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Boris Johnson’s plan to construct a yacht within the UK is set to fall foul of a World Commerce Group settlement struck by his personal authorities final yr, specialists have warned.

The prime minister final month introduced that he hoped a home shipbuilder would create the £200m vessel, a successor to the Royal Yacht Britannia, to advertise British commerce and business around the globe.

However the constructing of Quantity 10’s yet-unnamed ship within the UK would breach an settlement that Britain signed as much as solely eight months in the past.

Ministers did not exclude civilian ship development from the contract listing that should be opened to world competitors when it signed the WTO “authorities procurement settlement” overlaying 48 international locations final October.

Coronavirus digest

  • The best hazard to the Tokyo Olympics just isn’t athletes and officers coming from overseas however potential higher mobility and socialising amongst locals, specialists warned. Kazuhiro Yamada, the pinnacle of Carlyle’s Japan enterprise, has predicted a surge in post-pandemic non-public fairness offers within the nation.

  • US and UK airline executives have issued a uncommon joint enchantment to Joe Biden and Boris Johnson to make use of this week’s G7 assembly to reopen transatlantic air journey. UK journey brokers are shedding their properties and dealing with “absolute hardship” underneath strict limits on worldwide journey, business physique Abta warned.

  • US labour shortages are hurting unbiased corporations that can’t supply the identical incentives as companies.

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Within the information

G7 targets Amazon in company tax plan Finance ministers are plotting a raid on Amazon’s profitable cloud-computing enterprise to make sure it pays extra company tax underneath the brand new G7 settlement on a world fee. Chris Nuttall has extra on the taxing instances forward for Huge Tech within the newest #techft e-newsletter. Join right here.

  • Amazon chief goes out of this world: Jeff Bezos plans to develop into one of many first civilians in area subsequent month on Blue Origin’s first human flight, simply two weeks after he formally steps down as chief government.

Alzheimer’s drug wins US approval Regulators have permitted the primary remedy for the illness in virtually 20 years, giving a inexperienced gentle to a drug developed by Biogen regardless of scientific debate over whether or not the medication even works. The Massachusetts-based biotech’s choice to cost the remedy at $56,000 a yr has reignited the controversy over the price of medicine on this planet’s largest and most worthwhile healthcare market.

SoftBank-backed Katerra information for chapter The US development start-up backed by SoftBank’s Imaginative and prescient Fund has filed for chapter with greater than $1bn in liabilities. It blamed Covid-19, the “surprising insolvency” of its former lender Greensill Capital and an lack of ability to safe financing. 

BoE: Stablecoins should face ‘troublesome questions’ The Financial institution of England declared on Monday that stablecoins — cryptocurrencies pegged to different belongings — should be topic to robust scrutiny, the most recent signal of regulators getting ready to crack down on digital tokens. For millennia, cash has acted as a retailer of worth and decreased transaction prices, writes Roger Svensson of the Analysis Institute of Industrial Economics. Crypto does neither.

Apple WWDC 2021 At its annual developer convention, Apple stated it might add person privateness protections after coming underneath strain following specialists’ warning that hundreds of apps have been persevering with to gather knowledge from customers who had opted out of monitoring. (Reuters, FT)

France fines Google €220m Competitors regulators fined Google €220m for abusing its dominant place within the internet advertising market and imposed modifications to the way it operates within the nation for 3 years.

The times forward

Portugal faraway from UK inexperienced listing British vacationers returning after 4am as we speak should quarantine for 10 days and take an additional Covid-19 take a look at after Portugal was moved to Downing Road’s “amber listing” of journey locations. Vaccinations will even start for 25- to 29-year-old Britons.

Former Bosnian Serb commander’s last enchantment The ultimate verdict in the trial of Ratko Mladic will likely be determined at The Hague as we speak. Mladic had appealed a 2017 choice that discovered him responsible of warfare crimes together with genocide throughout the Bosnian warfare, and noticed him sentenced to life imprisonment. (AP)

US financial knowledge Economists have forecast a narrower commerce hole in April however the total determine is predicted to stay elevated as reopening strengthens. (WSJ)

Colonial Pipeline chief testifies Joseph Blount will testify earlier than the US Senate as we speak and Home tomorrow in regards to the ransomware assault that pressured his firm to close down its gasoline provide final month and pay $4.4m to hackers. US officers stated that they had recovered $2.3m from the ransom cost.

Marqeta IPO pricing The debit card firm’s preliminary public providing is due to be priced because it goals to finish certainly one of this yr’s largest fintech listings.

What else we’re studying

How clear power is driving a commodities supercycle As governments launch enormous stimulus programmes centered on job creation and environmental stability, the approaching collectively of such demand and potential provide shortages has many on Wall Road and within the Metropolis of London hailing the arrival of a commodities supercycle, and asking: is copper set to develop into the brand new oil?

Brexit: can N Eire sticking factors be resolved? Britain and the EU have develop into locked in a row over commerce guidelines forward of crunch talks this week and Joe Biden’s arrival within the UK for the G7 summit. In an indication of rising stress, EU capitals have hit again at UK Brexit minister Lord David Frost’s suggestion within the FT that the bloc must compromise. The FT View is that the imbroglio just isn’t for the US to resolve, however the protagonists.

  • A profitable G7 summit may reinvigorate the concept that the west can present world management in alliance with different democracies, writes Gideon Rachman.

UK farmers’ Australia commerce fears Downing Road’s choice to supply Australia a tariff-free commerce deal has sparked fears amongst UK farmers of opening up free commerce with a sequence of huge livestock-producing international locations, probably threatening their lifestyle.

“Agriculture is crucially essential to an terrible lot of individuals, upstream and downstream. It’s a crying disgrace in the event that they promote that down the water” — Jimmy Eire, Nationwide Farmers’ Union in Scotland

UAE resets decade of international coverage For a decade, the Gulf state has been the Arab world’s most muscular regional actor, deploying its petrodollar wealth and navy energy to bolster allies and weaken foes. However after coronavirus hit its economic system, underscoring its hyperlinks to world commerce, the UAE is shifting focus from sturdy intervention to “financial” diplomacy.

Minister of chaos In a brand new profile of Boris Johnson — which the prime minister sat for in opposition to his advisers’ needs — the Atlantic’s Tom McTague seeks to find whether or not the PM is “really a populist, or simply in style”. (Atlantic)

Remark of the day

In response to ‘Don’t make me return to onerous pants 5 days per week’:

“Not having to do the ironing was probably the most effective factor about Covid working from dwelling for me. Once I began going again to the workplace just a few instances per week, firing up the iron for the primary time in a yr felt particularly miserable. Additionally, my shirts appeared to have mysteriously shrunk!” — AdamC

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