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US President Joe Biden challenged the leaders of the G7 countries to use their financial might to counter China’s growing global influence, declaring that Western democracies were “in competition with autocrats.”
EU leaders at the G7 summit, a gathering of the world’s largest advanced economies, were more cautious of Beijing’s hostility. UK Prime Minister Boris Johnson, host of the summit, declined to specifically mention China by name during his closing press conference.
Separately, leaders agreed on the so-called Carbis Bay Declaration, which established a set of global health commitments to try to prevent another global pandemic, such as aiming to reduce the time needed for develop vaccines and treatments just 100 days.
The heat between the officials was reflected in the public good nature between Biden and Frenchman Emmanuel Macron, walking along the sand, arms draped around each other. Brexit, however, continued to hamper Johnson’s attempt to project the image of a confident ‘rallying’ country.
The British Prime Minister accused Macron of speaking about Northern Ireland “as if it is somehow a different country”.
There are big questions about whether the G7’s delivery will match its rhetoric on vaccines, climate and the effort to create a global infrastructure to compete with China’s Belt and Road Initiative, writes Gideon Rachman.
Learn more about our G7 coverage at FT.com and listen to Sebastian Payne discuss whether Brexit eclipse Johnson’s efforts to advance his Global Britain agenda.
Five stories in the news
1. Netanyahu ousted Israel’s parliament voted for a new government, ending 12 years of right-wing pillar and five-time Prime Minister Benjamin Netanyahu’s grip on power after four elections and two years of political paralysis. Naftali Bennett, an ultra-nationalist whose Yamina party controls only six seats out of the 120 Knesset members, will assume the leadership. Netanyahu’s dethronement has been slow and overwhelming – but is it the end of Israel’s longest-serving ruler?
2. BNP under fire from loss-making forex trades The French bank faces allegations that its traders billions of euros badly sold loss-making foreign exchange products to Europe’s largest wine exporter, amid a growing controversy that has enveloped Goldman Sachs and Deutsche Bank.
3. Four Toshiba executives ousted An emergency four-hour board meeting yesterday resulted in the outings, which included two board members. The meeting propelled Toshiba deeper into a governance crisis after the release last week of a damning report on the company’s collusion with the government to clamp down on activist investors.
4. UK hacking warning Lindy Cameron, Managing Director of the National Cyber Security Center, a branch of GCHQ, will today warn that hackers behind ransomware attacks pose a greater risk to national security than online espionage by a hostile state. Ransomware attacks are not so much a technological problem as a human problem – and a human can solve it, writes Alex Younger, former director of MI6.
Clean energy company Invenergy said on Friday it had been hacked but had “no intention of paying a ransom” in an extortion attempt against its billionaire CEO.
Joe Biden said at the G7 summit that he was open to a cybercriminal trade with Russian President Vladimir Putin.
5. The United States accuses Jho Low and ex-Fugee of lobbying 1MDB The United States has indicted the Malaysian financier and a former member of the hijacked lobbying hip-hop group Fugees for dropping an investigation into the 1MDB state investment fund embezzlement scandal and for extraditing a Chinese dissident based in the United States. United States.
Boris Johnson will today approve a postponement of the final easing of England’s foreclosure restrictions on June 21 – but will consider proposals to allow larger weddings to be held.
Kate Bingham, who headed the UK Vaccine Task Force, and Sarah Gilbert, Professor of Vaccinology at the University of Oxford, were among those who received honors such as “Heroes of Covid-19”.
British bank bosses await government guidance on easing the lockdown as they schedule when their staff can return to office. The manufacturing sector is expected to grow twice as fast in 2021 than expected.
With the approval of mRNA-based vaccines, the American biotechnology company Vaxxinity raised the prospect of breakthroughs in the treatment of Alzheimer’s disease and Parkinson’s disease.
FT’s view is that the economic data on the strength of the recovery reflects “base effects”, which skew the data on wage growth and inflation. Follow our live blog on the coronavirus here and Register now for our Coronavirus Business Update bulletin.
The day to come
NATO summit China’s growing military and economic presence in the Atlantic is expected to trigger a rare warning from NATO leaders, diplomats said, as the transatlantic alliance meets today.
Americans face Carlos Ghosn’s escape trial Michael Taylor and his son Peter continue trial in Tokyo on charges, they helped the former Nissan president skip the bail and flee to Lebanon in 2019. (AP)
Aung San Suu Kyi faces charges from junta The trial of the ousted 75-year-old Burmese leader will open in Naypyidaw, where she faces a string of charges that have accumulated since the military toppled her government.
UK lobbying review The Committee on Standards in Public Life will release the findings of its emergency review, sparked by the Greensill scandal in which former Prime Minister David Cameron repeatedly lobbied ministers and senior officials on behalf of the company supply chain finance collapsed, where he was employed as an advisor.
What else do we read
The rebirth of Hertz The FT’s Sujeet Indap details the inside story of how optimism about post-pandemic travel inspired a bidding war for the bankrupt car rental company. Hertz’s remarkable turnaround mimics the dramatic rebound in large parts of the global economy.
Spain seeks to identify victims of civil war As countries around the world grapple with their histories, Spain is stepping up the exhumation of tens of thousands of bodies that troops of dictator Francisco Franco dumped in graves across the country during the Civil War of the 1930s. But critics say the left-wing administration is more divisive in a polarized society.
Market veterans mourn the death of commercial wells Covid-19 has killed some of the last strongholds of the trade “at auction”. Traders who prefer to negotiate face-to-face deals scored a rare victory last week when the London Metal Exchange rolled back a plan to shut down “the Ring” for good. But CME Group’s announcement last month that it would shut down trading floors for good marked the end of an era.
UK pension reform urgently needed Economic security in old age. But it’s complex: good policy requires careful long-term thinking. Unfortunately, this is lacking in the UK, which has moved from one “corner solution” – defined benefit plans – to one – defined contribution plans, writes Martin Wolf.
Lunch with the FT: footballer Zvonimir Boban The former Croatian midfielder sat down for a virtual lunch with Simon Kuper and weighed in on the kick that foreshadowed the breakup of Yugoslavia, the Super League and why England shouldn’t play three in the back.
In other football news: England won their opening game of the European Championship. The game was halted between Denmark and Finland as medical staff struggled to resuscitate devastated Danish footballer Christian Eriksen.
Boris Johnson did an about-face on Friday on his stance on ‘kneeling’ footballers, saying fans should not heckle the players.
Work and career
We should put an end to unnecessary e-mail outside of office hours, writes Pilita Clark. In a burnout epidemic, the right to disconnect is more necessary than ever.
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