Aurelia Butler

It said the regulations would lead to up to 145,000 extra charge points being installed in England each year in the run-up to 2030, when the sale of new petrol and diesel cars will end in Britain.The requirement will apply to new homes and to non-residential buildings such as offices and supermarkets. It will also apply to buildings undergoing large-scale renovations which leave them with more than 10 parking spaces.Johnson was due to announce the new legislation in a speech to the Confederation of British Industry’s annual conference on Monday.Accelerating investment in infrastructure to facilitate a transition to electric vehicles was one of the elements in a wide-ranging national Net Zero Strategy document published by the British government last month. More

The summit will address issues including economic resilience post-COVID-19, global health and human rights, Britain’s Foreign Office said in a statement.Among the ministers due to attend are those from Malaysia, Thailand and Indonesia, it said, adding that it was the first inclusion of ASEAN countries at a G7 foreign ministers’ summit and this reflected “the UK’s growing Indo-Pacific tilt”.Britain holds the rotating presidency of the G7 in 2021 and has already hosted the COP climate summit in Glasgow this month and the G7 leaders’ summit in Carbis Bay in June. More

CAIRO (Reuters) – The Saudi-led coalition fighting the Iran-backed Houthi movement in Yemen said it detected indications of an imminent danger to navigation and global trade south of the Red Sea, Saudi state media reported early on Monday.The coalition said also that it detected hostile movements and activity by the Yemeni Houthi forces using explosive laden boats, adding that measures are being taken to neutralize the threat and ensure freedom of navigation. No more details were provided. More

British lender Kensington Mortgages is to launch fixed-rate mortgages of up to 40 years on Tuesday in what will be one of the first products of its kind in the UK market.The lender has partnered with Rothesay, the UK’s largest pensions insurance specialist which has more than £60bn in assets, to finance the longer-dated mortgages.Its “Flexi Fixed for Term” mortgages will allow borrowers to fix the rate paid on their mortgage for the full term of the loan — anywhere between 11 and 40 years.The long-term mortgages come amid concerns about rising inflation and increasing expectations that the Bank of England will need to raise interest rates to tackle it. Mark Arnold, chief executive at Kensington Mortgages, said that while many homeowners had never known anything but ultra-low interest rates, the environment was likely to change.“Nothing lasts forever and it looks very likely that we will see a succession of interest rate hikes and we may begin to slowly approach again an historical average,” he added. “A fixed-for-term mortgage — already very popular in some parts of continental Europe — is likely to become increasingly attractive in a rate-rising environment.”Rates will depend on the fixed term chosen and amount borrowed. A 95 per cent loan to value mortgage will be available for new purchases and 85 per cent LTV for remortgage.For the longest-dated mortgages of 35 years and 40 years, rates will start at 3.16 per cent and 3.34 per cent respectively, at a 60 per cent LTV. Rates at the shorter end of mortgage terms will be lower — starting at 2.83 per cent for a 15-year product at the same LTV. For 25 and 30-year terms, rates will be available from 2.85 per cent and 2.90 per cent respectively. The FT reported last month that Rothesay was preparing to launch longer-dated mortgages in the UK. Lengthening the traditional fixed-rate mortgage is a stated priority of the UK government and would break with the trend of switching deals every two or three years.John Glen, economic secretary to the Treasury, welcomed the development. “Greater product choice creates more competition and more options for consumers, in this case particularly those who value certainty in their repayments over a longer period of time,” he said.Long-dated fixed-rate mortgages are an attractive area of the market for Rothesay because it needs fixed, long-term assets to match up with its fixed, long-term liabilities. The pension insurer is expecting to announce further partnerships with other lenders soon.“We are always looking for innovative ways to invest in long-term, secured and high-quality assets,” said Prateek Sharma, chief investment officer at Rothesay. He added that the company “firmly believe that these mortgages can provide the certainty that many borrowers are looking for”.Online broker and lender Habito in March launched a long-term fixed-rate mortgage with a maximum deal period of 40 years starting at 2.99 per cent. Borrowers pay a rate of 4.45 per cent for a mortgage term of 31 — 35 years on 60 LTV, rising to 4.65 per cent for a term between 36 and 40 years. More

WASHINGTON (Reuters) – Fresh off securing U.S. House of Representatives passage of President Joe Biden’s social and environmental spending plan, his fellow Democrats are pressing ahead with it in the Senate, where the bill may undergo major changes on issues such as paid family leave to satisfy party centrists.The $1.75 trillion legislation, approved by the House on Friday over united Republican opposition, includes four weeks of family leave paid by the government for reasons such as the birth of a child or caring for a sick relative. It is likely to become a battleground issue in the days ahead. The legislation, which aims to bolster the U.S. social safety net and fight climate change, must win over divided Senate Democratic moderates and liberals, as Republicans remain opposed. Democrats have said they want an agreement by year’s end. Any Senate changes would need House approval again.”There’s going to be some changes,” Democratic Senator Jon Tester told NBC’s “Meet the Press” program, urging compromise. “We don’t all see the world the same way.” Biden has said he looks forward to signing the bill into law as soon as it passes Congress, which is narrowly controlled by the Democrats. The bill must secure support from the 100-seat Senate’s 48 Democrats and the two independents who caucus with them because no Republican backs it. Centrist Democrats Joe Manchin and Kyrsten Sinema in particular have raised concerns about its cost and scope. Democratic Senator Kirsten Gillibrand mentioned differences with Manchin over paid family leave but said she hopes they could reach a compromise in the next three weeks. “This is the only moment to get paid leave done. … Now is the time,” Gillibrand told CBS’s “Face the Nation” program. The cost of the four weeks of federal paid leave has been estimated at $200 billion over 10 years. Gillibrand said the legislation could include an employee-employer contribution system similar to those used by some U.S. states.The United States is the only wealthy country that does not pay woman on maternity leave.The White House is reaching out to lawmakers to get the legislation passed, Biden’s National Economic Council Director Brian Deese said.”We will work with every member of the Senate on this bill,” Deese told the “Fox News Sunday” program, adding that the legislation has “a lot of momentum.””We really do now have a good understanding of where the consensus lies,” Deese added, on issues such as government support for childcare costs, family benefits and tax increases on corporations and the wealthy.The House passed the bill with just one Democrat voting against it. It was scaled down from Democrats’ original $3.5 trillion vision. More

Hungarian inflation surged to an annual 6.5% in October, above expectations and driven in part by a 30.7% increase in fuel prices, which prompted Prime Minister Viktor Orban’s government to impose a three-month price cap.Hungary’s central bank, which expects inflation to exceed 7% in November, was forced to ramp up the pace of its monetary tightening campaign to rein in inflation and shore up the forint, which skirted its April 2020 all-time lows last week.”All participants of the economy expect price rises,” GKI said in its monthly survey, which showed business confidence rising to a 2-1/2-year-high, driven by stronger optimism in most branches of the economy except for services.”However, consumer (confidence) fell to an extent rarely seen over the course of a single month, sending it to levels last seen in the spring,” GKI said.It said worries about unemployment increased significantly, even as the share of companies planning to boost hiring exceeded those of planning layoffs in all branches of the economy.Companies were planning price rises, while consumer inflation expectations also jumped, the survey said. It said households as well as industrial and service sector businesses turned gloomier about prospects for the economy.Customers were also more pessimistic about their financial and savings prospects in November, breaking a six-month period of improvement, the survey said.Facing a closely fought election next year, Orban’s government has showered the electorate with handouts, including a $2 billion income tax rebate for families and an extra month’s worth of pensions. More

China’s hypersonic weapon test in July included a technological advance that enabled it to fire a missile as it approached its target travelling at least five times the speed of sound — a capability no country has previously demonstrated. Pentagon scientists were caught off guard by the advance, which allowed the hypersonic glide vehicle, a manoeuvrable spacecraft that can carry a nuclear warhead, to fire a separate missile mid-flight over the South China Sea, according to people familiar with the intelligence. Experts at Darpa, the Pentagon’s advanced research agency, remain unsure how China overcame the constraints of physics by firing countermeasures from a vehicle travelling at hypersonic speeds, said the people familiar with details of the demonstration. Military experts have been poring over data related to the test to understand how China mastered the technology. They are also debating the purpose of the projectile, which was fired by the hypersonic vehicle with no obvious target of its own, before plunging into the water.What’s your reaction to the news of China’s advance? Tell me what you think at [email protected]. Thanks for reading FirstFT Asia. — Emily Five more stories in the news1. KKR makes €33bn buyout offer for Telecom Italia The US buyout fund has launched a more than €33bn offer to take Telecom Italia private in what would be one of the largest private equity buyouts of a European company in history.2. Olympics chief holds video call with missing Chinese tennis star Thomas Bach said he held a 30-minute video call with Peng Shuai on Sunday, with the International Olympic Committee stating she was “safe and well” in Beijing but that she “would like to have her privacy respected at this time”.

Peng Shuai signing autographs at a junior tournament © Twitter/@QingQuingParis via Reuters

3. El Salvador plans ‘bitcoin city’ powered by volcano President Nayib Bukele has said the Central American country plans to build a volcano-powered “bitcoin city” financed partly by an issue of $1bn in sovereign bonds backed by the cryptocurrency.4. Samsung investors look for guidance on $100bn cash pile Samsung’s most powerful executive is touring the US in what investors hope is a sign the company is looking to deploy its $100bn cash pile. Third-generation heir Lee Jae-yong is on his first overseas trip since he was released from jail early on the grounds it was in the national interest.5. India’s PM abandons unpopular farm reforms India’s prime minister will abandon contentious agricultural market reforms that sparked year-long protests from Indian farmers and a major challenge to his authority.We forgot to include our quiz last Friday. Apologies for the error! You can still test your knowledge here. Coronavirus digestEurope’s protests against Covid-19 curbs spread to Brussels yesterday, where a march of tens of thousands of demonstrators later turned violent. Japan’s new prime minister unveiled a ¥43.7tn ($383bn) stimulus package on Friday to boost the country’s lagging recovery from the pandemic.The Bank of England will have to raise interest rates if the economy evolves as expected, but the situation is “febrile”, with data giving a mixed picture.Austria’s government has said it will put forward legislation to make vaccination against coronavirus mandatory for all citizens from early next year.America’s largest retailers are weathering the supply chain storm while smaller rivals struggle to secure supplies, according to new data.Join over 100 influential leaders and the FT’s top journalists from across America and around the world for the Global Boardroom conference as they discuss how to build resilient, sustainable, inclusive economies and businesses in a world transformed by crisis. Register for free here.The days aheadChina policy rate decision Policymakers are expected to keep China’s benchmark interest rate steady as they seek to limit risk in the real estate sector. (Reuters)Thailand economic data The nation’s third-quarter employment data and household debt figures are set to be published.World Trade Organization meeting The general council of the WTO will meet in Geneva, Switzerland. What else we’re readingThe Spac machine sputters back Spac sponsors hope that the market’s new signs of life signal it is maturing. Some have drawn analogies with the junk bond market, which went through a frenzied boom period followed by scandal in the 1980s before eventually becoming an integral part of the modern financial system.Key US commission heralds the coming capital wars If there’s one thing both Republicans and Democrats can agree on, it’s that China is America’s biggest long-term strategic threat. And yet US financial firms couldn’t be more bullish on the Middle Kingdom, writes Rana Foroohar. Rise of Crypto.com The site started as the blog of a University of Pennsylvania professor, who sold the name in 2018 to a little-known start-up dabbling in cryptocurrency and credit cards called Monaco. From Christmas Day, its name will be emblazoned on the iconic Los Angeles arena.Related read: In an age when trading apps have made investment cool and cryptocurrencies have whipped the untrained teen mind into a frenzy, Lucy Kellaway looks at some ways we can turn children into financially literate adults.The EU’s fiscal rules need more than technical tweaks In Freudian psychoanalysis, neurotic behaviour is the manifestation of repressed feelings. In the EU’s obsession with codified rules, it is politics that is being repressed. That is why the newly relaunched debate on the bloc’s fiscal rules is going to be difficult, writes Martin Sandbu.The British cup of tea needs a spoonful of sophistication The British are said to love little more than a cup of tea, but that affection is not shared by Unilever. Its €4.5bn sale of some of the world’s biggest tea brands shows how unsentimental companies can be. It also raises an unsettling question: is black tea, brewed in a teapot and served with milk, becoming a relic?House & HomeCould you work from home in the Alps? During the pandemic, some skiers have been doing just that. FT’s Liz Rowlinson explores whether the romantic vision tallies with the reality.

Val d’Isère: the French resort is installing fibre-optic broadband, another enticement for remote workers © andyparant.com More