FirstFT: Arms makers ought to cease complaining, German defence minister says

In the present day’s agenda: Trump’s UK state go to; Air India findings; Gaza “death traps”; funding banking’s unhealthy run

Good morning, and welcome again to the working week. We begin with an unique interview with Germany’s defence minister Boris Pistorius forward of talks with the US over European safety.

Re-arming Europe: Weapons makers ought to cease complaining and “deliver”, Pistorius instructed the Monetary Occasions, as his authorities’s booming defence spending plans have addressed trade considerations. The minister mentioned there have been nonetheless undertaking delays and trade must “ramp up” capacities. He additionally mentioned his ministry was engaged on a procurement plan for gear together with tanks, submarines, drones and fighter jets properly into the 2030s.

Why it issues: After many years of under-investment in its armed forces, Pistorius has been tasked with delivering a Zeitenwende — or sea change — to present Germany a number one function in European safety. “The weakness in the past was always that replacements were only procured once the existing ones were practically gone or broken,” Pistorius mentioned. “We need a system that renews itself through continuous deliveries.”

Wanting forward: Pistorius is because of meet his US counterpart Pete Hegseth in Washington right this moment, to debate a “road map” for American safety help for Europe. Additionally on the agenda is Ukraine and the urgent problem of US Patriot air defence methods, after deliveries to Kyiv had been paused by Washington. Berlin has already given three of its as soon as 12-strong inventory of the important Patriot methods to Kyiv. Right here’s extra from the interview forward of right this moment’s assembly.

• France: President Emmanuel Macron has pledged to improve army spending by €6.5bn over the subsequent two years.

• EU: Brussels will pursue extra subsidy investigations towards international firms investing within the bloc, its antitrust chief instructed the FT.

Right here’s what else I’m protecting tabs on right this moment:

• Argentina: The nation publishes its client worth index. President Javier Milei hopes a robust peso will assist kill inflation — a dangerous wager, writes Michael Stott.

• Bastille Day: France celebrates its nationwide day.

5 extra prime tales

1. Trump won’t handle parliament throughout his second state go to to Britain in September, with the Home of Commons in recess. The US president will probably be hosted by King Charles and Queen Camilla at Windsor Citadel and never Buckingham Palace, in a programme that goals to defend him from public and political protest.

2. Unique: Taiwan’s central financial institution has warned “a few foreign investors” towards violating its capital controls because it seeks to rein within the New Taiwan greenback’s sharp rally. Analysts say the financial institution is stepping up efforts to “close loopholes and discourage speculative shorts” with out intervening, to keep away from being labelled a forex manipulator by the US.

3. US buyers are relaunching a key Ukrainian grain export terminal after wresting management from alleged looters. The takeover of the Olimpex terminal within the port of Odesa, by Argentem Creek Companions and Innovatus Capital Companions, comes after the US-based funds secured victory in a saga of alleged mortgage fraud that underlines the challenges of reviving international funding in wartime Ukraine.

4. Gasoline management switches in Boeing aeroplanes don’t pose a security problem, the US aviation regulator has mentioned. The Federal Aviation Administration’s discover to worldwide counterparts adopted a preliminary report by Indian authorities that the engines of the Boeing Dreamliner concerned in a deadly Air India crash final month minimize off shortly after take-off.

5. The World Well being Group has introduced that the chief of its south-east Asia regional company is “on leave” following accusations of fraud. Saima Wazed — the daughter of Sheikh Hasina, the authoritarian former chief of Bangladesh — was charged in March by the nation’s Anti-Corruption Fee, and faces arrest if she returns from her submit in India. Learn the complete story.

Information in-depth

The Gaza Humanitarian Basis has been championed by the US and Israel as a lifeline for the strip’s 2.1mn inhabitants. However testimony, satellite tv for pc imagery and verified video compiled by the FT present how the help scheme has pressured hungry Palestinians right into a harmful journey from which many by no means return.

​​We’re additionally studying . . . 

• Center East markets: Israel’s beautiful inventory rally suggests the nation is cementing its standing because the regional financial superpower, writes Ruchir Sharma.

• Meta: Mark Zuckerberg will this week testify in a Delaware trial that has change into a take a look at of board culpability over company scandals.

• Linda Yaccarino: The social media chief government who tried to “ride the tiger” and her tumultuous partnership with Elon Musk.

• US-Japan ties: After Tokyo loved heat relations throughout Trump’s first time period, it has not tailored to the US president’s transactional strategy in commerce and defence.

Chart of the day

Funding banking is on the right track to increase a file streak of underperformance, supplying lower than 1 / 4 of Wall Avenue revenues on the greatest US banks for the 14th quarter in a row.

Take a break from the information

A journey to Aletsch in Switzerland, the Alps’ greatest glacier, provides some blissful respite from the summer season warmth — but additionally a poignant sense that, as its ice melts, time is operating out.