Climate change has arrived in China, with unusually high temperatures of over 35C for the season, contributing to the worst electricity shortage in a decade.

Coronavirus digest

  • Wall Street recovered its losses yesterday after a world rout a day earlier.

  • Testing of blood samples in Italy revived a debate on the circulation of the coronavirus in Europe in October 2019, before the Chinese authorities confirmed the first case in Wuhan.

  • from China the commitment to reach zero cases of Covid means that most of its citizens will likely remain cut off from the world until the end of the year or even until 2022.

  • Burma cases have more than doubled every week. The situation is particularly murderous due to public mistrust of the military regime.

  • The Delta variant accounts for over 80 percent of new cases in the wehealth officials said. Republican voters are less likely than Democrats to get a hit. Here’s why.

The 1 million children who have lost a parent to the pandemic need urgent government support or face long-term damage, writes Seth Flaxman, senior lecturer at Imperial College London. Follow our coronavirus live Blog and Register now for our Coronavirus Business Update newsletter to find out more.

The day to come

Earnings Johnson & Johnson, which is part of a proposed $ 26 billion settlement to resolve claims it helped fuel the opioid crisis, is releasing second quarter results today. The group reached a $ 230 million settlement with New York State last month to settle similar claims.

  • Also reporting profits: Coca-Cola, the Dutch supplier of ASML chip equipment, which recently took first place as a climate leader by MSCI, Verizon, the software and service provider SAP, United Airlines, Daimler, Harley-Davidson, Novartis and Akzo Nobel.

What else do we read

Europe’s expensive chip plan The EU is looking to enter the world’s leading semiconductor manufacturing division, with a goal of doubling its share of the global chip market by 2030. But will it end up wasting public money in pursuit of geopolitical ambitions that might not be supported by market logic?

Time to embrace central bank digital currencies How should central banks react to digital? Part of the answer is that they and governments need to master the Wild West of private money. But they must introduce their own digital currencies, argues Martin Wolf.

How Israel used NSO spyware as a diplomatic business card Israeli company assaulted by human rights activists for selling military-grade surveillance software to repressive regimes has played a crucial role in its government’s attempts to woo countries such as United Arab Emirates, Bahrain and Saudi Arabia, revealing the technological unicorn’s close ties to the highest echelons of the Israeli state.

Company values ​​must go beyond buzzwords Official statements of company values ​​are often an infuriating mix of hokum and gibberish. Integrity, innovation, respect, responsibility and sustainability have dominated the list of popular buzzwords for the past two years. Brooke Masters suspects that their popularity lies in the fact that they are extremely difficult to measure.

We can no longer say that the floods are an act of God Western citizens have come to believe that the worst floods are happening elsewhere in the developing world. But the modern city, a fortress of tarmac and concrete, a marvel of modern civil engineering, has left us with a false sense of security. This dam could be on the verge of bursting, writes Joy Lo Dico.

Fashion

When it comes to summer suits, crumpled is the word As with many things, the summer costume is reinventing itself. Nicholas Foulkes explains how men are embracing the post-containment art of dressing casual.

Matt Damon and Jude Law in

Matt Damon, left, and Jude Law in “The Talented Mr. Ripley” (1999)

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