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For the second time this year, policy makers from Dublin to Rome are preparing to relax the Covid-19 closures and “save Christmas” for the family reunions of 500 million Europeans. Except this time they avoid calling it a reopening.
Restrictions implemented in late October across Europe are beginning to pay off, with a slowdown in new infections reported in most countries according to data tracked by the Financial Times. This is driving calls from retailers to end mandatory store closures that are deemed nonessential during the most lucrative business month of the year. But unlike the summer, European governments are warning that there will not be a total relaxation of restrictions.
The United Kingdom, France and Ireland are among the countries where the locks are due to expire in early December. They have noted that they will ease restrictions only gradually after being too lax the first time.
UK ministers have agreed that before the Christmas period, a stricter tier system will be introduced. Some mixing between households will be allowed for a “small number of days” during the holiday period, but ministers stressed that Christmas would not be “normal” this year.
Meanwhile, Chancellor Rishi Sunak has paved the way for large tax increases, warning that Wednesday’s spending review will expose “the economic impact” of the pandemic.
In the US, millions plan to travel for Thanksgiving this week, despite the nation approaching 200,000 virus-positive cases a day. (FT, CNN)
Coronavirus digest
Covid-19 has changed lives, from exercise habits to retirement plans. Should we also close each winter to protect thousands of people from influenza? Asks Jemima Kelly.
Follow our global economic recovery tracker and ours live blog to know the latest developments.
In the news
Trump’s legal options diminish The avenues for Donald Trump to contest his electoral defeat are about to narrow significantly, with three battleground states led by Joe Biden having to certify their results in the wake of a crushing defeat in the weekend courts for the campaign of Trump, who also requested a second on Sunday. Georgia vote count. (FT, NPR)
A cropped figure of Trump at a protest against the election results in Atlanta on Saturday © Chris Berry / Reuters
Investors to Reassess China’s Tech Sector Investors are reviewing their record holdings of mainland internet companies after Beijing proposed new antitrust rules for China’s tech industry. “I think the bull run in China’s tech sector has come to a halt,” said Wong Kok Hoi, chief investment officer at Singapore-based APS Asset Management. (FOOT)
SK Group follows a path away from fossil fuels South Korea’s third-largest company has pledged to end all new overseas oil and gas investments and cut its carbon emissions by two-thirds, while planning a transformation away from fossil fuels. (FOOT)
Japan Asia Group purchase faces activist challenge Management’s purchase of a small green energy and technology group has put one of the world’s largest private equity firms, Carlyle, on a collision course with the family of Japan’s most notorious activist investor. Analysts predict that, after decades of an almost total absence of hostile takeovers, Japan is on the brink of change. (FOOT)
Ethiopia tells Tigrayans to ‘save themselves’ Ethiopia’s army said it planned to attack the city of Mekelle with heavy artillery, warning civilians to leave or take refuge before a dangerous new phase in the two-week civil conflict. (FOOT)
Ethiopia’s military spokesman, Colonel Dejene Tsegaye, told the state-owned Ethiopia Broadcasting Corporation that ‘the board is now protecting itself among the public and the public must tell them’ don’t kill me ‘© Ethiopia News Agency / AP
Deutsche Bank seeks to expand its payments business Germany’s largest lender, Deutsche Bank, is seeking acquisitions and joint ventures to help achieve its goal of becoming a major force in Europe’s rapidly consolidating payment processing industry. Read more in our weekly #fintechft newsletter delivered on Mondays. Sign up here. (FOOT)
China seeks first lunar rock recovery since the 1970s China will launch an unmanned spacecraft to the moon this week to recover lunar rocks, a first for any nation in 50 years. If successful, China will join only the United States and the then Soviet Union in collecting lunar samples. (Reuters)
Booker Prize Winner Douglas Stuart has won the 2020 Booker Prize for his debut novel Shuggie Bath. Here are the three authors shortlisted for FT and McKinsey’s 2020 Bracken Bower Award for Best Business Book Proposal; read excerpts of their proposals here. (FOOT)
The days to come
South Korea Export Data Monday’s figures will provide a gauge on the health of world trade. Get the latest with our global economic recovery tracker.
Dame Elizabeth FCA Report Former High Court Judge Elizabeth Gloster will publish a report on Monday on how the Financial Conduct Authority handled the collapse of the London Capital & Finance investment fund. His account on the mini-bond scandal has been delayed more than once because of the FCA’s delays in releasing information. (FOOT)
What else are we reading
Hong Kong’s future as the financial center of Asia Singapore and Tokyo are ripe for the opportunity, but China’s shadow looms large, writes Leo Lewis.
Despite the coldness of Beijing’s new national security law, the territory’s disappearance as a financial center is a theory that still awaits real proof. Xi Jinping’s goal of doubling China’s economy is a fantasy, writes Michael Pettis. (FOOT)
The race to find a green energy storage solution Renewable energies, such as wind and solar, are increasingly cheaper than fossil fuels in most of the world, but they need storage to be a viable and stable source of energy. With billions being invested in renewables, there is a race to produce enough battery storage. (FOOT)
Lithium-ion batteries are currently the dominant storage technology and are being installed around the world to help power grids manage growing renewable energy supplies © Yuriko Nakao / Bloomberg
America’s business deal with the devil When Donald Trump approved major corporate tax cuts, big business backed the president. Now, as CEOs weigh how to respond to Trump’s unsubstantiated claims of voter fraud, it’s a bit “too little, too late,” writes Rana Foroohar. Erika James, the new dean of Wharton Business School, faces culture wars on campus. (FT, NYT)
Loneliness and me Rather horribly, the isolation that the pandemic has imposed this year is not that different from my normal life, writes Claire Bushey. Millions of us lived with this curse long before the pandemic. With empty office buildings, the lonely working life of office security personnel is often forgotten. (FOOT)
Difficult road ahead for New Zealand’s top diplomat Nanaia Mahuta, the first Maori woman appointed as New Zealand’s foreign minister, already faces a complicated portfolio in geopolitics and climate. In China, a delicate balancing act is becoming increasingly complex. (FOOT)
Nanaia Mahuta’s appointment surprised Wellington’s diplomatic corps
How Xi Ruined It The presidency of Donald Trump gave Xi Jinping a once-in-a-lifetime opportunity to expand China’s influence at the expense of the United States. Four years later, that didn’t happen, and a Joe Biden administration makes it even less likely. (Atlantic)
Taylor Swift’s catalog sold to a private equity group This week’s news that a private equity group has bought up Taylor Swift’s old masters, and that bidders are lining up to buy book publisher Simon & Schuster, highlights the value of back catalogs, writes John Gapper. (FOOT)
Could you restore an abandoned house? The Ultimate Blocking Distraction Therapy – Restore Lots of Heritage. Take Horse Sand Fort, for example, this 61m diameter abandoned artificial island costing £ 750,000 was built to stop Napoleon III’s invasion. One potential buyer considered turning it into a legalized marijuana farm. But intrepid renovators need dedication and seriousness. (FOOT)
Horse Sand Fort in Solent, near Portsmouth, on sale for £ 750,000, was originally built to ward off Napoleon III’s invasion © Alamy Stock Photo
Podcast of the day
Simon Schama on Cultural Call Simon Schama is one of the world’s leading art historians and historians. He joins Culture Call host Lilah Raptopoulos to talk about Joe Biden’s victory after a tumultuous election and colonialism. From Lagos, they are joined by West Africa correspondent Neil Munshi. Listen on FT.com, Spotify, or Apple podcasts. (FOOT)
Illustration of the day
Banx: Two weeks after losing the election, Trump continues to denounce fraud
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