Exclusive: The EU will call on the US to seize an opportunity to forge a new global alliance, in a pitch to bury the tensions of the Trump era and meet the “strategic challenge” posed by China, according to a draft plan seen by the Financial Times.
The paper, prepared by the European Commission, proposes co-operation on everything from digital regulation and tackling the Covid-19 pandemic to fighting deforestation.
The 11-page set of policy proposals, entitled “a new EU-US agenda for global change”, includes an appeal for Brussels and Washington to bury the hatchet on persistent sources of transatlantic tension, such as Europe’s push for greater taxation of US tech companies.
Brussels is also seeking to pass laws allowing regulators to stop fast-growing tech companies before they are able to achieve the kind of market dominance enjoyed by Google and Facebook, said Margrethe Vestager, the bloc’s competition chief.
Who regulates Big Tech, ask John Flint, former HSBC chief executive. New government restrictions sound worryingly vague. (FT)
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In the news
Exclusive: Johnson urged to match Biden’s clean energy goals Five of the UK’s largest energy companies are lobbying Boris Johnson to “match” US president-elect Joe Biden’s clean energy ambitions and set a deadline to slash emissions from Britain’s power system to “net zero”. (FT)
Iran nuclear mastermind killed Iranian nuclear scientist Mohsen Fakhrizadeh, suspected to be behind the nation’s alleged nuclear military programme, was killed on Friday. Iran officials blamed Israel. His death is a gift to Tehran’s hardliners, writes David Gardner, and will make it harder for Joe Biden to restart nuclear talks. (FT)
Exclusive: Brussels delays UK motorists insurance ‘green cards’ The European Commission is withholding a decision that would require British motorists to carry a proof-of-insurance document when travelling to Europe after the end of the Brexit transition period — leaving the issue hanging over EU-UK trade talks. (FT)
Even if a deal is agreed, ending the transitional period in the middle of a pandemic when the country is ill-prepared would be foolhardy, writes David Gauke, former UK Lord Chancellor.
France probes police beating black man Three police officers who were filmed beating a black music producer during an arrest have been placed under investigation, putting pressure on the government to backtrack on a draft law that would restrict publishing images of police in action. (FT)
Arcadia on the brink of collapse Philip Green’s Arcadia is expected to enter administration, possibly as soon as Monday. The group’s pension deficit, estimated to be as much as £350m, could mean members under the scheme’s normal retirement age risk losing 10 per cent of their benefits. UK tax authorities could also miss out on substantial revenue. (FT)
UK to ban Huawei 5G The UK will ban the installation of new Huawei equipment in 5G telecoms networks from September 2021 in a significant toughening of the government’s strategy to remove the Chinese manufacturer from critical infrastructure. (FT)
Biden taps women for top jobs Joe Biden has given senior positions to women: Jennifer Psaki, Kate Bedingfield and Neera Tanden, all former aids. Janet Yellen, the ex-Federal Reserve chair, is the perfect person to shape and implement Mr Biden’s ideas about the “caring economy”, writes Rana Foroohar. (FT)
Separately, the president-elect will need a walking boot after sustaining small factures to his right foot while playing with his dog, according to his doctor. (Politico)
Who do you think are the most influential women of 2020? Share your suggestions in the comments here, as well as your description of what their impact has been, and we will publish a selection on FT.com next week alongside FT editors’ own choices.
The day ahead
UK impact assessments The government will on Monday publish impact assessments on the new Covid-19 restrictions tier system for England, ahead of a House of Commons vote on the measures the next day. (FT)
Economic indicators China’s purchasing managers’ index report will give the first official reading of the economy’s momentum in November. Japan has production and retail sales data the same day. (FT)
Opec-Russia talks Opec members will meet Russia for a two-day summit against the backdrop of a month-long oil rally. (FT)
EU finance ministers meet The eurogroup of finance ministers will attempt to strike a deal aimed at bolstering the single currency area’s banking sector by agreeing on the early implementation of a long-awaited backstop to its bank resolution fund. (FT)
Zoom earnings The company is set to report its third-quarter results. (FT)
Canada’s fiscal update Justin Trudeau will present a fiscal update and is expected to unveil another round of spending to boost economic recovery and tackle the second wave of the pandemic. (FT)
What else we’re reading
Georgia’s presidency-defining races Georgia was not only the narrowest of swing states in the presidential election, but in January will also determine which party controls the US Senate — and with it, the nature of Joe Biden’s presidency. (FT)
Wakefield green lights Sunak’s spending review In the pro-Brexit city of Wakefield, residents are keen to see Rishi Sunak deliver on his £4bn promise to “improve the infrastructure of everyday life” despite the Covid-19 economic squeeze. The UK should avoid a premature tightening of fiscal policy, writes Martin Wolf. (FT)
Compared with other G7 economies, the cost of fighting Covid-19 is set to be over 80 per cent more for the UK, while the country is on course for a 90 per cent deeper decline in economic output in 2020 and almost 60 per cent more deaths, according to FT research. (FT)
Will Australia’s ‘hydrogen road’ to Japan cut emissions? With global warming focusing minds in Australia, where climate policy has brought down governments, a joint Canberra-Tokyo effort is seeking to create a cost-effective supply chain for an elusive source of clean energy. (FT)
Can food delivery services save UK restaurants? The pandemic has exacted a heavy toll on the UK’s 24,400 restaurants, which have either been forced to close or operate under strict restrictions for most of the year. Could food delivery service provide a lifeline? (FT)
Make the most of choosing where to work Control of the pandemic should free employers and employees to choose where and how certain tasks are done, writes Andrew Hill. That could be the difference between inefficient rigidity and productive flexibility. (FT)
Isolation: the elderly’s second pandemic Isolation is fast becoming the real pandemic for the elderly, writes Hester Le Riche, chief executive and founder of Tovertafel. Many care home residents say they feel abandoned and anxious owing to Covid-19 measures. (FT)
Podcast of the day
Rishi’s spending reviews and fears of new tiers Chancellor Rishi Sunak delivered his spending review as England braced for a new system of regional tiers. Sebastian Payne delves deeper with Sarah Neville, Jim Pickard, Chris Giles and George Parker. (FT)