The bar chart of the change in the renminbi-dollar exchange rate from the previous half year (%) shows that China's currency has been on track for the best six months in its history

FirstFT: Today’s Top Stories | Financial Times

Donald Trump said Monday his administration would work with Joe Biden’s transition team to begin transferring power – but shortly before a formal concession, he vowed to continue to contest the election result.

His statement came after Republican senators urged the president to begin the transition. Larry Fink, chairman and chief executive officer of BlackRock, and David Solomon, chairman and chief executive officer of Goldman Sachs, were among the 160 executives who expressed similar concerns in a letter.

The president has made unprecedented efforts to dismiss the results of the US election through litigation and pressure on state election officials.

Michigan’s electoral board approved its election results Monday, cementing Mr Biden’s victory in the state. Georgia will begin a recount requested by the Trump campaign on Tuesday, which is unlikely to change the result confirmed by Republican officials last week. Nevada, which also won Mr. Biden, will confirm its results that same day.

Mr. Biden is ready to elect Janet Yellen as his Treasury Secretary, the first woman to hold this role. The president-elect also introduced the senior members of his national security team: Antony Blinken as Secretary of State, Jake Sullivan as National Security Advisor and John Kerry as Climate Zar. Mr Biden’s recommendations include becoming the first woman to head the secret service and the first Latino to head home security. (FT, PFNYC, NYT)

Coronavirus digest

Remdesivir once drew praise from the White House and a rush for orders. How did the first antiviral agent that treated Covid-19 fall out of favor? (FT)

Follow our live blog for the latest developments.

In the news

Britain warns of British judges in Hong Kong Senior British ministers have warned British judges in Hong Kong should not give the city’s legal system a “veneer of integrity” if it is jeopardized by Beijing’s new security law. Separately, activists Joshua Wong, Agnes Chow and Ivan Lam were detained after pleading guilty to anti-government protests over the past year. (FT)

The British ministers said Beijing will throw security measures
UK ministers say Beijing’s security measures raise “important rule of law issues” © Reuters

EY, in order to legally protect the staff during the Wirecard inquiry EY has reached an agreement with German politicians to protect its examiners from the legal risk of being allowed to testify in a Wirecard investigation and has warned its employees to prepare for further consequences of the hearings this week. (FT)

Exclusive: British bosses sell shares in tax fears on investment income UK CEOs and executives are preparing to sell shares in companies before Rishi Sunak’s recommended increase in capital gains tax is possible next year. (FT)

Chinese bond defaults Several high-profile bond defaults have shattered investor confidence that local governments will always bail out state borrowers. At least 20 Chinese companies are suspending Rmb 15.5 billion (US $ 2.4 billion) new issuance plans, citing recent market turmoil ”. Meanwhile, Beijing’s decision to halt Ant’s IPO could encourage entrepreneurs to hold back, writes Henny Sender. (FT)

Bar chart showing China's domestic debt market by issuer

France adopts controversial security law France will pass a security law on Tuesday to strengthen police powers and restrict the use of images to identify individual police officers. (FT)

Netanyahu’s secret meeting with the Saudi crown prince Israeli Prime Minister Benjamin Netanyahu met Crown Prince Mohammed bin Salman during a secret two-hour trip to Saudi Arabia, according to an Israeli official and local media, on a visit that would signal a historic shift in relations between the former enemies. (FT)

Thai protesters target large companies The company, which operates one of Thailand’s most watched news channels, has softened coverage of pro-democracy mass protests after being attacked by a consumer boycott. The Thai had sparked an online movement to pressure large advertisers to take sides. (FT)

“We don’t have to take to the streets to protest against the government. The choice of the purchase price is also a way of protest ”- student protesters

Protests have divided opinion in Southeast Asia's second largest economy, placing companies in the uncomfortable position of having to choose sides or go to extreme lengths to be seen as neutral
Protests have divided opinion in Southeast Asia’s second largest economy, placing companies in the uncomfortable position of having to choose sides or go to extreme lengths to be considered neutral © Getty Images

The recent attempt by negotiators in the EU and UK to reach an agreement Brexit negotiators are considering the idea of ​​review clauses to break the deadlock in trade talks between the EU and the UK, with the possibility that parts of the deal could be re-examined a few years after its entry into force. We all have upcoming deadlines on our Brexit timeline. (FT)

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The day ahead

British assembly rules revealed The government is expected to announce new rules for social gatherings for Christmas on Tuesday. It is also ready to unveil plans to reduce the quarantine period for overseas arrivals from 14 to five days as part of a new “test and release” system. (FT)

Energy news The Italian energy company Enel will present its Strategic Plan, which will outline its plans to accelerate the reduction of its carbon footprint. Motor Oil publishes its third quarter results with Lukoil. (FT)

Retail sales Gap, Nordstrom and Abercrombie & Fitch are all reporting as they prepare for the Christmas shopping season. But Black Friday will look very different this year. Motor Oil, like the Chinese phone manufacturer Xiaomi, will publish its results for the third quarter. (FT, Bloomberg)

UK telecommunications bill The government is set to propose a bill to Parliament that fines telecom companies up to £ 100,000 per day for failing to comply with regulations to phasing out Huawei devices from the country’s 5G networks. (FT)

Executives, creatives and analysts from all over the world will meet on Tuesday for the first day of the Business of Luxury conference. It is the first time that the event is fully online. To register your interest, click here.

Unnecessary shops and gyms in the UK are reopening, but bars and restaurants are facing narrower curbs
Unnecessary shops and gyms in the UK are reopening, but bars and restaurants are facing narrower curbs © Bloomberg

A clarification on yesterday’s edition: Former High Court Judge Elizabeth Gloster completed her report on Monday on how the Financial Conduct Authority dealt with the collapse of the London Capital & Finance mutual fund.

What else are we reading?

America’s largest health project The smooth functioning of the supply chain is vital if the US is to ensure confidence in a mass vaccination program against Covid-19. Can Joe Biden rise to the challenge? His reputation as president will likely be based on it.

  • According to an analysis of the election data, a coalition of women won it for Mr Biden. (FT)

Spain’s language wars The withdrawal of Spanish as a medium of instruction has been seen as an insidious threat to the state and has highlighted the rift between the minority government – which owes its power to the Catalan and Basque nationalists – and the opposition. (FT)

The ethical mission of private equity Cerberus’ interest in the Co-op Bank, which has been pursuing an explicitly ethical financing approach since 1992, is not the contradiction in terms, as it seems, writes Patrick Jenkins. A jerky resistance to private equity would be short-sighted. (FT)

Corruption is rotting Europe The exclusive concentration on the rule of law resistance of Hungary and Poland against the EU underlines the extent of the problems of the EU, writes Gideon Rachman. The conflict creates cracks in the block. Romanian Prime Minister Ludovic Orban has punished the two nations for blocking the EU budget for the recovery from Covid-19. (FT)

Podcast of the day

Contract How can couples living together structure a financial arrangement if they later split up? Claer Barrett delves into with Michael Gouriet, partner on the family law team at Withers, and Angela Marson, Chartered Financial Planner at Fairstone. (FT)

Illustration of the day

Banx: Three weeks after losing the U.S. election, Trump still claims he won

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