FirstFT: Jaguar Land Rover proprietor calls for £500mn from UK for battery plant

Good morning, and welcome to the brand new FirstFT.

At present we’ve got a scoop on Jaguar Land Rover proprietor Tata Motors, which has demanded greater than £500mn in assist from the UK authorities to decide on Somerset over Spain for its new battery plant.

And what function did BBC political comedy Sure Minister need to play in breaking the impasse over Northern Eire? Scroll down for our behind-the-scenes learn on secret talks that led to the Windsor deal.

Right here’s what to maintain tabs on immediately:

• Financial information: S&P International publishes manufacturing buying managers’ indices for Canada, France, Germany, Italy, the eurozone, the US and the UK. Germany additionally has January unemployment figures and its February client worth index.

• Outcomes: Salesforce has fourth-quarter outcomes as activist traders circle. Atos, Juventus, Kuehne+Nagel, Persimmon and Reckitt Benckiser additionally report. See the total checklist in our Week Forward e-newsletter.

• Macron in Africa: French president Emmanuel Macron begins a visit to win over nations on a continent that’s more and more immune to one-time colonial powers enjoying a task in its affairs.

What do you consider our new look immediately? Tell us at [email protected].

At present’s high information

1. EXCLUSIVE: Jaguar Land Rover’s proprietor is demanding greater than £500mn for a battery manufacturing unit to be in-built England over Spain and has given UK ministers “weeks” to pledge monetary assist. Right here’s why Tata Motors’ ultimatum might be pivotal for the way forward for Britain’s automotive trade.

2. Wall Avenue’s largest firms warn that backlash in opposition to sustainable funding is now a fabric danger. A dozen fund managers together with BlackRock, Blackstone and KKR wrote of their annual reviews that pressures akin to “divergent views” or “competing calls for” on ESG investing might damage monetary efficiency.

3. Goldman Sachs chief David Solomon admitted errors in an ill-fated foray into client banking and raised the opportunity of promoting components of the enterprise at an investor day that didn’t carry the cloud over the US financial institution. Learn the total story on the “strategic options” Solomon is exploring.

4. US chipmakers should agree to not increase capability in China for a decade if they’re to obtain cash from a $39bn federal fund designed to construct a modern US semiconductor trade, in line with new commerce division guidelines.

5. EXCLUSIVE: Belgium’s cyber safety company has linked China to a cyber assault on MP Samuel Cogolati, who wrote in January 2021 of “crimes in opposition to humanity” in opposition to Uyghur Muslims. European governments have turn out to be extra prepared to problem Beijing over alleged cyber offences. Learn the total story.

The Large Learn

Central banks don’t face a wage-price spiral but, however the fear is {that a} 12 months of rocketing costs could have triggered a long-lasting change within the expectations and behavior of employees, employers and shoppers. This might result in one thing higher described as “wage-price persistence”.

We’re additionally studying . . . 

Chart of the day

Vladimir Putin might moderately conclude that he has time on his facet and Ukraine is not going to get the sources it must final within the longer run, writes Martin Wolf. The west has to show he’s mistaken, and sooner relatively than later.

Take a break from the information

Are you tired of all of your garments? Do you are feeling rudderless relating to describing what your “model” is? Stylist Anna Berkeley presents recommendation on learn how to get out of a mode rut. For extra, signal as much as our Trend Issues e-newsletter.

Further contributions by Emily Goldberg and Gordon Smith