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Leaders of the G7 economies convening in the UK will announce a pledge to provide 1bn coronavirus doses to poorer countries as part of a plan to “vaccinate the world” by the end of 2022.
The move, to be outlined at the start of the three-day summit today, is designed to address criticism that wealthy western governments have secured the bulk of life-saving vaccines from manufacturers to immunise their own populations. The FT view is that a failure to address vaccine shortages and climate change would be disastrous.
Hosting the meeting in Cornwall, Britain’s picturesque southern tip, Prime Minister Boris Johnson is set to announce today that the UK will donate 100m surplus vaccine doses in the next 12 months, according to aides.
FT economics editor Chris Giles and global tax correspondent Emma Agyemang answered your questions on what the G7 tax deal means for multinational companies. Here are the highlights.
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US consumer prices climb at fastest pace since 2008 The US consumer price index increased 5 per cent in May compared with a year earlier, its fastest rate in almost 13 years, as inflationary pressures continued to flare in the world’s largest economy. Wall Street brushed aside the inflation data to hit a fresh high.
Global stocks inch to all-time high The FTSE All World index moved 0.1 per cent higher to its latest record. The gauge of developed and emerging market stocks has eked out a 1.1 per cent rise this month after outsized gains earlier in the year.
China rushes through bill tightening ban on abiding by western sanctions The law is designed to counter sanctions imposed by foreign governments against Chinese officials and companies.
BlackRock wins approval to launch mutual fund business in China The move followed a wave of activity from big US banks and asset managers as they seek to more fully integrate themselves into China’s financial system and take advantage of its vast pool of savings, which have historically been directed towards cash and property.
US lifts some sanctions targeting Iran’s energy sector The decision marked the first time the Biden administration has relaxed any sanctions against Iran. Oil prices briefly fell more than 2 per cent after the announcement but quickly regained their losses.
Credit Suisse loses ground in prime broking The Swiss lender has lost ground to rival banks in winning new business for its prime brokerage after suffering a $5.5bn loss on credit extended to Bill Hwang’s Archegos family office and pledging to scale back risk in its business.
US bond rally eases pressure on emerging market hedge funds Falling bond yields and a weakening dollar are helping drive a recovery in emerging market-focused hedge funds, after managers including $12bn-in-assets Pharo Management struggled following a tough start to the year.
Global banking regulator urges toughest capital rules for crypto Banks with exposure to volatile cryptocurrencies should face stricter capital requirements to reflect the higher risks compared with conventional assets, according to the Basel Committee on Banking Supervision, the world’s most powerful banking regulator.
Space flight auction Bidding takes place tomorrow for a seat on the first-ever crewed flight for Jeff Bezos’s Blue Origin on July 20. Bezos and his brother will also be on board.
GB News launches The 24-hour news channel, which launches on Sunday, has been described as a UK version of US rightwing channel Fox News.
Euro 2020 opens The Euro 2020 tournament kicks off today. Fatigue will be a bigger factor than usual since many of the world’s top talents have been playing almost nonstop for a year because of the pandemic’s impact on schedules. Organisers also have their work cut out to prevent a Covid-19 outbreak. (NYT, FT)
How US streaming giants learnt to love Euro programming When US subscription streaming services arrived, local producers worried they would lose out to a deluge of expensive Hollywood blockbusters. But instead, an unexpected and profound shift emerged in the entertainment economy: those giants began ploughing money into local industries.
Is Auckland really the world’s most liveable city? A survey by the Economist Intelligence Unit released this week ranked the New Zealand city above Vienna, Melbourne and other previous winners, thanks to its success in suppressing Covid-19. European and Canadian cities have slipped in the rankings, due to the effect of lockdowns.
Speaking up for the mother tongue in class In lower-income countries — especially those in Africa — there is a strong overlap between poor overall educational outcomes and the use of a former colonial language, such as English, French or Portuguese, in schools. Lessons in local languages deliver better results, proponents argue. Read more in our Investing in Education special report.
Mr Spock is not as logical as he’d like to think The Vulcan is a dramatic portrayal of the mistakes economists make in assuming everyone is rational, writes Tim Harford. In specific cases, it may help to bring in perspectives from psychology, experimental data or simply from judgment and experience.
The plutocrats’ guide to space tourism Amazon founder Jeff Bezos is set to go to space next month — or tomorrow, if he subscribes to Prime. The opening of the space market could not be more timely because, frankly, it’s getting very hard to plan a holiday and suborbital flight looks likely to be on the green list, writes Robert Shrimsley.
Can Asian prosperity survive US-China rivalry? South-east Asia has enjoyed a long period of sustained economic growth. But is it endangered by rising tensions between the US and China? Gideon Rachman puts the question to James Crabtree, executive director of the International Institute for Strategic Studies in Singapore.