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The US is putting pressure on Germany to block Russia’s Nord Stream 2 gas pipeline as part of a package of sanctions that would be implemented in the event of Vladimir Putin invading Ukraine.
The demand for Berlin and Brussels to prevent the pipeline from becoming operational is part of a sanctions package Washington is proposing as it tries to stave off the threat of Russian military action in the region.
President Joe Biden used a two-hour call with Putin yesterday to warn him of “strong economic and other measures” if Moscow sends troops into Ukraine.
The threat to Nord Stream 2, which is built but not yet pumping gas, would be included alongside a package of US-proposed sanctions, which would include measures such as blocking the conversion of roubles into dollars and targeting Russian oligarchs, two officials told the Financial Times.
Thanks for reading FirstFT Americas. Here’s the rest of today’s news — Gordon
Five more stories in the news
1. Congressional leaders open way for deal to raise US debt ceiling
The Democrat-controlled House of Representatives passed a measure in a vote along party lines last night that would allow the Senate to raise the ceiling by a simple majority vote, bypassing the upper chamber’s 60-vote “filibuster” threshold.
2. China to tighten rules for tech companies seeking foreign funding Beijing is preparing a blacklist that is expected to tightly restrict the main channel used by start-ups to attract international capital and list overseas, in a bid to limit the role of foreign shareholders in the country’s next generation of tech companies.
3. Economists predict complete ‘taper’ of Fed bond buying by end of March The Federal Reserve will end its bond-buying programme by the end of March and raise US interest rates soon after, according to a poll of leading academic economists for the FT.
4. Coffee prices hit 10-year high Coffee prices on futures markets have rallied to a 10-year high, with companies and traders dashing to lock in supplies as they contend with shipping bottlenecks and a late-year rise in demand.
5. UAE to shift weekend and create shorter working week The United Arab Emirates government is shifting the national weekend from Friday and Saturday to Saturday and Sunday to synchronise with global markets, instituting a four-and-a-half day working week from January next year.
Coronavirus digest
A summer surge of Covid-19 cases led Japan’s economy to shrink faster than expected during the third quarter, official data revealed today.
The BioNTech/Pfizer vaccine may be less effective against Omicron than earlier strains, according to a South African study. And an offshoot of the Omicron variant could be more difficult to distinguish from other variants through routine PCR tests, a professor at the University of British Columbia warned.
Boris Johnson is under pressure after the UK prime minister’s advisers were caught on video laughing about a Downing Street Christmas party last year, when such events were not permitted under Covid-19 regulations. The video emerged as Johnson warned about the transmissibility of the new Omicron variant.
Canada is set to require vaccination against Covid-19 for all employees in federally regulated workplaces such as banks and telecommunications premises from early next year.
Opinion: As Omicron looms, there is no better time to take stock of the economic lessons of the past two years to help set policy now, writes Chris Giles.
The day ahead
Crypto hearings Top executives at a number of major cryptocurrency companies will be in Washington to testify before the US House Financial Services Committee. The hearings come as Dawn Stump, a Donald Trump-appointed commissioner on the CFTC, called for more clarity on the policing of cryptocurrency groups in an FT interview.
Instagram chief faces questions Adam Mosseri will be grilled by lawmakers on the senate subcommittee on consumer protection, product safety and data security. A number of US states are investigating how Facebook, which recently rebranded its parent company Meta, targets young people on its Instagram app, following revelations by whistleblower Frances Haugen.
Economic data Investors will closely monitor the Job Openings and Labor Turnover Survey to see if Americans continued to quit their jobs at a record rate in October. Canada and Brazil are also due to make interest rate announcements.
Earnings Investors will be watching for comments on inflation and supply chain snarl-ups when canned food group Campbell Soup and Jack Daniel’s maker Brown-Forman report earnings. Meanwhile, video game retailer GameStop will also report results.
Dawn of a new era in Europe The Bundestag elected Olaf Scholz Germany’s new chancellor, officially ending Angela Merkel’s 16 years in the role. Here are five challenges facing the head of Germany’s new government.
It is day two of the FT’s Global Boardroom conference. Gideon Rachman will be moderating a discussion on superpower rivalry, with Donald Trump’s former adviser on Russia Fiona Hill. Register for free here.
What else we’re reading and listening to
Buyout firm Thoma Bravo goes from niche to big league The private equity industry has completed take privates worth more than $1tn this year — and software buyout firm Thoma Bravo has helped set the pace. The rise of the US-based firm from niche investor with barely a few billion dollars in assets a decade ago to nearly $100bn of assets under management this year has bucked most industry conventions.
Biden’s big idea for US foreign policy If you could boil down US president Joe Biden’s foreign policy, two things would stand out: competition with China and the return of American values after Donald Trump. But will his emphasis on liberal values push autocracies closer together?
Italy’s dilemma as Mario Draghi emerges as a presidential frontrunner The prospect of the former European Central Bank chief stepping aside as Italy’s prime minister to assume the presidency is threatening to plunge the country back into political instability just as the government embarks on ambitious structural reforms and a coronavirus recovery plan.
EU has a new weapon in stock market battle Europe is being left in the dust by the US, Chinese and Hong Kong when it comes to equity trading, corporate bond issuance and pretty much every other metric that matters. But homegrown start-ups offer a rare opportunity for the region to make itself more attractive for innovative public companies, writes Brooke Masters.
Getting personal on LinkedIn When Jonathan Frostick had a heart attack he posted his thoughts about how he planned to change his life on LinkedIn. That post went viral and people from all over the world contacted Jonathan saying his inspiring words had helped them reassess their work/life balance. Isabel Berwick, host of the Working It podcast, talked to him about what happened next.
Travel
FT writers and guests reveal their 2021 travel discoveries, including the Ruaha National Park in Tanzania, Drake Bay, Costa Rica and space training at an ultra-chic hotel on France’s Atlantic coast.
Source: Economy - ft.com
