EU plans €40bn in loans for Ukraine with out US

Good morning. We start with an unique story on EU plans to lift as much as €40bn in loans for Ukraine with out the US.

Brussels is getting ready to offer the brand new financing by the tip of the 12 months no matter US participation, after a G7 proposal to make use of frozen Russian belongings to help Kyiv faltered.

The unilateral push comes amid concern in Brussels that Hungary will forestall the bloc from delivering safeguards that the US wants for it to take part within the frozen belongings scheme, in keeping with three folks concerned within the talks.

The federal government of Viktor Orbán, the EU’s most pro-Russia chief, has sought to delay a call on the frozen belongings scheme till after the US presidential election on November 5.

However Brussels should begin work on any different inside the subsequent few weeks since such a transfer would depend on powers that expire on the finish of the 12 months. Paola Tamma and Henry Foy have extra on the draft proposal.

Right here’s what else I’m holding tabs on right this moment:

• Financial information: ZEW publishes German financial survey outcomes, Canada releases client value information and the US points its month-to-month retail commerce report.

• E-book award: The Monetary Instances and Schroders Enterprise E-book of the 12 months shortlist is introduced. Compensate for the longlist right here.

5 extra high tales

1. Unique: The US and Japan are near a deal to curb tech exports to China’s chip trade regardless of alarm in Tokyo about Beijing’s menace to retaliate in opposition to Japanese corporations. The brand new export controls embody a measure forcing non-US corporations to get licences to promote merchandise to China that will assist its tech sector. Learn extra on the discussions.

• US-China rivalry: The entire world dangers shedding from the competitors between Washington and Beijing, writes Gideon Rachman.

2. Iran’s reformist president, Masoud Pezeshkian, has signalled a renewed openness to resuming nuclear negotiations with western nations and denied that his nation had provided ballistic missiles to Russia since he took workplace seven weeks in the past. However elevated tensions between Iran and Israel have made signing a contemporary nuclear settlement much more difficult. Learn the complete story.

3. Unique: London-based Revolut is getting ready to launch its providers in India subsequent 12 months, concentrating on tens of hundreds of thousands of the nation’s top-tier shoppers in an important check for the expansion technique of Europe’s most beneficial fintech. The corporate is heading in the right direction to launch its app, home and multi-currency playing cards on the planet’s most populous nation because it seeks to broaden its revenues outdoors Europe. Learn extra of the group’s plans.

4. Unique: SURJ, the sports activities funding agency owned by Saudi Arabia’s Public Funding Fund, has entered the sale course of for EuroLeague, as Europe’s high basketball competitors seeks to promote a minority stake at a €1bn valuation. However the sports activities group must contend in opposition to non-public fairness group BC Companions, which can also be searching for to broaden its sports activities portfolio.

5. Fund managers have expressed considerations that takeover exercise is narrowing the UK inventory market. Thirty London-listed corporations obtained agency takeover provides for a mean worth of £1bn within the first half of this 12 months, information exhibits. However their elimination, coupled with a scarcity of IPOs to switch them, spells a worrying development of fewer high quality shares traders can select from.

The Massive Learn

Netflix has staged a exceptional restoration for the reason that “great correction” of 2022, after launching a crackdown on password-sharing and investing into advertisements, video video games and dwell “experiences”. Whereas conventional leisure corporations wrestle to earn money after pouring billions into streaming, Netflix has expanded its lead because of its strategic shift.

We’re additionally studying and listening to . . . 

• UK Price range: Rachel Reeves should present that she is critical about development by making robust selections on jobs, productiveness and funding, writes former chancellor Jeremy Hunt.

• Ladies in prisons: The case of feminine prisoners ought to make us re-examine if incarceration is the answer for many who have been coerced into crime, writes Stephen Bush.

• The Economics Present 🎧: Soumaya Keynes grills Jared Bernstein, US President Joe Biden’s high economist, on value caps, jobs and inflation.

Chart of the day

Volkswagen, Germany’s largest non-public employer, is going through a disaster introduced on by slowing demand, excessive prices and hard competitors from Chinese language start-ups. Plans to shut some German factories have unleashed angst amongst inhabitants in VW’s hometown, the place it employs 60,000 folks. Our reporter sends a dispatch from Wolfsburg.

Take a break from the information

Among the many many experiences in fashionable working life that may provoke ire and irritation, the panel dialogue elicits a specific type of dread. However worry not: Viv Groskop has proposed a recipe for fulfillment in order that your subsequent panel isn’t ruined by droning contributors or egoistic chairs.

Further contributions from Benjamin Wilhelm and Gordon Smith