Good morning. This text is an on-site model of our FirstFT e-newsletter. Signal as much as our Asia, Europe/Africa or Americas version to get it despatched straight to your inbox each weekday morning

Credit score Suisse offered an emergency $140mn mortgage to Greensill Capital based mostly partly on invoices to corporations who deny ever doing the enterprise acknowledged on the paperwork.

The Swiss financial institution offered the mortgage in October 2020, lower than 5 months earlier than the collapse of Greensill, a provide chain finance agency that counted former UK prime minister David Cameron as a senior adviser.

Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and offered to Greensill fashioned a part of the collateral for the mortgage, based on paperwork seen by the Monetary Instances and other people aware of the transaction. But a number of of the events named on the invoices have advised the FT they did no enterprise with Liberty.

The obvious failure to identify that suspicious invoices have been pledged as collateral casts recent gentle on danger administration failures at Credit score Suisse.

It additionally raises new questions over the practices at Greensill and Liberty. The commodities firm is a part of Gupta’s GFG Alliance, which is being probed by the UK’s Severe Fraud Workplace and French police over suspected fraud and cash laundering. GFG has constantly denied any wrongdoing.

1. European parliament shaken by Qatar corruption scandal The EU legislature is on the centre of a spreading corruption scandal after Belgian police seized €600,000 in money and detained two MEPs as a part of a global investigation into claims that World Cup host Qatar sought to purchase affect.

2. Nationwide Grid asks standby coal vegetation to fireside up With temperatures falling beneath zero and demand for electrical energy hovering throughout the UK, the grid operator has instructed two emergency-use coal turbines to begin warming up because the community faces its first massive check of the vitality disaster.

  • Bulb sale: The federal government’s sale of nationalised vitality provider Bulb to Octopus Vitality could violate EU state support guidelines in Northern Eire, rival vitality provider Centrica has stated in courtroom filings, risking one of many UK’s first important showdowns with the bloc since Brexit.

3. Fusion breakthrough boosts hopes for clear energy US authorities scientists have made a breakthrough within the pursuit of limitless, zero-carbon energy, reaching a web vitality acquire from the identical fusion response that feeds the solar. The method may present a dependable, plentiful various to fossil fuels and standard nuclear vitality.

4. Mars desires rising markets to eat extra chocolate The phrase’s largest confectionery maker has launched into a drive to persuade growing nation shoppers to eat extra chocolate. Mars seeks to lift the quantity of chocolate eaten in much less rich nations nearer to the European common of 7kg a yr per particular person.

Mars is increasing into rising markets with native merchandise akin to bacon Snickers in Brazil

5. Cleverly’s ‘affected person diplomacy’ to counter Russia and China James Cleverly is about to launch “affected person diplomacy” in his first massive speech as UK international secretary at present, in hopes of constructing extra sturdy long-term relations with nations that aren’t historically sturdy companions of the UK to counter assist supplied by Russia and China.

The day forward

Financial information The UK publishes gross home product estimates, industrial manufacturing and commerce stability information for October.

Earnings US laptop software program large Oracle releases second-quarter figures.

Rail strike vote The Nationwide Union of Rail, Maritime and Transport Staff closes ballots on the newest pay supply at present. The union is recommending that members reject the proposed deal.

Golden Globe nominations Nominees are introduced for the eightieth Golden Globe Awards, forward of the ceremony on January 10.

Milestones Kenya celebrates Independence Day.

What else we’re studying

Migration fatigue: Europe braces for brand spanking new inflow of Ukrainians Simply as some refugees have been starting to return to their cities, Russia’s sustained bombardment of Ukrainian energy and water services has pressured residents to go away as soon as once more. As winter closes in, EU member states are braced for an inflow of migrants.

Chart showing how the number of refugees into Europe is on the rise again

Can India construct a navy sturdy sufficient to discourage China? Violent clashes between Chinese language and Indian border troops within the Indian territory of Ladakh in 2020 acted as a wake-up name for New Delhi. Analysts say future clashes between the world’s two most populous nations can’t be dominated out, and a few consider India continues to be not doing or spending sufficient on its navy capabilities as tensions rise.

Chelsea Manning: ‘I can dish it out as a lot as I can take it’ Sitting down for Lunch with the FT, Chelsea Manning — former US military analyst and whistleblower — chats about estrangement from family and friends, why the web brings out the worst in individuals, the ethics of secrecy and her new memoir README.txt.

A sketch of Chelsea Manning
‘I used to be surrounded by disillusioned individuals in Iraq day by day. Folks act like I used to be sitting there alone’ © Ciaran Murphy

‘Decoupling spells an finish to company opacity’ Corporations giant and small have completed a lot complicated outsourcing that they actually do not know make their very own merchandise by themselves anymore, writes Rana Foroohar. Now that “decoupling” is all the fashion, enterprise leaders want detailed danger maps to start to know their very own world provide chains.

The issue of all the things being too handy Our comfort tradition, by which Alexa can change the channel and Ocado can ship our groceries, has rewired our brains to understand even small nuisances as full-on disasters, writes Robert Shrimsley.


From Antwerp to Zanzibar, journey writers share their favorite discoveries of the yr — and their disappointments.

Sunrise over the Borobudur temple in Java, Indonesia
Dawn over the Borobudur temple in Java, Indonesia © Getty Photographs

Thanks for studying and keep in mind you’ll be able to add FirstFT to myFT. You can too elect to obtain a FirstFT push notification each morning on the app. Ship your suggestions and suggestions to [email protected]

The Local weather Graphic: Defined — Understanding a very powerful local weather information of the week. Enroll right here

Lengthy Story Quick — The most important tales and greatest reads in a single good electronic mail. Enroll right here

Supply hyperlink