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FirstFT: Trump sues to block release of Capitol riot records

Donald Trump has sued the US National Archives and the congressional committee investigating his involvement in the January 6 siege on the Capitol in an attempt to block the release of his presidential records.

The former president filed the lawsuit with the US district court for the District of Columbia yesterday, claiming that nearly 50 documents relating to his presidency could be withheld under “executive privilege”.

The lawsuit marks the latest legal scuffle between Trump and House Democrats and sets the stage for yet another courtroom battle for the former president.

In the filing, Trump accused the House select committee investigating the January 6 attack of “harass[ing]” him and “senior members” of his administration by “sending an illegal, unfounded and overbroad request to the archivist of the United States”.

Trump is not the only official refusing to co-operate with the January 6 committee. Steve Bannon, his former strategist, has rejected a congressional subpoena to provide evidence to the committee, which is expected to meet on Tuesday to consider whether to hold him in criminal contempt.

Thanks for reading FirstFT Americas. Here is the rest of today’s news — Gordon

Five more stories in the news

1. US regulator releases GameStop report Nearly 900,000 individual accounts traded shares of GameStop in a single day after a 90-fold increase at the height of the “meme stock” craze, according to a report by the US securities regulator.

2. Apple cements break from Intel The iPhone maker yesterday unveiled the new 14-inch and 16-inch MacBook Pro notebooks, both powered by Apple’s own chips. The “M1 Pro” chip promises big improvements in graphics processing, speed and energy efficiency, according to Ben Wood, chief analyst at CCS Insight.

3. Chinese developer defaults as Evergrande deadline looms Hong Kong-listed Sinic Holdings has added to a growing list of defaults across China’s contracting real estate sector as markets are braced for a deadline this weekend for developer Evergrande to settle interest payments on its offshore bonds.

4. Japan economic security minister warns on chip industry survival Takayuki Kobayashi, Japan’s newly created minister for economic security, warned in an interview with the Financial Times that his country’s semiconductor industry is doomed unless the government matches the long-term strategic visions being laid out in the US and China.

5. Brussels vows to punish Poland for challenging supremacy of EU law Ursula von der Leyen, European Commission president, vowed to punish Poland for challenging the supremacy of EU law after a Polish court ruling this month declared parts of EU law were not compatible with the country’s constitution.

Coronavirus digest

  • Singapore has launched quarantine-free travel arrangements with 10 countries, including the US, UK, Canada, France and Italy, after nearly 21 months of closed borders.

  • Brussels is seeking to extend its relaxation of state aid rules beyond the end of the year, according to the Margrethe Vestager, the EU’s competition chief.

  • A sharp rise in the price of fuel is threatening the airline industry’s slow recovery from the coronavirus crisis.

  • Scientists say a descendant of the Delta coronavirus, which is responsible for a proportion of cases in Britain, could be more infectious than the original.

Sign up to the Road to Recovery newsletter for insight into how business and the international economy are being transformed by the pandemic.

The day ahead

Bitcoin ETF launches The first bitcoin-linked exchange trade fund is set to launch on the New York Stock Exchange today. The ProShares fund will track the bitcoin futures market under the ticker BITO. (CNBC)

Earnings Johnson & Johnson is the first of the major US pharmaceutical companies to report third-quarter results, with an update expected on Covid-19 vaccine production. Netflix, riding on the back of the success of ‘Squid Game’, reports after the market closes.

Russia hosts Afghanistan talks Officials from Russia, the US, China and Pakistan will meet to discuss the situation in Afghanistan, ahead of Russia’s talks with the Taliban this week. The meeting comes a day after Zalmay Khalilzad, who played a central role in US talks with the Taliban, stepped down as America’s envoy to Afghanistan.

The FT’s Banking Revolution conference starts today and runs through to tomorrow. We also host The Africa Summit: register here.

What else we’re reading

Joe Biden’s two-front war for democracy Does America resemble Rome at the end of its empire or Weimar Germany in the 1920s? These twin fears are linked, argues Gideon Rachman. At home Joe Biden is fighting a Republican party in thrall to Donald Trump and overseas he is facing a rising China.

Helping Big Tech workers blow the whistle From Watergate’s Deep Throat to Edward Snowden, whistleblowers have almost always been cast as principled loners who felt compelled to stand against the crowd. But a supporting cast of organisations staffed by lawyers, researchers and publicists, has emerged to help them.

Colin Powell, US general and statesman, 1937-2021 Tributes poured in yesterday from across the political spectrum for Colin Powell, who has died at the age of 84. He was America’s first black secretary of state and reached the pinnacle of the country’s military establishment. Read our obituary.

‘We have lost a remarkable and loving husband, father, grandfather and a great American,’ Colin Powell’s family said on his Facebook page yesterday © AP

Saudi Arabia kick-starts job market A growing number of women are taking up work in the conservative kingdom, a trend that has helped change the face of retail outlets and delivered one tangible success of Crown Prince Mohammed bin Salman’s ambitious economic reform plan, despite a wider crackdown on dissent that has swept up female activists.

Bangladesh PM: We need a global ‘climate prosperity plan’ Only a fraction of global warming can be attributed to Bangladesh’s carbon emissions. Even so, the nation is committed to finding a solution, writes Sheikh Hasina. “My country is investing for a zero-carbon future, but the world must commit at COP26 to make efforts like ours a success.”

With less than two weeks to go until the start of COP26 we would like to hear from readers. Leslie Hook, our environment correspondent, will be at the summit in Glasgow. Do you have a question for her? Email firstft@ft.com and we will put your questions to Leslie and publish her answers in the run-up to the conference.

Culture

The fashion on Succession is well worth paying attention to. It quietly mirrors the Roy family’s delicious drama, giving a nod to who’s up and who’s down at any given moment.

After opting for soft colours and shapes in season one, Shiv adopted a power look in season two, with stronger, more sophisticated silhouettes


Source: Economy - ft.com

Turkish business association calls for central bank independence

The charts that show global supply chain disruptions are at historic highs