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Boris Johnson will announce a 10pm closing time for England’s pubs and restaurants on Tuesday as the government begins to reinstate national lockdown measures to contain a second coronavirus wave.
The prime minister hopes that new measures to be announced in an 8pm televised address to the country will help control Covid-19 while keeping businesses and schools open. But the hospitality industry fears they represent the “nail in the coffin”.
Mr Johnson has come under pressure from Rishi Sunak, chancellor, and Tory MPs to resist more draconian measures, but recent surveys suggest more than half of voters think the government is not handling the pandemic well.
Chris Whitty and Patrick Vallance, the UK’s chief medical and scientific advisers, outlined “a very challenging winter” ahead on Monday, estimating that cases could hit almost 50,000 a day by mid-October unless the current trajectory is curtailed.
The FT View is that halting a second wave without a new national lockdown requires onerous trade-offs, including limiting social mixing. (FT)
More than 40 per cent of Britons have lost confidence in the government’s ability to handle a no-deal Brexit after its response to coronavirus. Follow our live coverage.
In the news
TikTok confusion ByteDance and Oracle released contradictory statements about who would control TikTok Global, the new US-based company created by their proposed partnership for the popular video app. Separately, Chinese leaders are split over releasing a blacklist of US companies before the November election. (FT, WSJ)
Trump to nominate Ginsburg successor this week Donald Trump said he would announce his pick for Justice Ruth Bader Ginsburg’s Supreme Court vacancy by Friday or Saturday. His selection could reshape US law on issues including abortion, gun rights and affirmative action as well as corporate law. (FT, NYT)
May decries ‘reckless’ Brexit bill Former Prime Minister Theresa May denounced the UK’s internal market bill on Monday, arguing that it would cause “untold damage” to Britain’s standing in the world. A group of senior state aid lawyers have offering to help design a post-Brexit subsidy regime to break the trade deadlock. (FT)
Hong Kong activists denied family access The families of 12 Hong Kong activists intercepted at sea by China after fleeing the city for Taiwan have not had contact with them since they were arrested almost a month ago, according to relatives. (FT)
New disclosure rules contested A total of 381 US-listed companies objected to a regulator’s proposal that would shield hedge funds from disclosing stock holdings, calling it a “debilitating blow” to investor relations. The 60/40 portfolio, a mainstay investment strategy for decades, is at risk of becoming obsolete. (FT)
Nikola founder resigns Shares of the electric truckmaker fell almost 30 per cent on Monday after founder Trevor Milton stepped down as executive chairman over a short seller’s allegations of an “intricate fraud”. Nikola no longer so closely resembles Tesla. (FT, Bloomberg)
Tiffany wins speedy trial schedule LVMH’s attempt to walk away from its $16.6bn takeover of Tiffany will go to trial in January, after the US jeweller warned that a longer timeline could force it to accept a lower price or lose the deal. (FT)
Cyprus blocks Belarus sanctions The EU failed to agree on sanctions over the crackdown by President Alexander Lukashenko’s regime in Belarus, as Cyprus insisted on penalties targeting Turkey. Josep Borrell, the bloc’s foreign policy chief, warned that its credibility “is at stake”. (FT, Politico)
Tory donor’s Kremlin links The husband of Lyubov Chernukhin, one of the Conservative party’s biggest donors, received funding from a Russian tycoon whose alleged Kremlin links made him the target of US sanctions, according to a trove of leaked bank documents detailing suspicious activity. (FT)
The day ahead
Central banks Investors will seek clarity on the Bank of England’s position on negative interest rates when governor Andrew Bailey speaks to the British Chambers of Commerce on Tuesday. Federal Reserve chair Jay Powell begins three days of congressional testimony, while Sweden is expected to keep rates at zero. (FT)
Tesla’s Battery Day Elon Musk is expected to reveal the latest advances in Tesla’s battery technology on Tuesday. With customary hyperbole, the electric car company’s founder has promised it will be “one of the most exciting days in Tesla’s history”. (FT)
Argentina budget Finance minister Martin Guzmán is expected to present rosy predictions in Tuesday’s budget, but foreign companies are already fleeing Argentina, fearing the government’s increasing interventions. (FT)
UNGA debate begins Donald Trump, Xi Jinping, Vladimir Putin and Hassan Rouhani are due to speak at the virtual UN General Assembly on Tuesday. (NAR)
Join us this week for ‘The New Social Contract Live’, a week of daily online discussions bringing our recent FT series to life. On Tuesday, we’ll host a discussion about essential workers and whether the increased recognition of their vital role during the pandemic will translate into an increase in wages. Register for your free ticket here.
What else we’re reading
Brexit and the City: Brussels’ new battle As the clock ticks down to the UK’s departure, the EU’s ambitions to boost its financial services sector as a rival to the City are taking shape. But Brussels will find it difficult to replicate the UK capital. (FT)
Boris Johnson was never ‘lost’ Perhaps the most heart-rending recent grievances came from Boris Johnson’s pals at the Spectator, who wondered what has happened to him. The answer is he’s right there in front of them, Robert Shrimsley writes: Mr Johnson’s weaknesses were never hidden. (FT)
In Tibet’s shadow A public funeral for a Tibetan fighter has refocused attention on the region’s role in Sino-Indian tensions, with longstanding antagonism in Beijing due to India’s sheltering of the exiled Tibetan spiritual leader, the Dalai Lama. (FT)
Beware the long arms of the law Washington and Beijing are extending the reach of their domestic law overseas, writes Gideon Rachman, as the rules-based order gives way to something more like 19th-century imperialism. Donald Trump’s TikTok takeover has mirrored Xi Jinping’s own cyber-governance, Yuan Yang writes. (FT)
The next climate campaign: meat After advocating divestment from fossil fuel companies, climate activists are taking aim at the emissions-heavy meat and dairy industries, forcing investors to price in the financial risk to agribusiness. We must put our greenbacks behind our green rhetoric, writes author Bill McKibben. (FT)
Post-virus cities The flight to cities has been an engine of development. But as Covid-19 has flourished in high-density areas — accounting for at least 90 per cent of cases, according to the UN — emerging economies are rethinking urbanisation. (FT)
A new era of US hunger Patti Waldmeir started her FT career covering famine in Africa in the 1980s. She did not expect to be writing about hunger in her own homeland 40 years later. (FT)
Video of the day
Why China’s control of rare earths matters China dominates the world’s production and supply of rare earths — obscure elements that are vital for high tech manufacturing. Jamie Smyth explains why this matters. (FT)