FirstFT: Today's top stories | Financial Times

FirstFT: Today's top stories | Financial Times

FT subscribers can click here to receive FirstFT every day via email.

The Trump administration has vowed to take "measures" against Chinese software companies within a few days that it perceives as a security risk. This is a sign that Washington will expand its offensive beyond the TikTok video sharing app.

ByteDance, the Chinese owner of TikTok, is trying to save the app's US activities and asks the administration to sell the device to Microsoft.

Secretary of State Mike Pompeo said on Sunday that further action against a wider range of Chinese technology companies would follow.

“These Chinese software companies doing business in the United States, whether TikTok or WeChat – there are countless others. . . share data directly with the Chinese Communist Party, its national security apparatus, ”Pompeo told Fox News.

Zhang Yiming, founder of ByteDance, claims it is "impossible" to respond to a call from Beijing to share information about its app users in America, but the conflict provides an insight into the potential future of US-China relations. (FT, Atlantic)

Coronavirus digest

In the news

Hong Kong delays the September election Hong Kong's chief executive, Carrie Lam, has postponed the city's legislature due to the coronavirus pandemic, which resulted in a quick conviction from Washington. (FT)

Hong Kong's chief executive Carrie Lam said that local elections scheduled for September will be postponed as coronavirus cases have risen sharply. © AFP via Getty Images

Ex-Coutts banker found guilty of Jho Low funds The Swiss Supreme Criminal Court fined CHF 50,000 ($ 55,000) to a former compliance officer who was found guilty of violating anti-money laundering laws by convicting Jho Low, the alleged pioneer of the 1MDB Scandals allowed hundreds of millions to be transferred to Swiss accounts without a warning regulator. (FT)

According to the EU chief of economy, the Wirecard scandal will push ahead with the revision of the supervision Valdis Dombrovskis told the Financial Times that the collapse of the German payment group had reinforced his belief that a previous thwarted attempt by Brussels to strengthen the EU financial watchdogs had been a "missed opportunity" and that another move was needed. (FT)

NASA astronauts inject into the SpaceX capsule Two astronauts returned to Earth on Sunday in the final stages of a historic SpaceX mission that could pave the way for the full commercialization of human spaceflight. The US splashdown was the first in 45 years. (FT, AP)

The SpaceX capsule is pulled aboard the recovery vehicle after being sprayed from Pensacola, Florida, in the Gulf of Mexico © via REUTERS

Facebook is accused of not meeting the boycott demands The social media giant, despite the boycott in July, "failed to meet most of its advertisers' demands for content moderation," said one of its organizers, Jonathan Greenblatt, executive director of the Anti-Defamation League, as civil rights groups weigh their next move. (FT)

Florida teen arrested as "mastermind" of Twitter hack The U.S. authorities have indicted three people in connection with the July 15 Twitter hack that compromised 130 accounts, including those of Barack Obama, Bill Gates, and Elon Musk. A 17-year-old was referred to as the "mastermind" of the injury. (FT)

James Murdoch to leave News Corp. Rupert Murdoch's youngest son stepped down from the company's board of directors and raised disagreements over editorial content and strategic decisions. Earlier this year, the younger Murdoch criticized his father's news agencies for promoting false skepticism about climate change. (FT)

Blackstone and TPG vehicles are renegotiating their debts The two private equity firms have agreed to make unscheduled loan repayments to fund their property investment trusts in the hundreds of millions of dollars in return for promises that their lenders will not take punitive action if the property market gets sour becomes. (FT)

The day before us

Election decision in Poland The Polish Supreme Court will hold a session on Monday to rule on the validity of the July presidential election when incumbent Andrzej Duda, an ally of the ruling nationalist party for justice and justice, beat Warsaw Mayor Rafal Trzaskowski by 51 to 49 percent . (FT)

UK eating out scheme The UK is launching a program to encourage consumers to eat out and boost the leisure industry by giving £ 10 off meals on Mondays to Wednesdays in August. Use our tool to keep track of the latest economic activity data in the UK. (FT)

What else do we read?

The anatomy of a very short bear market The advanced economies experienced a wild but short bear market until March 23, followed by a spectacular recovery in which all losses since the beginning of the year were eliminated within another 17 weeks. Economists are already investigating the episode – what have they learned? (FT)

The collapse of tourism could trigger the next phase of the crisis What we see is the decline of an industry that has supported many other sectors, from manufacturing to real estate, restaurants, luxury goods to financial services – as you call it, Rana Foroohar writes. And the economic impact will be widespread. (FT)

© Matt Kenyon

The LinkedIn spy scandal illuminates China's online espionage Dickson Yeo, a doctoral student from Singapore, has touted his US-Asia connections on LinkedIn. Last week, he admitted to having closer relationships: working for Chinese intelligence and targeting US officials on the network side. Beijing has a new tool for chasing fugitive expatriates: American dishes. (FT, WSJ)

Grigory Rodchenkov's lunch with the FT "Sport will not be clean. Never," says Russia's unique doping kingpin, who has become a whistleblower, Murad Ahmed from FT via video chat behind an operating mask, sunglasses and a straw hat. The pandemic is dragging on, but Mr. Rodchenkov, a member of the U.S. Witness Protection Program, is used to block (FT)

© James Ferguson

Russia's Far Eastern Anti-Putin Protests: "We Are the Power Here" Moscow's arrest of Sergei Furgal, the popular local governor of the Khabarovsk region, triggered the most sustainable political protest movement in President Vladimir Putin's 20-year reign. (FT)

Can America Hold Fair Elections? Amid fears that President Trump will not accept the outcome of the November election, the pandemic reveals longstanding deficiencies in the US electoral system, Courtney Weaver writes. "We're really not equipped at all," said Lawrence Douglas, law professor at Amherst College. Trump and democratic challenger Joe Biden are in the polls here. (FT)

Germany's growing number of right-wing extremists When the country fights right-wing extremist networks within its special forces, it has found that the group's reach has expanded. Neo-Nazis and extremist civilians are preparing in alarming details for what they call "Day X". Meanwhile, neo-Nazi groups are calling for protests against coronavirus restrictions in Berlin. (NYT, Washington Post)

How bicycles became the "new toilet paper" The recent demand for entry-level and mid-range models has significantly exceeded inventories in the United States and Europe, while limiting factory capacity in Asia. Inventories from Shimano, the world's largest manufacturer of bicycle components, and Giant, the largest manufacturer of quality bicycles, have reached an all-time high. (FT)

Video of the day

Charts that count Gold is king in times of crisis and has reached a record level this week. Betting on gold is also a bet against history, says FT's US finance editor Robert Armstrong.

Thank you for reading. Send your recommendations and feedback to [email protected]