Fri. Jul 1st, 2022


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Shanghai will extend strict lockdown measures in many parts of the city that were expected to resume normal life today, as the Chinese financial center ramps up efforts to contain an outbreak of largely asymptomatic cases of Covid-19.

Under measures announced by city officials yesterday for the eastern Pudong area, which includes Shanghai’s financial district, all residents living in compounds where positive cases have been found will be confined to their homes for an additional 14 days.

The measures will effectively extend for many residents a broad four-day lockdown of Pudong that began on March 28. Shanghai’s western Puxi area, which includes the historic center and famous Bund waterfront, will also start its own four-day lockdown today.

In Hong Kong, a top official signaled renewed dedication to mainland China’s tough zero-covid policydespite recently easing some restrictions.

Are you living in Shanghai? Tell me how the lockdown has had an impact on you at firstft@ft.com. Stay well and have a good weekend. – Emily

The latest on the war in Ukraine:

  • Mariupol: The Russian assault on the besieged Ukrainian port has continued despite Moscow’s promises of a ceasefire, Kyiv said yesterday.

  • Telecoms: Huawei, the controversial Chinese tech company, has been an early gainer from the Ukraine war. It’s now positioning itself to aid to the Putin regime.

  • Oil: The White House has announced a “historic release” of about 180mn barrels of oil from the US emergency stockpile in a bid to cool crude prices. Brent crude settled at $ 107.91 a barrel, down 4.9 per cent.

  • Explainer: Vladimir Putin has given Europe an ultimatum: no rubles, no gas. Our reporters explain why.

  • Podcast: Gideon Rachman talks to Catherine Belton, author of the bestselling book Putin’s Peoplein the latest episode or Rachman Review.

  • First person account: Journalist Tim Judah chronicles the first 21 days of the war in this picture diary of his reporting trip to Ukraine.

Bain steps up pursuit of Toshiba Bain Capital has secured the support of Toshiba’s largest shareholder and opened talks with other investors as the US buyout firm plots a deal to take the 140-year-old Japanese industrial conglomerate private.

  • Related read: Buyout deals in Asia have surged to a first-quarter recordbut investors warn that the hot streak may not last due in part to intensifying coronavirus lockdowns in China.

BoJ to boost bond buying despite yen weakness The Bank of Japan has said it will boost its purchases of government bonds over the coming three months as central bankers defend their monetary policy targets despite the yen seeing its worst month since 2016.

Column chart of Monthly change against US dollar (%) showing Yen in biggest fall since 2016

China’s manufacturing and services activity contracts The official manufacturing and non-manufacturing purchasing managers’ index contracted in March for the first time in almost two yearshighlighting the economic strains of the government’s strict coronavirus measures.

4. SoftBank to slow investments The Japanese group’s billionaire founder Masayoshi Son has warned top executives to slow down investments as the world’s largest tech investor scrambles to raise cash amid a rout in tech stocks and regulatory crackdown in China.

5. Trial in China of detained Australian journalist defers verdict A court in China has deferred its verdict in the trial of Cheng Lei, an Australian journalist accused of supplying state secrets overseas, hours after denying Canberra’s ambassador to Beijing entry to the hearing.

The days ahead

EU-China summit Leaders of the EU and China meet for a “difficult” virtual summit today with two other countries at the top of the European agenda: Russia and Ukraine. Go deeper with the most recent edition of our Europe Express newsletter.

UK deadline for corporate and government financial statements This will have extra significance this year because it will lay bare the roots of current inflationary pressures. It will also be the day when the significantly higher energy price cap comes into force.

Join us on Thursday May 5 in person or online for a discussion on the power of the individual investor with Merryn Somerset Webb and the FT’s Claer Barrett. Register here.

What else we’re reading and listening to

Meet the ‘crypto caucus’ A bipartisan mix of libertarians, business champions and technology utopians is uniting in Washington to help the sector expand. This eclectic group of US legislators could become one of the most powerful groups on Capitol Hill to shape the rules for the fast-growing industry.

A graphic with Capitol Hill and a bitcoin behind it

© FT illustration / Bloomberg

Why does Netflix cancel so many shows? There has been outrage over Netflix abruptly ending popular series, seemingly with no explanation. The most recent victim was The Babysitters Cluba TV series based on some 1990s books about pre-teen girls navigating their adolescence in suburban Connecticut. US media correspondent Anna Nicolaou explains.

Emmanuel Macron struggles to rediscover winning spirit Five years ago, Macron stormed his way to the presidency in France after a frenetic campaign. Now, as he seeks a second term, his team worries that he is spending too much time on the war in Ukraine and has become a distant establishment figure to voters.

The mobile apps that are helping to bring financial literacy skills to overlooked groups A new generation of fintech start-ups like Your Juno, Wealth8 and Bloom Money are providing education on all things money for traditionally overlooked groups, such as young women and minority groups.

How vintage scooters got the market in a buzz Long-loved by Mods and movie-goers, Vespas and Lambrettas are gaining serious attention at auction too. David Beckham’s scooter from Adidas’s advertising campaign for Euro 2004 is going up for auction with an estimate of £ 9,000- £ 10,000.

Property

From a historic flat near the Picasso Museum in Málaga to an Andalucían villa with courtyard, colonnades and fountains, do not miss these five homes for sale in southern Spain.

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