FirstFT: EU plans €40bn in loans for Ukraine with out US

Good morning. We start with an unique story on EU plans to boost as much as €40bn in loans for Ukraine with out the US.

Brussels is making ready to offer the brand new financing by the tip of the yr no matter US participation, after a G7 proposal to make use of frozen Russian property to assist Kyiv faltered.

The unilateral push comes amid concern in Brussels that Hungary will stop the bloc from delivering safeguards that the US wants for it to take part within the frozen property scheme, in response to three folks concerned within the talks.

The federal government of Viktor Orbán, the EU’s most pro-Russia chief, has sought to delay a call on the frozen property scheme till after the US presidential election on November 5.

However Brussels should begin work on any different throughout the subsequent few weeks since such a transfer would depend on powers that expire on the finish of the yr. Paola Tamma and Henry Foy have extra on the draft proposal.

Right here’s what else I’m holding tabs on right now:

• Financial knowledge: ZEW publishes German financial survey outcomes, Canada releases client worth knowledge and the US points its month-to-month retail commerce report.

• E book award: The Monetary Instances and Schroders Business E book of the 12 months shortlist is introduced. Atone for the longlist right here.

5 extra prime tales

1. Unique: The US and Japan are near a deal to curb tech exports to China’s chip trade regardless of alarm in Tokyo about Beijing’s risk to retaliate in opposition to Japanese corporations. The brand new export controls embody a measure forcing non-US corporations to get licences to promote merchandise to China that may assist its tech sector. Learn extra on the discussions.

• US-China rivalry: The entire world dangers shedding from the competitors between Washington and Beijing, writes Gideon Rachman.

2. Iran’s reformist president, Masoud Pezeshkian, has signalled a renewed openness to resuming nuclear negotiations with western nations and denied that his nation had provided ballistic missiles to Russia since he took workplace seven weeks in the past. However elevated tensions between Iran and Israel have made signing a contemporary nuclear settlement much more difficult. Learn the complete story.

3. Unique: London-based Revolut is making ready to launch its providers in India subsequent yr, focusing on tens of tens of millions of the nation’s top-tier shoppers in a vital take a look at for the expansion technique of Europe’s most respected fintech. The corporate is on track to launch its app, home and multi-currency playing cards on the earth’s most populous nation because it seeks to increase its revenues outdoors Europe. Learn extra of the group’s plans.

4. Unique: SURJ, the sports activities funding agency owned by Saudi Arabia’s Public Funding Fund, has entered the sale course of for EuroLeague, as Europe’s prime basketball competitors seeks to promote a minority stake at a €1bn valuation. However the sports activities group must contend in opposition to personal fairness group BC Companions, which can be in search of to increase its sports activities portfolio.

5. Fund managers have expressed issues that takeover exercise is narrowing the UK inventory market. Thirty London-listed corporations obtained agency takeover affords for a median worth of £1bn within the first half of this yr, knowledge reveals. However their elimination, coupled with a scarcity of IPOs to exchange them, spells a worrying pattern of fewer high quality shares buyers can select from.

The Large Learn

Netflix has staged a outstanding restoration for the reason that “great correction” of 2022, after launching a crackdown on password-sharing and investing into advertisements, video video games and reside “experiences”. Whereas conventional leisure corporations battle to make cash after pouring billions into streaming, Netflix has expanded its lead because of its strategic shift.

We’re additionally studying and listening to . . . 

• UK Funds: Rachel Reeves should present that she is severe about progress by making robust selections on jobs, productiveness and funding, writes former chancellor Jeremy Hunt.

• Girls in prisons: The case of feminine prisoners ought to make us re-examine if incarceration is the answer for many who have been coerced into crime, writes Stephen Bush.

• The Economics Present 🎧: Soumaya Keynes grills Jared Bernstein, US President Joe Biden’s prime economist, on worth caps, jobs and inflation.

Chart of the day

Volkswagen, Germany’s largest personal employer, is going through a disaster introduced on by slowing demand, excessive prices and difficult competitors from Chinese language start-ups. Plans to shut some German factories have unleashed angst amongst inhabitants in VW’s hometown, the place it employs 60,000 folks. Our reporter sends a dispatch from Wolfsburg.

Take a break from the information

Among the many many experiences in trendy working life that may provoke ire and irritation, the panel dialogue elicits a selected type of dread. However worry not: Viv Groskop has proposed a recipe for achievement in order that your subsequent panel isn’t ruined by droning members or egoistic chairs.

Further contributions from Benjamin Wilhelm and Gordon Smith