Good morning. Brussels is set to ban products made using forced labour, a move that could further increase strains in its trade relations with China in the light of allegations about forced labour in the province of Xinjiang.
Shoes, clothes and commodities such as timber, fish and cocoa are among the products most likely to be affected, according to those with knowledge of the plans.
The US in June enacted a blanket ban on all imports from China’s Xinjiang province, where there have been allegations of widespread human rights violations — including torture, arbitrary detention and forced labour — against Muslim Uyghur and other minorities.
The EU ban will instead focus on all products made from forced labour — including those made within the bloc — to avoid breaching World Trade Organization rules on non-discrimination.
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Five more stories in the news
1. Russia to press on in Ukraine, says Kremlin Russia will push on with its invasion of Ukraine until all military goals are met, the Kremlin has said, as it responded to Kyiv’s massive counter-offensive in the east, which has reclaimed more than 3,000 square kilometres of terrain.
Military developments: Russian troops “fled like Olympic sprinters” as Kyiv retook the north-east in an offensive that was months in the making. Follow the latest with our visual guide to the war.
2. Renminbi heads for record annual fall against dollar The drop of 8.7 per cent against the greenback this year to Rmb6.96 puts the renminbi on track for its biggest annual fall since China abandoned its longstanding currency peg and moved to a managed floating exchange rate in 2005.
3. Widodo to consider buying Russian oil imports Indonesian president Joko Widodo has said the country needs to look at “all of the options” as it considers joining other Asian economies including India and China in buying Russian oil to offset soaring energy costs.
4. Byju’s failure to publish accounts prompts scrutiny India’s most valuable start-up is coming under intense pressure from the government, investors and creditors over repeated failures to publish its accounts, as funding and revenues dry up for the once-booming educational technology sector.
5. King Charles vows to uphold UK democracy King Charles III yesterday devoted himself to upholding “the precious principles of constitutional government”, in a ceremony at Westminster that served as a reminder of the monarch’s constrained role in Britain’s democracy.
Queen Elizabeth II met countless people during her 70-year reign. Did she ever come to your workplace or community? Please share your story via this short form.
The day ahead
Japan PPI The nation’s producer price index data for August will be released today.
Victoria MPs in Australia swear allegiance to The King Members of Parliament in Victoria, the only Australian state or territory where lawmakers must swear their allegiance to a new monarch after the death of a predecessor, will today pledge allegiance to King Charles III. (Canberra Times)
Twitter shareholder vote Elon Musk sent a third letter to the social media company last week attempting to call off his $44bn takeover of Twitter, but the company has repeatedly rejected Musk’s reasoning. Today, shareholders will vote on whether to approve the deal. (CNBC)
Swearing in of Kenya’s new president William Ruto will be sworn in on Tuesday after his election victory was confirmed by the country’s supreme court. Now, as the FT editorial board has made clear, he must deliver.
What else we’re reading
Japan is preparing for a videogaming jamboree Later this week, after a Covid-enforced hiatus, the Tokyo Game Show will reopen its turnstiles for the first time in three years: a huge, 1,883-booth trade fair convened in the faith that cramming a hangar with humans is the best way to sell the idea that the future of gaming is virtual.
EY’s challenge is just beginning Partners will begin voting in November on whether to split EY’s advisory and audit arm. But for EY, selling the deal to partners and keeping more than 300,000 employees happy will be just as difficult as winning the backing of the firm’s leaders proved, industry veterans say.
The Merge: a blockchain revolution or just more hype? If there is one thing the crypto community has in good supply, it’s promises. Critics have highlighted the industry’s links to criminal activity and its huge carbon footprint. But enthusiasts say Ethereum’s switch to a greener system is a long-awaited chance to prove them wrong.
The Ukraine war has reached a turning point After Russia’s setbacks a new and dangerous phase of the conflict is beginning, writes Gideon Rachman. Rather than accept defeat, Vladimir Putin may try to escalate. His options, however, look limited and unappealing.
Don’t be indispensable at work The internet teems with advice on how to become “the person no one can live without”. But, as Miranda Green explains, making people dependent on you, can actually be a terrible trap.
Add these to your book list
As epic levels of flood, heat and fire strike countries across the world, can 21st-century capitalism deliver the changes needed to prevent further environmental carnage? And do we really understand what is happening to the most fragile wildernesses on the planet? A new crop of environmental books addresses these two questions, now among the most pressing of our time, writes Pilita Clark.
Source: Economy - ft.com
