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Lifestyle changes will have to affect everyone

Philip Stephens is right to point to the large swath of voters who can be expected to oppose policies to curb climate change that are imposed without regard to distributional equity (January 24). People who enjoy cheap holiday flights once or twice a year will not willingly forgo those flights, or bear a big increase in taxes on them, if wealthy people can still jet around the world in private planes. People who enjoy steak and chips will not happily allow such meals to become the preserve of the rich. People in modest homes will not willingly bear the cost of scrapping gas boilers when they already pay a big portion of their incomes on fuel. People who rely on old diesel or petrol-driven cars will not trade them in while others hold on to their gas-guzzling SUVs. The only way people on modest incomes will be prepared to give up their modest pleasures like cheap flights is if they see the world’s superrich giving up their luxuries such as private yachts and planes which inflict proportionately much greater damage. As the wartime slogan had it — “fair shares for all”. Changes in lifestyle to protect the environment are going to have to affect everyone if they are to win the consent of everyone. Michael Williams Letchworth Garden City, Herts, UK We understand that Steve Mnuchin, the US Treasury secretary, would listen to Greta Thunberg on the subject of climate change should she have a degree in economics (report, FT.com, January 23). We will listen to Mr Mnuchin on the same subject when he has a degree in physics, and the humility to recognise the scientific limits of our understanding of climatic phenomena and the influence of them on our world. Our lack of understanding has no influence on physics of gravity, wind, water, temperature, fire. But these things have great influence on life on earth. Hermine Makman Walnut Creek, CA, US Teach future workers how to cope with tomorrow Miranda Wolpert (“Stop throwing money at mindfulness apps and yoga”, January 24) rightly raises the issue of workplace wellbeing initiatives and their outcomes. But having acknowledged the problem, she misses the solution — education and training. Factories and offices have long understood the need for vocational skills and qualifications to ensure the right people are selected for the right jobs. But why not for mental wellbeing? Our corporate response today is more like the 21st century equivalent of installing coffee machines. It needn’t be so. The UK government requires all schools to teach physical and mental health by the end of this year. We have the opportunity now to introduce a progressive and lasting curriculum that can educate the workers of the future to cope with tomorrow. Too often we leave it to “drop-in” solutions, latestage counselling and flag-waving. A qualified lawyer builds his or her skills over time, through schooling and higher education. We should treat mental wellbeing in the same way and start in the classroom rather than the office. Perhaps Wellcome can help here too? Kevin Corrigan iSpace Wellbeing, Uckfield, E Sussex, UK Greater Manchester has benefited from the BBC It’s not for me to comment on the current debate about levelling up the UK economy and moving institutions and jobs out of London, but I would like to challenge the assertion the BBC’s move to Salford had “little impact on the region”. (“How to move the public sector out of London”, editorial, January 23). This is something claimed in a Centre for Cities report published in 2017. At the time, that report from the Londonbased think-tank was met by astonishment from anyone based here in the north-west of England. The Mayor of Salford, the Greater Manchester Combined Authority, and countless academics, business figures and industry experts queued up to question it. Every other independent assessment of the move to Salford has recognised the considerable benefits the BBC brought not just to the city but to the wider economy of Greater Manchester and the north-west. The number of BBC employees in Salford has now grown to 4,000 and we’ve just announced plans to expand our presence further. Our move was the catalyst for the development of MediaCityUK, which has provided thousands of jobs and pumped millions of pounds into the regional economy. We’re proud of our successful site in Salford and the significant benefits it has brought to the region. Helen Thomas Director, BBC England, Salford, UK Make internet end-users pay the digital tax The current discussion about digital taxation centres on the profits of tech giants. While understandable, this will lead to very little. Would it not be better by far to tax internet usage by end-users? This would create a more level paying field for digital and nondigital commercial activities (think Amazon/Zalando versus bricks-andmortar retailers) and limit the social cost of disruption. It would also help to curb the excessive internet usage that is a major societal problem in itself. Business models such as YouTube might be in real trouble. Just imagine how much less children and teenagers would use such services if it was going to cost them a meaningful amount of money. Anton Traxler Zurich, Switzerland Don’t worry unduly about debt being ‘shunned’ In your Big Read article “Meet the new bond kings” (January 23) you note the possibility that smaller companies might see their debt shunned due its being infrequently traded. Prior to Big Bang, many jobbers on the London Stock Exchange would deal only in round numbers of equities. Brokers with, say, 1,074 shares to sell would dispose of 1,000 at the keenest price and the remaining 74 with the odd-lotters. These people would quote a wider spread and presumably sold them on at the keener price as and when they accumulated round numbers of shares. So, don’t worry too much about less frequently traded debt being shunned. As Yorkshiremen say, where there’s muck, there’s brass.

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The rising scourge of modern anti-Semitism

Seventy-fiveyears afteritsliberationin the closing months of the second world war, a disturbing paradox surrounds theNazi extermination campofAuschwitz. The place which symbolises the mass murder of European Jews in the 1940s, andwhich testifies tomankind’s enduring capacity for unfathomable evil, today receives more visitors than ever and exposes them to the terrible lessons of the past.Yet anti-Semitismis on the rise, not least in Europe, the historical heartlandof the scourge. In principle, the small tour companiesin the nearby Polish cityofKrakow that arrange day excursions to Auschwitz, and the schools across Europe that fly in pupils for educational visits, are making a useful contribution. Worldleaders rightly pay their respects at Auschwitz, as they did for yesterday’s 75th anniversary commemorations. All this is a far cry from the communist era,when Auschwitzwas a desolate, poorlymaintained sitewhere, for ideological reasons, the authorities played down the camp’s central role in the genocideof the Jews. Yet there remains something unsatisfactory about modern efforts to raise public awareness of the Holocaust, especially among generations born long after the crimes were committed, and to protect Jewish communities against violence, hatred and prejudice. Museums, films, school projects, civic events and other public initiatives are failing to curb the spread of vicious anti-Semitic lies and misinformation on the internet. Still less are they preventing murderous attacks on Jews, from the French city of Toulouse in 2012 to Pittsburgh in 2018 and Halle in easternGermanylastOctober. According to a European Commission survey published one year ago, 50 per cent of Europeans consider antiSemitism a problem in their country, including majorities in Sweden, France, Germany, the Netherlands, the UK, Italy, Belgium and Austria. The worst examples of anti-Semitism were considered to be Holocaust denial, anti-Jewish material on the internet, graffiti, vandalism and hostility and threats to Jews in public places. Among Jews themselves, an overwhelming majority feel that anti-Semitism has risen stronglyinEurope since2013. As the last survivors of Auschwitz and other death camps pass away, thereis anobvious risk thatwewill find it harder to hold on to the feeling that our times have a direct connection to the era of the Nazi-led abominations. More worrying still is the pernicious misuse of the internet and social media, including by politicians and activists who should know better. This has undermined respect for objective truth and fact-based discussion, creating the swamp in which intolerance, ignoranceandanti-Semitism breed. Over the past decade or so, these pestilences have acquired an increasingly political form as the western liberal order has come under attack from within by forces of the radical right and radicalleft. For sure, Islamist terrorism has played a large part in making Jews feel under threat.Atits heart, however, contemporary anti-Semitism is about the retreat of liberalism in societies polarised by economic crises,wooed by militant nationalists, disoriented by conspiracy theories and falling back on racial and religious stereotypes to account for their ills. Such a climate is dangerous for Muslims and other minorities, too. In his 1898 tract “J’accuse”, the French author Emile Zola argued in unforgettable prose that anti-Semitism was not just an abomination in its own right but a threat to democracy, liberty and civilisation. Never since 1945 have Zola’s words served as a more urgent warning than they do today.

Philip Stephens is right that the economic burden of climate change could, if not mitigated, land hardest on those who can least afford it (“How populism will heat up the climate fight”, January 24). But he overlooks a promising way to mitigate that burden: imposing a tax on carbon and returning the revenue directly to taxpayers. Economists largely agree that a carbon tax would be the most efficient way to reduce carbon emissions over the next decade. Doing so will increase the costs of fuel and everything that depends on fuel, from heating homes to moving groceries. Returning the revenue to the end consumers compensates them for higher prices, while encouraging everyone to seek out less carbon intensive (and thus, less expensive) modes of travel and living. This approach is built into several pieces of legislation already introduced in the US Congress. One of these, the Energy Innovation and Carbon Dividend Act, would return all of the collected revenue to households via a monthly deposit — one full share for every adult, half shares for children. As the price on carbon grows annually, the monthly deposit grows too. And since the payment is the same for everyone, whether billionaire or bankrupt, the tax is progressive, compensating lower income individuals and families proportionally higher than wealthy folk, who presumably consume more carbon.

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Goldman was already working on its own platform before the

management, Goldman was already working on its own platform before the United Capital deal in 2019. “The veneer wore off and the patience wasn’t there to seeawholelotofitthrough,”hesays. A former colleague echoes this sentiment, but others dispute it. “Unlike a start-up or a fintech, we can’t just work on a product for a couple of weeks and launch it into the marketplace,” says a senior figure at Marcus. “We have to release something that [matches] up to thestandardsofGoldmanSachs.” The Apple Card is Goldman’s most high-profile consumer play. Infamous among Goldman’s tech team for gobbling up resources from other projects, the card quickly served up a swift lesson inhownottodobusiness. WhenitwaslaunchedinAugust,male customers took to Twitter to complain that they were given higher credit limits — in some cases allegedly 20 times higher — than their wives. That inspired an investigation by New York’s financial services department which has yet to reportitsfindings. “That was not helpful for us,” says a senior executive from one of Goldman’s traditional businesses. “It could have beenbetterhandled.” Culture clash Some Goldman executives already feel the consumer division — which accounted for just 2.3 per cent of total revenues last year — is getting a disproportionate amount of attention from Mr Solomonandotherseniormanagers. They want the investor day to focus more on places where Goldman actually makes money, say people familiar with thediscussions.“It’llbe2030beforeyou really see a shift in business,” says one, adding that people should invest in Goldman“forthehereandnow”. The investor day — which will showcase some of the bank’s new technology — is expected to outline plans for its new cash management division. Mr Solomonwillfurtherexplainhowheplansto attract more client money into the merchant banking division and improve growth and returns at its traditional tradingandinvestmentbankingunits. The internal tensions highlight why changing the culture of Goldman is such a long-term project. Company veterans describe a tradition of ruthless competition, where colleagues compete against eachotherforthesamedeals. Goldman has tried to encourage people to think beyond their own profit and loss account, but those efforts largely failed because pay packages were based on the old metric of how much money individualsbroughtin. Ed Schein, an organisational structure specialist and professor emeritus at MIT, says it usually takes “five or 10 years” to change the culture of big organisations. “If the new way requires more collaboration between employees and they’ve been trained for 100 years to be individually competitive . . . it mighttakealongtime,”headds. He suggests some “super individually competitive people” might “have to be invitedoutofthesystem”. Goldman has already seen a lot of churn at the top of the business. Trading chiefs Pablo Salame and Isabelle Ealet left shortly before Mr Solomon took over, followed by technology boss Elisha Wiesel, former chief financial officer Marty Chavez and co-head of securities engineeringKonstantinShakhnovich. “There was a massive regime change,” says one former partner. “We went from a 12-year run with Lloyd Blankfein, who was a trader at heart . . . Even in tough times they didn’t want to de-emphasise that business, that was always viewed to becoretothefirm.” In investment banking, while senior managers insist everyone is on board with a push to pursue smaller clients — defined as those with an enterprise value of less than $2bn — some grumble aboutdoinglessprestigiousdeals. Mr Solomon has made gender diversity a focal point, increasing women’s representation with the partners and managing directors appointed in 2018 and2019respectively. But not all investors are convinced by his efforts. Mark Conrad, who invests in American financial stocks for fund manager Algebris, says he owns Morgan Stanley stock rather than Goldman because “GS is to some extent grasping at straws strategically”. He adds: “We believe Solomon is correctly branching out from an over-reliance on these traditional businesses, but we aren’t convinced the choice to grow in consumerlendingwillprovesuccessful.” An investor at a large fund says he will not buy Goldman while it carries the “headline risk” of the 1MDB bribery and money-laundering scandal. Goldman is close to a $2bn deal with the US Department of Justice over its role in the alleged fraud and is negotiating with Malaysian authorities, which are seeking compensation after $4.5bn that was raised for them by Goldman was allegedlystolen. Others are sceptical about Mr Solomon’s drive to turn Goldman’s old investing business into a private equity powerhouse like Blackstone by raising more funds from clients instead of being skewed towards investing Goldman’s owncapital. “It’s always been a merchant bank but Blackstone and all the private equity firms have crushed them,” says the investor. “The PE firms are the new Goldman Sachs . . . [while] Goldman SachsistryingtobeJPMorgan.” WhatmakesGoldman,Goldman? Although dismissed as simplistic by some at the bank, such an assessment begs the question: What makes Goldman,Goldman? Its partnership structure — where 415 of its most valuable staff earn $1m salaries and gain investment opportunities — sets it apart from other US banks. Executives insist the structure will remain even as Goldman evolves. But it is dominated by the traditional units: therearejustthreepartnersbasedinthe consumerbusiness. The consumer business does not “need that many [partners]”, says one, adding that in investment banking “they make their revenue through the sweat and tears of people”, while in consumerbanking“ifsomeoneissittingina call centre they’re not contributing in thesameway”. Internal Goldman statistics show that average partner tenure held steady at seven years but more than 30 partners left in 2019, including a string of highprofiledeparturesinthefinalquarter. “I don’t think many people feel like Goldman in its heyday and Goldman now are the same firm,” says a partner who left in 2018. “There was a lot of prestige to being a part of Goldman in the 1990s and in the 2000s, now with thisconsumerpush[thereisn’t].”

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Will Solomon’s consumer bet pay off?

Goldman Sachs spent most of its first 130 years shrouded in the secrecy of a partnership structure. It jealously guarded that mystique for its first two decades as a listedcompany. But tomorrow, David Solomon, who becamechiefexecutiveinOctober2018, will stand before a crush of shareholders, analysts and journalists at the bank’s first-ever investor day. It is effectively a coming-out party for a group that has spent the past two years planning a radical overhaul of its operations as it moves from its trading and investment banking roots to an institution offering everything from current accounts to money management and creditcardsforthemasses. For peers on Wall Street such events are routine. Mr Solomon’s decision to pullbacktheveilandexplainGoldman’s strategy is anything but. It is one of the many breaks with tradition the investmentbankerhasmadesincetakingcontrolatWallStreet’smoststoriedbank. Rivals such as JPMorgan Chase and Bank of America have blossomed in recent years as their big retail banks and cash management divisions — which help companies make and receive payments and manage their excess money — protected them from a 50 per cent fall in trading revenues in the decade after 2009. Even Morgan Stanley, which like Goldman lacks a retail bank, has weathered the storm better after restructuringitsfixedincometradingunitin2015. It left Goldman as the only US bank overly dependent on a bond and stock tradingbusinesscharacterisedbyplummeting margins, higher capital charges and fierce competition from hedge funds and other rivals. In June 2016, the bank’s valuation fell to its lowest level in fouryears. “Lloyd [Blankfein] did a great job during his tenure [as chief executive] . . . but that was a time of tremendous incursion with Dodd-Frank [regulations], a lot of congressional intervention,” says Bill George, who was a Goldman Sachs board member from 2002 to 2019. “David came in really as the person to put the focus on growth,” he adds, citing the “critical” need to expandintonewbusinesses. After years of subpar returns, and amid criticism from shareholders, analysts and his own colleagues, Mr Solomon began a sweeping review of how Goldman makes its money and what it needstodotomakemoreofit. Some measures were cosmetic — mandatory formal dress was ditched in favour of a millennial-friendly “come as you like, express yourself” policy. The bank’s top leadership team — most of them appointed by Mr Solomon — are swapping their suites on the 41st floor of Goldman’s New York headquarters for the 12th, so they can be closer to the mainbusinesses. Otherchangesaremorefundamental. Thousands of technology specialists have decamped from a central division intobusinesslines,tohaveamoredirect impact on products. Goldman bought a mass-market wealth management arm, United Capital, for $750m so it can sell its services to the merely wealthy as well as the enormously rich. It has launched a credit card with Apple, an addition to itsmassmarketconsumerbusiness. In parallel, Goldman has also cut back less profitable parts of its enormous trading business, diverted investment bankers to pursuing smaller clients and promised a “One Goldman” approach to serving clients — an admission that the bank has not always been collaborative initsapproachtowinningbusiness. A year in, and despite missing earnings forecasts for the past two quarters, Mr Solomon has claimed an early victory. But there is friction within the ranks. The changes threaten a culture clash between the traders and bankers who powered the Goldman of old, and the retail bankers, cash management experts and engineers who seem to hold thekeytofuturegrowth. Outside the company some ask whether it has lost its cachet. “We used to all want to be Goldman Sachs. Now Goldman Sachs seems to want to be Citigroup or JPMorgan,” says a senior rivalinvestmentbanker.

The investor day is Mr Solomon’s chance to answer some of these questions, and to convince money managers, pension funds and private shareholders that the Goldman of the future will be able to end the poor returns of the recentpast. In a comment that would have been unimaginable a decade ago, one senior executive says: “Investor day will be aboutexplainingourreasonforbeing.” Consumer appeal Marcus, Goldman’s consumer bank, is the epicentre for the company that Mr Solomon and his team are trying to build — a place where innovation and customer experience matter more than theprestigethatthebankonceprized. The online venture was conceived in 2014, during the era of Mr Blankfein, the charismatic bond trader who ran Goldman for 12 years before Mr Solomon. The idea was to attract deposits that offered a cheaper source of funding than Goldman pays in the wholesale market. A US loans and deposits platform followed in 2016, and then a UK savingsaccounttwoyearslater. One recruit, who joined Marcus as the project picked up steam, says he saw an “opportunity to take a 150-year-old companyandturnitseveraldegrees”. Mr Solomon turbocharged that effort, most notably through acquiring United Capital and striking the agreement with Apple, which he has repeatedly described as the “most successful credit card deal in history” — without providingevidencefortheclaim. At its quarterly earnings announcement in January, Mr Solomon gave a glowing account of the consumer division’s progress, including a 67 per cent rise in deposits to $60bn in less than a year. Lower reserves on Marcus’s consumer loan losses also helped calm analyst fears about Goldman’s inexperience inunderwritingconsumercredit. Yet some inside the consumer division are more critical of its evolution. One former employee says Goldman underestimated how long it would take to build the technology and products, then lost patience and abandoned them in favour of acquisitions, leading to wastedresources. He offers personal finance management as one example — Goldman first asked its technologists to develop a platformbutthenboughtClarityMoney in 2018. In mass-market wealth

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Dark clouds andfluffyfeathers

The last operetta of the Weimar Republic opened in January 1933 at Berlin’s Admiralspalast, just 10 days before Hitler came to power. It was closed by the Nazis after star tenor Richard Tauber was beaten up by brownshirts, and it wasneverstagedagain.Untilnow.Inthe turbulent years that followed, the full orchestralscoreofJaromírWeinberger’s Frühlingsstürme (“Spring Storms”) was lost; now Norbert Biermann has painstakingly reconstructed it for the KomischeOper’snewproduction. Was it worth the effort? For all the shadows that lie over the work — Weinberger, who was Jewish, fled to the US and eventually took his own life — Barrie Kosky has turned the lengthy, opulent work into an evening of confetti, ostrich feathers and hysterical slapstick, after the formula he has applied to transform the Komische Oper into a funhouseoftheformerlydyinggenre. Gustav Beer’s libretto is an orgy of absurdity, with the beautiful young widow Lydia Pawlowska throwing a ball at the Russian headquarters in northern Manchuria during the Sino-Soviet conflict. Her admirer, the Japanese general Ito, disguised as a Chinese servant (of course), is also there. He is a spy, as is German war correspondent Roderich, who disguises himself first as a cook, then as a Chinese magician, along the way falling in love with Tatjana, the daughter of General Katschalow, who is also in love with Lydia (of course). Weinberger’s score makes liberal use of national clichés, with pentatonic scales and soupy waltzes bringing cheesy orientalismandRussianromanticism. Was this a piece of escapism at an unbearable time? Or are there dark shadows that Kosky and his team have missed or ignored? Three hours is a long time to shriek and tap-dance your way throughaseriesofgags,andtheopeningnightaudiencethinnedafterinterval. That is not the fault of the musical team. Jordan de Souza conducts with swing and polish, and the Komische Oper orchestra plays well for him. VeraLotte Boecker sings with voluptuous sheen as the seductive widow; Tansel Akzeybek’s yearning tenor is the perfect lover-who-gets-away as Ito. Stefan Kurt, as the successful suitor Katschalow, has a purely speaking role, which is one of the work’s problems — so much dialogue is hard to pull off on any opera stage,thoughheismarvellous. Frühlingsstürme seems a historically worthy undertaking, but it is hard to escape the suspicion that it needs less forcedjollityandmoredirectionaldepth.

“I didn’t really know anything about contemporary dance [and] I hadn’t created a performance before,” says Kibwe Tavares. A fresh eye is one thing, but picking an experimental short filmmaker to create a major hour-long work for the 94-year-old Rambert dance companyseemsperverse. The result,Aisha and Abhaya, made in collaboration with the Royal Ballet and BBC Films, began its three-week run at the Royal Opera House’s Linbury Theatre last week. The visuals are often strong — so one would hope, given the vast number of creatives and technicians involved — but the uneasy mix of film and live action is an incoherent and expensivemess. The brief, given by Rambert’s chief executive Helen Shute, was to make a version of a fairy tale and Tavares selected Hans Christian Andersen’s The Little Match Girl, which he has reworked as the story of two sisters caught up in the 21st-century refugee crisis. The opening film, in which the two girls are washed up on an alien shore, involved a shootonthecoastofNorthernIreland. Filmed in and out of focus in unsteadicam, the footage is not an easy watch and it is a relief — at first — when the live action begins, with movement material supplied by Sharon Eyal to the usual earmelting soundtrack by OriLichtik. Eyal’s strictly limited choreographic palette — basically strutting on the spot on three-quarter pointe — soon palls, but the tedium is offset by some undeniably mesmerising projections by Gillian Tan, Paul Nicholls and Tavares’s own creative agency Factory Fifteen. The dancers are backed by a curved screen which immerses them and the viewer in a series of nightmarish environments: an endless corridor; a rainy back alley; a cityscape made from vertiginous shards of light like a slo-mo fall from askyscraper. These visuals, while atmospheric, add little to the narrative. Tavares is not a naturalstorytellerandheseemsataloss to marry the real and virtual material. There is a second chunk of film, Before, in which the two sisters hide in a cupboard while masked men beat their granny to death, but these episodes are inserted at intervals like a sudden change of channel whenever the dancers’ tarsals need a break. The final film shows grandmother and girls morphing magically into stardust but this nod to Andersenfeelslikeanafterthought. The most memorable moments occur during the last live sequence in which the seven dancers are encircled by a seething mass of a thousand pulsating CGI clones who twitch and twerk amid the dystopian cityscape. Metropolis? Maybe.LittleMatch Girl?Ithinknot

Once renowned for its brash traders, Goldman Sachs is increasingly reliant on retail bankers and tech specialists. Having overhauled its operations, David Solomon must reverse years of below-par returns. By Laura Noonan

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Trade pact is not enough for López Obrador to revive economy

The US Senate’s ratification of the USMCA trade deal this month lifted four years of nerve-racking uncertainty for Mexico. A beaming President Andrés Manuel López Obrador told Mexicans to look forward tobetterpayandmoreinvestment. The leftwing leader has argued that the revamped United States-MexicoCanada Agreement will help revive an economy where investment and job creation are at their lowest in a decade, growth has plummeted to zero and consumer and business confidence are understrain. But eliminating Donald Trump’s threats to slap tariffs on Mexico or scrap the 25-year-old North American Free Trade Agreement, while necessary, are unlikely to be enough to reignite investment. The lacklustre economy is also largely due to Mr López Obrador himself,businessleadersandanalystssay. “We have seen with profound concern how the perception of uncertainty and hostility to private investment has increased,” Claudia Jañez, president of the Executive Council of Global Companies, told journalists on the eve of the Senate vote. “It is taking a great deal of work to convince our headquarters to invest in Mexico,” added the Latin AmericanchiefofDuPont,theUSchemicalsgroup. Ms Jañez’s remarks were notable because business leaders have generally bent over backwards to placate a politician many of them openly distrusted beforehislandslidewinin2018. “USMCA isn’t the only thing Mexico has to do to recover investment,” said Beatriz Leycegui, a former foreign trade under-secretary. “The government needs to send other types of messages — certainty over public policies, respect fortheruleoflawandcontracts.” Ms Leycegui added: “USMCA is without a doubt very important but what could have more impact is creating a more propitious environment for investmenttoflow.” Mr López Obrador, a nationalist, has clashed repeatedly with businesses — despite his insistence that he respects andneedsprivateinvestment. He scrapped the $13bn Norman Foster-designed Mexico City airport project, one-third built, shortly before taking office — a move analysts said was designed to send the unequivocal signal that“I’mthebossnow”. He has reversed some of his predecessor’s signature reforms, including halting energy auctions, and last year forced a renegotiation of contracts with international gas pipeline companies, the costsofwhichhedeemedexorbitant. CFE, the struggling state-run power utility, is now preparing steps that could dismantle private participation in the electricity market and curb renewable energyprojects. To the delight of the business community, Arturo Herrera, finance minister, told the Financial Times in March that a lack of cash would delay the president’s pet project, an $8bn refinery in his home state of Tabasco. But the Mexican president publicly contradicted him the nextday. Stop-and-start decisions and contradictions abound in a government in which market-friendly personalities such as Mr Herrera and Alfonso Romo, chief of staff, are often overruled by radical ideologues such as Rocío Nahle, the energy minister, or Manuel Bartlett, CFE chief executive, who styles himself asan“ultra-nationalist”. “The problem right now is, what are the rules?” said the head of one Canadian company investing in Mexico. “A few years ago, with the reforms, there wassomekindofpathforopportunities. Now we’re not sure what the opportunitiesare.” With some analysts forecasting the economy may not even grow 1 per cent this year despite growth in the US — which, thanks to Nafta, is its partner in supply chains in cars and electronics — Mr López Obrador should be changing tack.Butheappearsunlikelyto. With approval ratings of more than 70 per cent, he sees nothing broken that needsfixing. “I don’t see how we can move forward under this model,” the Canadian chief executive said. “We need a crisis . . . This government isn’t doing anything to entice investment. All they’re goodatiscancellingstuff.

President Martín Vizcarra’s anti-corruption campaignwas givena potential boost after Peru’s main opposition party suffered a heavy defeat in Sunday's congressionalelection. Mr Vizcarra shut down congress in September after lawmakers repeatedly obstructed his campaign to curb parliamentary privilege and clean up public office. Opposition lawmakers decried the move as “a coup” and branded the president a dictator. But polls suggested the vast majority of Peruvians — fed up with congress’s bickering, corruption and intransigence — welcomed the decision. For the four months since the shutdown,MrVizcarrahasruledbydecree. According to provisional results, 10 parties won seats in the 130-seat chamber with no one party getting more than 11 per cent of the vote. The big loser was the rightwing Popular Force (FP) party led by former presidential candidate Keiko Fujimori. It took less than 7 per cent of the vote and looked set to win about 12 seats, down from 73 at the last congressionalelectionin2016. Ms Fujimori’s party used its parliamentary clout to bring down the previous president in 2018 and make life difficult for Mr Vizcarra. With its power now curbed, the president may be able to press ahead with his reform programme, although — with no political party of his own — he will still need to forgealliances. Part of the president’s mooted reforms include scrapping parliamentary immunity for lawmakers so that they can be brought before judges more easilyifaccusedofcrimes. “It’s an even more fragmented congress than we expected,” said Arturo Maldonado, a political analyst at the Pontifical Catholic University in Lima. “There is a clear loser — Fujimori’s movement — but there are no clear winners. “Perhaps the biggest winner is not a party but an idea: the idea that shutting down the previous congress was good forthecountry.” Peru goes to the polls in April 2021 to choose a new parliament and president, meaning neither Mr Vizcarra nor the lawmakers elected on Sunday will have muchtimetoachievetheirgoals.

yesterday evening, at London’s Institute of Contemporary Arts, Bethany Williams picked up a £10,000 prize at theArtsFoundationFutures Awards. For a 30-year-old, who until 14 months ago was working full time in a pub to enable her projects to happen at all,thefundsmustbewelcome. The Arts Foundation honours a diverse range of artistic practice every January,thisyearincludingcomicbooks and experimental film-making. Williams’s award was for “Social Innovation: the material evolution”, a section focused on artists and designers whose work prioritises social design and the responsibledevelopmentofmaterials. It’s not as niche as it sounds. More than ever, young designers are looking at ways to combine environmental and social concerns. In Williams’s case, though, the outcome is more conspicuous than most: her high-end unisex streetwear has been shown on the catwalk since last January as part of the British Fashion Council’s official LondonMenswearschedule. Williams’s sharp and colourful garments are sold at the chicest of stores, including Browns in London and Galeries Lafayette in Paris, but they have inspired roots: made from the linings of bell tents discarded at a glamping site outside Bristol, or remaindered ribbon from a Midlands toy factory, sewn by women at Downview Prison in Brixton or at a rehab centre near Italy’s Adriatic coast. She visited the latter not long ago. “The assistant, who’s been selling my work since the first collection in 2017, said that people love it because it’s so bright,” she says. “Serena Williams had bought some. And the King of Morocco. Hebuysawovencoateveryseason.” Perhapsheknowsit’sbeenmadefrom books abandoned by the publishing house Hachette, and that 20 per cent of profits go back to the charity Bethany Williams has worked with. But for Williams, there’s nothing wrong with activism by stealth. “I quite like the idea that someone is contributing to women’s rehabilitation without knowing it,” she says. “But for me fashion has the ability to amplify ideas, because it has such a massive reach; everyone wears clothes. I love making, and I love textiles and taking something discarded and giving it time and love and making something new. But equally I am really invested in thesocialsideofmywork.” Williams begins each collection by finding an enterprise which agrees to work with her. For her autumn/winter 2019collection,itwasAdelaideHouse,a shelter in Liverpool for women leaving prison, where the 20 residents became part of the production process, and abstract versions of their faces were embroidered into reclaimed denim for thefinalgarments. The pieces she sent down the runway on January 4 this year, in a packed east London warehouse, reflect time spent with the Magpie Trust in Newham, where women with children under five aregiventemporaryaccommodation. “They are vulnerable people,” she says. “It is a way to bring knitting and sewing skills, and confidence, and I learn a lot from them too,” she says. She has cast models from TIH (There is Hope), an organisation that improves theprospectsofhomelesspeople.

Williams grew up on the Isle of Man with her mother, a pattern cutter, and her grandparents. “I was brought up to be socially and environmentally conscious,” she says. “The Isle of Man is a tiny community, we eat locally from small farms. It’s way of life that’s always made sense to me.” At Brighton Universityshestudiedfineartasacriticalpractice, “which was hard for me as I’m very dyslexic and I have to read something two or three times for it to go in,” she says.“Butitintroducedmetoartistslike the Copenhagen collective Superflex who intercept company systems and divert profits for good, to positive effect. It made me realise I wanted to create my own system where my passion lies — intextiles.” At the London College of Fashion, on the menswear MA course, she joined its Making for Change programme, which trains women in Downview Prison for jobs in the garment industry. (She has since hired a sample machinist from there.) She also researched numbers of

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Lawyers push to toughen US insider trading laws

A group of influential US lawyers has urged Congress to toughen insider trading laws by making insiders liable even when they do not benefit from giving non-publicinformationtotraders. A task force led by Preet Bharara, the former Manhattan US attorney who led a crackdown on insider trading after the financial crisis, issued a report yesterday calling on legislators to eliminate the so-called “personal benefit” test in USinsidertradinglaw. “If you have a broad personal benefit requirement, it lets off the hook a rich insider who steals information from his company and benefits a crony or a family member to the tunes of tens of millions of dollars,” Mr Bharara told the Financial Times. “That’s classic unfairness and it has to be clear that such a thingviolatesthelaw.” The report from eight former enforcement officials, judges and professors comes after the House of Representatives last month passed a ban on insider trading with overwhelming bipartisan support. The bill has yet to pass the Senate but, if adopted, it would mark the first time the US has passed specific legislationcriminalisinginsidertrading. While many countries have specific statutes that outlaw insider trading, in the US decades of law have been built upon a more general 1934 law regulatingAmericanmarkets. US courts have rejected the fairness standard used in European insider trading law, instead basing the crime on the idea that insiders owe a duty not to share insider information. Republicans in the House backed the bill, called the Insider Trading Prohibition Act, after it was amended to retain the personal benefit requirement that has evolved over the years in the US courts. At the time, Patrick McHenry, the ranking Republican on the House financial services committee, said the test would help protect“good-faithtraders”. The test is founded on a 1983 decision by the Supreme Court in Dirks v SEC, where the justices cleared a securities analyst because he had not been motivated by a personal benefit when he discussed information obtained from a whistleblowerwithhisclients. As a US attorney from 2009 to 2017, Mr Bharara embarked on an aggressive crackdown on insider trading, including the high-profile prosecutions of Rajat Gupta, Raj Rajaratnam, and SAC Capital. The spree was derailed in 2014 when the 2nd Circuit Court of Appeals found in two other cases involving traders that the government had not proven a personal benefit received by theoriginalinsiders. The Supreme Court declined to review that decision, but in a separate case later clarified that if insiders are giving tips to friends and families, they personally benefit because the action is legally the same as trading on their own accountandgiftingtheprofitsinstead. The2ndCircuitlastmonthsaidprosecutors using certain statutes did not have to prove a personal benefit. “The personal benefit requirement [that] has grown up over time has been very confusing to people,” said Mr Bharara. “There are times when you can provide a very impressive material non-public tip to somebody and the question about whateverthebenefitisisunclear.” ThegroupledbyMrBhararaincluded Joon Kim, a partner at Cleary Gottlieb Steen & Hamilton, who was the acting Manhattan US attorney after Mr Bharara, and Jed Rakoff, the Manhattan federal judge who pushed for tougher accountability against big banks after the2008crash. The others members of “The Bharara Task Force on Insider Trading” were Katherine Goldstein, a partner at Millbank; Melinda Haag, a partner at Orrick; Joan McKown, a partner at Jones Day; John Coffee, the Columbia Law School professor, and Joseph Grundfest, theStanfordLawSchoolprofessor. The absence of a specific ban on insider trading has not necessarily hindered US prosecutors, who have led the way in charging even global insider trading rings. Most recently, prosecutors in the US attorney’s office for the Southern District of New York broke up a scheme involving a Switzerland-based traderandbankersinLondon. “The insider trading laws in other parts of the world are actually specific to insider trading. In that way, US laws have fallen behind. It’s just the US is the only authority that actually enforces it inameaningfulway,”saidMrKim. The task force’s recommendations aligned in parts with the seven-page bill passed last year by the House, which largely codified existing practice while expanding the law to cover insider tradingthatinvolveshacking. However, the group called for a clearer distinction between the standards for civil and criminal cases and pushed for the elimination of the personalbenefittest. “It has generated a disproportionate share of confusion and uncertainty,” the reportsaid.

China’s leaders are braced for a blow to first-quarter economic growth as the deadlycoronavirusweighsonconsumption, travel and manufacturing, with some cities extending the lunar new yearbreakbynearlyaweek. The virus, which originated in the city of Wuhan, has led authorities to cancel events across the country for the normally week-long lunar new year period, whichstartedonSaturday. The financial capital Shanghai has ordered companies not to reopen until February 9, while the manufacturing hub of Suzhou, one of the world’s largest, has postponed the return to work of millionsoflabourersforuptoaweek. China’s banking and insurance regulator announced moves to help businesses affected by the crisis, including a loweringofloaninterestrates. The outbreak comes as the country is reporting its lowest rate of economic growth in nearly 30 years. For President Xi Jinping the crisis represents another major challenge on top of a popular uprising in Hong Kong, a swine fever outbreak that has wiped out millions of pigs and fuelled inflation, and the trade warwiththeUS. Travel restrictions meant railway transport fell about 42 per cent on Saturday compared with the same day last year, according to the transportation ministry. Passenger flights were also down by roughly 42 per cent and overall transportation across the country declinedabout29percent. “The coronavirus makes a pronounced slowdown even more likely and if the disease is not brought under control quickly, then even our downbeat forecasts may turn out to be too high,” said Julian Evans-Pritchard, ChinaeconomistatCapitalEconomics. The Sars epidemic knocked quarterly

economic growth down by two percentage points, from 11.1 per cent in the first quarter of 2003 to 9.1 per cent in the second quarter. In 2019, the economy grew byjust6.1percent. “This could have a serious impact on consumption,” said Michael Pettis, a finance professor at Peking University and senior fellow at Carnegie-Tsinghua Center. “People are not going out to restaurantsandbars.” Airlines Shares in carriers in Asia, Europe and the US fell almost across the board yesterday. Air France-KLM, one of a number of European carriers with significant Chinese exposure, shed 7 per cent by mid-afternoon in Europe. BAowner IAG fell 6 per cent, while Germany’sLufthansawasdown5percent. Even airlines with no exposure to Chinacameunderpressureonfearsthat a drop-off in passengers could reverberate globally. EasyJetslipped 5 per cent, whileRyanairwasdown3percent. Automobiles Consumers are likely to delay car purchases, analysts warned yesterday, while several auto executives said a reliance on parts suppliers from the Hubei region may prevent some plants reopeningfollowingthenewyearholiday. Wuhan is a major automotive hub, with plants from Nissan, PSA, Honda, General Motors, Geely and Renault, as wellasarangeofautopartssuppliers. Banking Credit Suisse sent its staff in Hong Kong a memo instructing them to work from home and not come into its headquarters in the International Commerce Center tower if they have visited the mainlandinthepast14days. Fellow Swiss bank UBS told its 2,500 Hong Kong workforce to stay at home if they have travelled to China recently. The lender, which also has 1,200 employees in Beijing, Shanghai and Guangzhou, has set up an “internal pandemic website”, but all its offices remain open,accordingtoaspokesman. HSBCstaff have been told not to come into the office until February 3, the date when the Chinese lunar new year has beenextendedtobythegovernment. Consumer Starbucks closed stores in Wuhan and McDonald’s has suspended its business in Wuhan and surrounding cities where public transport has been closed. Heightened food safety measures were being rolled out at the company’s operationsacrossthecountry. Matthew DiFrisco, analyst at Guggenheim Securities, estimated China accounted for about a tenth of Starbucks’sales. Leisure There was no official fireworks to mark Chinese new year in Macau yesterday as the world’s largest gambling hub cancelledallitscelebrations. Figures from the tourist office show that the number of tourists from mainland China fell by 80 per cent on Sunday comparedtothesamedaylastyear. The $5.5bn Disneyland park in Shanghai was closed, as was its theme park in Hong Kong. The National Museum of China, Forbidden City, Beijing’s Olympic Stadium and parts of the Great Wall ofChinawerealsoclosed. Luxury Chinese customers now account for over a third of the value of luxury goods purchases, according to Bain & Co. consultants, leaving groups such as LVMH, Kering, Hermès and Burberry exposed to a health crisis likely to weigh on Chinesedemandandcurtailtravel. So far brands have managed to weather the sales drop from the Hong Kong protests because many of the purchases were repatriated from the island to mainland China, or elsewhere in Asia. Thecoronaviruscouldchangeallthat. “Not only will Chinese people buy less domestically during the key new year shopping season, they will also have to cancel trips abroad, during which they often buy luxury goods,” said Joëlle de Montgolfier, director of Bain’s luxury practice. “Recently announced restrictions on travel could have real consequencesforthesector.” Additional reporting by GeorgeHammond, Hudson Lockett, Leila Abboud, Alice Hancock, Myles McCormick, Stephen Morris, OwenWalker, PeterCampbell

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Football hacker emerges as source of dos Santos leaks

A hacker at the centre of the biggest information leak in world football has claimed responsibility for the releaseof documents that have rocked the business empire of Isabel dos Santos, Africa’s richestwoman. Rui Pinto, a Portuguese awaiting trial over the hack at Europe’s top football clubs, supplied the documents, published thismonth, that revealed some of the structures used by the daughter of Angola’s former president to amass her $2b fortune, an African whistleblowing organisation saidyesterday. Mr Pinto, founder of the Football Leaks website, “wanted to expose activities that areillegal or contrary to public interest”, said the Platform to Protect WhistleblowersinAfrica. The International Consortium of Journalists, which published the Angola leaks, said the documents shared by Mr Pinto show how Ms dos Santos used her position as the president’s daughter and chairof Sonangol, the stateoil company, toloot national resources. Ms dos Santos has deniedwrongdoing and has called the leaks and her indictment on charges of money laundering a “concentrated, orchestrated and well-co-ordinated political attack”. José Eduardo dos Santos stepped down as president in 2017 after 38 years in power. João Lourenço, his successor, removed Ms dos Santos as head of Sonangol and this month froze her assets after prosecutors said she and Sindika Dokolo, her Congolese art collector husband, had failed to return more than$1bnin state funds. The platform said the fact that Mr Pinto,whois being heldin Portugal,was the source of the documents showed the leak “was not politicallymotivated”. William Bourdon, Mr Pinto’s lawyer who also co-founded the platform, said: “These revelations should allow for new investigations to be launched and thus help in the fight against impunity for financial crimes in Angola and in the world.” Mr Pinto, who was arrested last year on charges including attempted extortionand hacking, denieswrongdoing.

German business confidence suddenly dropped in January, thwarting hopes the downturn in the export-led manufacturing sectorwas due to stabilise. The Ifo Institute, aMunich-based thinktank, said its measure showing sentiment among the 9,000 German companies it surveys monthly had declined to 95.9 in January, from 96.3 in December. That contrasts with economists’ expectationsinaReuters pollofa rise to97. “This sounds awarning note for those expecting an impressive rebound in the German growth rate,” saidAndrewKenningham, chief Europe economist at Capital Economics. “We think the economy will continue to grow at only a very anaemic pace in the first half of this year.” The drop is the first since sentiment began to creep upin September, after an almost uninterrupted decline over the previous twoyears. The forward-looking indicator for business expectations slipped to 92.9 in January from 93.8 a month earlier. Economists polled by Reuters expected anincrease to95. The unexpected slide in the business climate of the eurozone’s largest economy cools hopes of a stabilisation in German economic activity after sentiment indicators released last week showedimprovement. The headline business climate index dropped despite improved sentiments in the manufacturing sector as both the services and the construction sector reported a deterioration comparedwith the previousmonth. The net balance between manufacturers reporting good or poor business climate increased to minus 1.6 from minus 5 in December. However, the net balance dropped to 18.7 from 21.3 for businessesin the services sector. “This is a big disappointment in light of the otherwise solid PMI data,” said Claus Vistesen, chief eurozone economist at PantheonMacroeconomics. “We take comfort in the fact that manufacturing sentiment jumped at the start of the year. Thisis, after all, themost cyclically sensitive sector.” The Zew economic sentiment for Germanyjumped to the highestlevelin four years and the IHS Markit purchasing managers’ indices showed German services activity expanding solidly in January, while the deterioration in the manufacturing sector has eased the most since Februarylastyear.

Slovenia’s primeminister resigned yesterday and called for early elections, saying his minority government was unable to push through crucial reforms. Marjan Sarec, a former comedian, had presided over a coalition of five centreleft parties which together had held 43 of the 90 seats in the parliament since electionsinAugust2018. In November, the bloc lost the support of the Levica (Leftists) party. As a result, the government had been unable to carry out reforms of pensions and healthcare, which the opposition criticisedas too costly. “With this coalition, this situation in parliament, I cannot fulfil the expectations of the people,” Mr Sarec said shortlyafter hisannouncement. His resignation came on the heels of that of Andrej Bertoncelj, his finance minister, who said recent proposals by the health minister, suggesting that funds from the national budget be used to compensate for the losses of the public health system,were not feasible. “Mr Sarecmade good on hisword that he is not in it [politics] for its own sake,” saidAljaz Pengov Bitenc, a political analyst. “He wants to get stuff done, and if he cannot get stuff done, hewill resign.” Mr Pengov Bitenc said the dispute over healthcare funding — which he called a “third rail” for Slovene politics owing to “ingrained interests” — had dogged successive governments. Healthcare financing has been “getting less and less sustainable over the decades” as Slovenia’s population of 2m hasaged, headded. Mr Sarec has called for new elections, but analysts said that before they can be triggered, opposition parties should be given the opportunity to try to forge a new coalition, which could bring the rightwing Slovenian Democratic party backinto power. However, Janez Jansa, the party leader and an ally of Viktor Orban, the Hungarian primeminister,is unpopular outside his core support base, and a deal that would make him premier looked unlikely, saidMr PengovBitenc.

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Erdogan’s assertive foreign policy angers Arab and European leaders

Fresh from a summit marking the 70th anniversary of Nato, Turkey’s president Recep Tayyip Erdogan had a clear messageaboutAnkara’s resolve to be seenas anautonomous global power. “Today, Turkey can launch an operation to protectits national securitywithout seeking permission from anyone,” he told members of Britain’s Turkish communityin Londonlastmonth. The statement was typical of the assertive, often unilateral foreign policy Mr Erdogan has pursued in recent years. In October, Turkey defied western allies, sending troops into northeastern Syria against thewishes ofNato. Two months later the Turkish leader wasvowing to deploy personnel to Libya even as the UN called on the world to respectanarms embargo. Turkey’s desire to gain greater influence in its neighbourhood is not new. But the increasingly bold pursuit of its goals has riled European and Arab leadersalike. “Turkey seems to be growing more and more aggressive,” said one European diplomat. “The issues have been piling up.” Turkish activism in the Middle East and north Africa grew after the start of theArab uprisings that shook the region in 2011. Betting that a new Islamist orderwasin the ascendant, Turkey funnelled support to rebel groups battling president Bashar al-Assad in Syria and rallied behind Mohamed Morsi, leader of theMuslimBrotherhoodinEgypt. Ankara hoped the interventions would help restore its influence in parts of the former Ottoman Empire, but the gamble failed.Russia came to the rescue of the Damascus regime and Morsi was toppled in a popularly backed coup that brought to power Abdel Fattah el-Sisi, who was supported by the UAE and SaudiArabia. A new approach favouring directmilitary action emerged, analysts say, after the failed coup against Mr Erdogan in 2016 weakened the autonomy of the army and enabled the Turkish president to bolster hisown power. Since then, Turkey has launched three separate military incursions into northern Syria, including October’s assault on Kurdish militias that had fought for theUSagainst Isis. Elsewhere, Ankara has taken sides in an Arab Gulf dispute, supporting Doha when Abu Dhabi and Riyadh led a regional embargo of Qatar; dispatched warships to block European oil companies from drilling for gas in the eastern Mediterranean; and defied thewishesof Nato allies by buying an air defence system fromMoscow. Mr Erdogan, who on Sunday began a visit toAlgeria,GambiaandSenegal, has also sought to expand Turkey’s footprintinAfrica. The Turkish president’smost surprising move was the decision to wade deeper into the Libyan conflict by sending military advisers — and TurkishbackedSyrianmercenaries— to support the besieged UN-backed government in Tripoli, once again putting Ankara on theopposing side to theUAEandEgypt. The intervention secured Turkey’s wish for a seat at the top tablein talks on the future of the war-torn country but triggered stern rebukes from Washington and European capitals. It has also antagonisedGulf powers. “Saudi Arabia and the UAE have the view of Turkey that it is becoming an enemy of sorts, a destabilising force,” said Abdulkhaleq Abdulla, an Emirati commentator. Sinan Ulgen, a former Turkish diplomat who chairs the Edam think-tank Istanbul, said it was “inevitable” that any Turkish leader in recent years would have wanted to reassess the nation’s placeina changingworld. Western nations were partly to blame for the acrimonious nature of the shift, he said, with the “collapse” of Ankara’s relationship with the US and the “total ineffectiveness” of the EU as an alternative security partner for Ankara. “As a result, Turkey felt it had to be more active in trying to address its own security concerns.” Mr Ulgen said that the acrimony caused by Turkey’s foreign policy readjustment had been compounded by the erosion of fundamental freedoms in the country over the past decade,which has alarmedEUandUSofficials. Foreign policy has also become increasingly intertwined with domestic politics, as Mr Erdogan has often sought to antagonise western nations to buttress public support. Turkey once courted the EU but many senior officials in Ankara now view Europe with contempt and doubt Brussels was ever serious about admitting it to the bloc. Railing against EU statements that Turkish efforts to drill for gas in waters near Cyprus were illegal, one senior official asked: “Why do they get the right to decide?” But even if that stance resonates widely in Turkey, Mr Erdogan is constrained by his country’s continued reliance on the west as a trade partner and source of foreign investment. That was vividly illustrated in 2018 when the country was plunged into a currency crisis after US president Donald Trump imposed economic sanctions to force the resolutionofa diplomatic dispute. “Turkey is diversifying its partners in security and defence but not in [the] economy,” said Ilke Toygur, an analyst at theElcanoRoyal Institute think-tank. “Soifit damagesits relationship [with the west] because of its security interests or unilateral moves, it also risks becoming economicallyvulnerable.”

Renewed fightingin Libya ended a twoweek ceasefire, as the UN warned that more weapons from international backers of the two warring sides were entering the country. Forces of Gen Khalifa Haftar’s selfstyled Libyan National Army marched westwards from Sirte at the weekend and clashed with militias from Misurata, the city that provides many of the fighters defending the UN-backed GovernmentofNationalAccordinTripoli. The LNA briefly seized the town of Abugrain, 120km east of Misurata, beforeitwas forced to retreat. In response, the GNA yesterday denounced what it called ceasefire violations by Gen Haftar’s troops. It accused the LNA of launching missile attacks at civilian targets in Tripoli, includingMitiga, the capital’s only functioning airport, and said it might not participatein future ceasefire talks. Fayez al-Sarraj, head of the GNA, signed a ceasefire agreement in Moscow this month but Gen Haftar refused. A shaky truce held aftermore talksin Berlin failed to reach a lasting agreement butGenHaftarmaintained his blockade onoil exports,quickly eroding faith that the reductionin hostilitiesmightlast. Ahmed al-Mismari, the LNA spokesman, said: “Thereisonlyamilitary solution because these militias [protecting the GNA] will never hand over their weapons or submit to the security councilor theUN.” Hostilities flared as the UN denounced “continued, blatant violations” of an arms embargo on Libya by countries that had agreed to observe the ban during the talksinGermany. “Over the last 10 days, numerous cargo and other flights have been observed landing at Libyan airports in the western and eastern parts of the country providing the parties with advanced weapons, armoured vehicles, advisers and fighters,” the UN mission in Libya saidonSaturday. “The mission condemns these ongoing violations, which risk plunging the country into a renewed and intensified roundof fighting.” The UN did not name the countries violating the embargo. Turkey has previously publicised its military support for theGNAandUN experts haveidentified the United Arab Emirates, which backs Gen Haftar, as a violator of the embargoin the past.Analysts and diplomats say Abu Dhabi has been a driving force behind the LNA, providing weapons, including drones, and officers to operate them. Gen Haftar also enjoys the backingofEgypt, FranceandRussia. Jalel Harchaoui, a Libya specialist at the Clingendael Institute, aDutch thinktank, said open-source flight trackers showed heavy recent traffic between the UAE and airports in eastern Libya, suggesting large weapons transfers to the LNA. For its part, Turkey had been equipping the GNA with “defensive weapons” such as jamming equipment to disable Emirati drones and air defence systems, headded.

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US hits at chemical-washed chicken ban

The US will push hard to include politically sensitive subjects such as chemical-washed chicken in a mooted transatlantic trade deal with the EU, Donald Trump’s agriculture secretary has insisted. Sonny Perdue said Brussels should accept production methods banned in Europe to secure the deal promised by Mr Trump and Ursula von der Leyen, theEuropean Commission president. So far, EU and US officials have talked about low-level liberalisation of agricultural trade such as unblocking bureaucratic obstacles to imports of American oysters and other shellfish to the EU, and European sales of apples and pears in theUS. But Mr Perdue said the EU would need to change its food hygiene regulations to address the US trade deficit in agriculturewith the bloc. “You’re not going to get there with apples and pears and shellfish” he told reporters in Brussels yesterday. “There areother things that have to happen.” The intervention underlines the difficulty for the EUandUSin hittingMsvon der Leyen’s target of a deal “within weeks” following her meeting with Mr Trump at the recent World Economic Forum in Davos. The EU is keen to secure a deal to defuse transatlantic tensions, with the US’s aggressive focus on trade policy having shifted from China toEurope. Mr Perdue yesterday defended chemical-washed chicken, commonly referred to as “chlorinated chicken” in the EU. The US uses the technique to disinfect poultry but the EU bans the practice. “We have a very efficient system of poultry production and we are able to export to every other country in the world,” he said, arguing that US farmers now used a chemical called peracetic acid rather than chlorine. “Peracetic acid . . . is a great pathogen reduction treatment. You know what it is? It’s vinegar, essentially. To say that’s unsafe or not to be used, we don’t think there’s a basis for thatin sound science.” The EU agriculture directorate did not immediately return a call asking for comment, but the commission and the member states, particularly France, have ruledout negotiatingover theissue in past trade talks. Mr Perdue also denied theUSwas trying to play divide-and-rule with the EU and the UK after Brexit. “Wewouldlove to see trade relationships that have similar policies . . . between the UK and the EU,” he said. So-called “sanitary and phytosanitary standards” became a hotly contested issue in the last broad EU-US trade negotiation, the stalled Transatlantic Trade and Investment Partnership. Brussels fiercely resisted US pressure to drop restrictions on chemical-washed poultry, beef raised with growth hormone and crops produced using genetically-modifiedorganisms (GMOs).

Holocaust survivors and the leaders of Israel and Poland called for a redoubling of the global fight against antiSemitism yesterday as delegations from around the world gathered to commemorate the 75th anniversary of theliberationofAuschwitz. The Nazi concentration camp was the epicentre of the Holocaust, with about 1.1m people, including almost 1m Jews, murdered there. “Today we hear voices which spread hate, on the internet, on the street and in the centres of political power,” Reuven Rivlin, Israeli president, said at a joint press conference with Andrzej Duda, his Polish counterpart. “Our duty is to fight anti-Semitism, racism and fascist nostalgia, those sick evils that . . . threaten to eat away at the foundations of our democracies,” he added. The 75th anniversary is likely to be one the last big gatherings of Holocaust survivors. As well as delegations from 60 countries, about 200 survivors attended. Much of the ceremony was devoted to their accounts of the horrors of Auschwitz, which was set up and run by the Nazis after they invaded and occupied Polandin 1939. Else Baker,whosemotherwas amember of the minority Sinti group also targeted by the Nazis and who was brought to Auschwitz as an eight-yearold in 1944, recalled the long queues in front of the gas chambers and crematoria, where hundreds of thousands were herded to their deaths. “Then the screams started,” she continued. “We saw a large area of open fire blazing. I as an eight-year-old girl overheard conservations like: ‘They must have runoutof gas and so they are burning peoplealive’.” Another survivor, Bat-Sheva Dagan, recalled the humiliation of having her head shaved after entering the camp, as well as having to work there until her hands bled. “There was no dignity, no respect for human dignity,” she said, before asking why the world had not donemore to prevent theHolocaust. The commemoration comes amid fears that anti-Semitism is on the rise across the west, with a number of attacks in recent years. In December, five people were stabbed at the house of a rabbi in New York, while 11 worshippers were gunned down at a synagogue in Pennsylvaniain2018. InGermany,a gunman killed two people and tried to shoot hiswayinto a synagogue in the eastern city of Halle in October during Yom Kippur, the holiest dayin the Jewish calendar. Ronald Lauder, head of the World JewishCongress, said hewasworried the lessons of Auschwitzwere already being forgotten. “It’s happened. That is one of the reasons why you’re seeing this growth of anti-Semitism,” he told the FinancialTimes. Mr Lauder added that as the number of survivors of the Holocaust dwindled, it was all the more important to teach coming generations about what had occurred as well as to do more to fight hate speechon theinternet. “Auschwitz is a beacon of where antiSemitism can lead,” he said. “We can’t rewrite history, but we can be much more forceful today.”

Yesterday,Mr Trump denied personally telling Mr Bolton, his former national security adviser, that hewanted towithhold aid to Ukraine until Kyiv complied with his demand to investigate former vice-president Joe Biden. The comments came in response to a New York Times report that Mr Bolton had made the claim in an upcoming book about hisWhiteHouse tenure. However, Mitt Romney, the Republican senator from Utah and former presidential candidate, said that Mr Bolton’s assertionwas reason to call him as awitness in the Senate impeachment trial, and that it was “increasingly likely” otherRepublican senatorswouldagree. “It is increasingly apparent that it would be important to hear from John Bolton,” Mr Romney told reporters yesterday. “I think at this stage it’s pretty fair to say that John Bolton has a relevant testimony . . . I think it’s increasingly likely that other Republicans will join those of us who think we should hear from JohnBolton.” The Democrats will push later this week for another vote in the Senate to authorise callingwitnesses. If they fail to get a majority— which requires them to win over at least four of the 53 Republican senators— the trial could end before theweekend. ButMr Romneyis among a handful of Republican senators seen as most likely to vote in favour of allowing new witnesses, a development that would prolong the trial and thwart Mr Trump’s hopes of a speedy acquittal in the Republican-controlled chamber. Susan Collins, a Republican from Maine who has also said she would consider voting to allowwitnesses, said yesterday that the reports about the book “strengthen the case for witnesses and have prompted a number of conversationsamongmy colleagues”. While Senate Republicans scrambled to address the new claims from Mr Bolton,MrTrumplashedoutonTwitter. “I NEVER told John Bolton that the aid to Ukrainewas tied toinvestigations into Democrats, including the Bidens,” Mr Trump wrote in a series of tweets. “He never complained about this at the time of his very public termination. If John Bolton said this,itwas only to sell a book.” The assertion by Mr Bolton — who claims he was not fired but resigned — undercuts the argument Mr Trump’s defence team is making: that there was no coercion campaign linking the aid with theinvestigations. Mr Bolton’s claims have put Senate Republicans in a difficult position. Over the past four decades, Mr Bolton has helped advance the views of Republican foreign policy hardliners, a group that has bristled at Mr Trump’s takeover of the party since his2016 election. If Mr Bolton is called to testify in the trial, it would force many Republicans to choose between alongtime party stalwart and a president some view as an interloper. The White House says the withholding of $391m in military aid was unrelated to a demand that Ukrainian president Volodymyr Zelensky announce a probe into Mr Biden and his son, Hunter, who had served on the board of aUkrainian gas company. Mr Trump’s impeachment trial entered its second week yesterday with the president’s defence team continuing to present theiropeningarguments. Republicans earlier voted to reject calls to allow witnesses but left the door open to a later vote after opening arguments concluded.Democrats are particularly keen to callMr Bolton because he has first-hand knowledge of various elementsof theUkraine scandal.

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Twilight zone Transition period offers a temporary safe harbour

Brexit day will transform the relationship with Europe, shift the UK’s place in the world and herald a new era in international relations. But little to nothing willchangeimmediately. The post-Brexit transition period will pick up where EU membership left off, offering a temporary safe harbour while Brussels and London haggle over their long-termrelationship. During that 11-month spell, the UK will keep many of the benefits and obligations of membership: British nationals will no longer be EU citizens, but they will be able to travel around the union as freely as before; British members of the European Parliament will leave, but the UK will remain a fully integratedpartofthesinglemarket. The realities of Brexit will come sharply into focus as the clock ticks down to the end of this year, when the transition period will expire. In the meantime, migrant workers have an opportunity to navigate the application processesthatwillsafeguardtheirrights for life, and businesses have some time toadaptsupplychains. What happens on February 1? The UK will enter a twilight period during which it will continue to apply and be bound by all EU laws but will be ejected from the EU’s political institutions: no MEPs, no British seat at the EU leaders’ table, no UK voice on the boards of the union’s myriad technical agencies. Britain will have zero say over the EU rules that will still apply for the next 11 months.TheEuropeanCommissionwill have the power to investigate breaches of the bloc’s laws, and the European Court of Justice will have the power to impose fines. The UK will contribute to theEUbudget. UK nationals who have joined the European civil service will have the right to work in it for the rest of their careers. Britain’s diplomatic presence in Brussels, known as the UK Permanent Representation to the EU, will be rebranded and British officials’ access to EU premises and information will be sharplycurtailed. UsedtofreelyroamingintheEU’scorridors of power, British diplomats will now need to apply for permission even to enter the Brussels institutions’ bars andcafés. What does it mean for citizens? British and EU citizens will continue to benefit from free movement during the transitionperiod. After transition, Britons living in the 27 EU member states will have their residency rights safeguarded, subject to completing whatever administrative procedures are imposed by the national government. It is up to each EU country to decide how to carry out that exercise, including whether to create a new type of residence status for UK nationals. EU27 countries have to provide a digital residence document to those with the right toremain. The divorce deal does not grant British expats full freedom of movement rights within the union. It guarantees rights for UK citizens in the EU27 countrywheretheyreside. This means that a British national living in, for example, Portugal will not necessarily be able to move to Poland to take up a new job. But the European Parliament has urged that UK citizens living in the EU should be granted free movementrights. What about EU nationals living in the UK? The 3m EU citizens resident in the UK have until June 2021 to register for Britain’ssettledstatusscheme,whichallows them to stay in the UK with existing rights after Brexit. The scheme is open to people who have been living in the countryforatleastfiveyears. Those who have not been there long enough can apply for a pre-settled status, which grants the right to live and workinBritainforuptofiveyears.Tobe eligible, someone needs to arrive in the UK before the end of the transition period. The picture changes from the beginning of 2021, when Britain becomes a third country. From then, EU citizens coming to the UK may need visas and work permits if they plan to build a life here. Both Britain and the EU have said they want to put in place a visa-waiver schemeforshortstaysofupto90days. What are the implications for business? Free movement of goods will continue during transition. But Britain will no longer be represented in the crucial technical work the EU carries out to decide which products can be sold in its marketandunderwhatconditions. The European Chemicals Agency, for example, has the power to decide whether a new substance is safe for consumers, while the European Banking Authority sets rules that affect compliancecostsforfinancialservices. Brexit day also sets the clock ticking for business. Companies have no idea what awaits them after the end of this year, because the UK and EU have yet to negotiate a new trade deal. Whatever is finally agreed, there will be a hard border for trade in goods between Britain and continental Europe that has not existedfordecades. That puts pressure on business to adjust supply chains, relocate operationsandanalysecosts.

Scotland’s first minister has called on the UK government to help create a post-Brexit “Scottish visa” that would allow easier entry for immigrants willing to commit to living north of the English border. The call from Nicola Sturgeon yesterday reflects concern about the economic and social implications of the end to freedom of movement for EU citizens, with experts saying it could lead to a fall in the Scottish working age population over the next 25 years because of the slowingbirthrate. Politicians in Scotland have been much more positive about the benefits ofimmigrationthaninotherpartsofthe UK. Ms Sturgeon said she wanted a tailored approach for Scotland that would beas“openandflexibleaspossible”. A one-size-fits-all UK system that sought to cut overall immigration would be “pretty disastrous” for Scotland, the firstministersaid. “I hope the UK government will be prepared to work with us to deliver a Scottishvisa,”shesaid. In proposals published yesterday, the Scottish government said the UK could retain overall control of immigration and border controls, but devolve to Edinburgh the power to create a new visa process subject to Home Office identity and security checks. The visa would allow immigrants to live and workinScotland. The Home Office, which yesterday unveiled a “Global Talent” route into the UK for scientists and mathematicians, dismissed the suggestion that influenceovervisasmightbedevolved. “Immigration will remain a reserved matter,” a Home Office spokesman said. “The UK government will introduce a points-based immigration system that works in the interests of the whole of the UnitedKingdom,includingScotland.” UK officials are concerned that devolving or even merely tailoring policy for Scotland or other parts of the UK could massively complicate the immigrationsystem. However, the Scottish government says international experience and the past success of the Scotland-only poststudy work visa show that its proposals arepractical. An independent study last year concluded that Canada’s immigration system showed how policy could be tailored to help Scotland head off a looming crisis over the balance between pensionersandworking-ageScots. Andrew McRae, policy chair of the Federation of Small Businesses in Scotland, said: “The UK government should acknowledge that it is possible and desirable to enable its immigration system to respond to different regions and nations.”

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Sunderland prepares for approach of exit day with mixed emotions

James Ramsbotham, head of the North East Chamber of Commerce, said he had also heard from senior managers that it could close unless there was a workable trade deal. “People in the supplychainarenervous,”hesaid. A spokesman for Nissan said: “We are among those companies with major investmentsintheUKwhoarestillwaiting for clarity on what the future trading relationship between the UK and the EU willlooklike.” Mr Maughan said that breaking away from European standards for an automotive industry locked into global trade would be “taking a step back”. He was talking in an office on an industrial estate in Blyth Valley, part of the socalled ‘red wall’ — traditional Labour strongholds that switched to the Conservatives at the last election, helping Mr Johnson secure his 80-strong majorityinparliament. Despite past generations in the North East blaming the Tories for the closure of coal mines, three decades on, Brexit has changed attitudes. Sunderland has become the flagship for the Leavesupporting region with more than 60 per cent of voters in the city voting to exit the EU in the 2016 referendum. Talking in a café in the city’s shopping centre, the staff of the nearby branch of the shoe repair chain Timpsons said that local people were not worried now thatBrexitdaywasfinallyapproaching. “PeoplevotedfortheConservativesto get Brexit done,” said Eddie Carroll, a 42-year-old manager, echoing Mr Johnson’s election mantra. “The general election confirmed the [referendum] — Idon’tseethingschanginghere.” David Pearce, a shop manager whose family were coal miners and traditional Labour voters, added: “People are just gladit'sover.” Graeme Miller, leader of Sunderland city council, sees the contradiction between the Brexit people voted for and the unwanted consequences that might come as a result. Any retreat by Nissan caused by Brexit would be “catastrophic”, he said, describing the factory as not just “regionally important but nationallyimportant”. But during a “walking surgery” this month — stopping by houses — Mr Miller said: “The city voted to leave and many are happy that the Conservatives won because they see [them] as delivering the referendum. “You’ve got to accept that politically. That is the real world.” Even some businesses are pleased the Brexit stalemate has been resolved. John Elliott, founder of Ebac, which

makes electrical appliances, said: “It’s more important to do right for the country than for business. The current system is not working for most people. “We can’t run this country for the benefit of the motor industry — we need tothinkaboutwhat’sgoodfortheUK.” Othersarguethatwhatisgoodforcarmaking is good for the rest of Britain. “I don’t think people appreciate quite how long the supply chain is for Nissan,” said Mr Dormer of Rosh Engineering. “They’re not household names . . . companies that make seats, dashboard, windscreen, wipers, locks, you name it, theyemploythousands.” The worry is that the North East will be forgotten as Westminster plots the UK’s future outside the EU. Few know what Mr Johnson’s election vow to “level up” the regions will mean in practice. “I am a firm supporter of British industry,” said Mr Dormer. But referring to an uncertain period after this week’s landmark Brexit date, he added: “It’s a bit like jumping out of an aeroplane without a parachute. At first you go, hey, I’m fine. I’m still doing great . . . Bang.”

A Brexit advertising campaign billed as the biggest by the government since the second world war may have failed to encourage people to seek information about leaving the EU, according to theUK’s public spendingwatchdog. More than £46m was spent on the “Get Ready for Brexit” campaign until work was paused after an extension to Britain’s departure was agreed with the EU in October. Despite the costs, the Cabinet Office “could not demonstrate that the campaign resulted in significantly better preparedness”, the National AuditOfficesaid. The report will add to the scrutiny of the government’s spending ahead of the October 31 deadline set by Mr Johnson to leave the EU with or without a deal, given criticism over the money spent on initiatives to prepare for a hard Brexit that never materialised. The government also gave more than £10m to business lobby groups to prepare businesses forano-dealBrexitinOctober. The report comes as the government prepares a new “Ready to Trade” campaign on February 1 — the day after the UK is due to formally leave the EU. Another campaign will aim to raise awareness of Britain’s departure this week ahead of the end of the transition period on December 31 — the deadline by which Britain must negotiate a new tradingrelationshipwiththebloc. The NAO said that a key performance indicator — the proportion of UK citizens who reported that they had looked or started to look for information — “did not notably change compared to the beginningofthecampaign”. Theimpactofthecampaignwaslikely to have been reduced, it said, as fears over a no-deal exit receded during October. Less than half of the £100m budget earmarked for the advertising campaign was spent during the two month periodfromthestartofSeptember. Gareth Davies, head of the NAO, said: “At short notice, the Cabinet Office successfullycorralledmultiplegovernment departments to work together effectively and launched this complex campaign at great speed. However, it is not clear that the campaign resulted in the public being significantly better prepared.” The NAO said that the campaign had made the public better aware of “some of the things they might need to do” ahead of the UK leaving the EU. This included “signs that action was being taken on some priority areas such as passport renewal applications and international driving permits issued, whichincreasedduringthecampaign”. The Cabinet Office says the campaign reached 99.8 per cent of the population and each member of the public had the chance to see the adverts 55 times. According to a survey commissioned by the Cabinet Office, 58 per cent of people recalled the campaign and 73 per cent recalleditwhenshownanadvert.

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NHS survey warns of executive exodus in pensions dispute

Almost half of senior NHS leaders plan toleavethehealthservice,orareconsidering doing so, because of pensions changes that have left many facing steep additionaltaxbills. A survey by NHS Providers of executives of hospitals, ambulance, community and mental health services suggested that a 2016 shake-up of pension rules may lead to an exodus of senior managersinthenexttwoyears. The changes saw the annual tax free pension savings allowance reduced from £40,000 to as little as £10,000 for those with incomes of more than £110,000, and have left some senior NHS staff facing marginal tax rates of morethan100percent. Warnings by doctors’ leaders have escalated in recent months, amid growing evidence that the number of medics retiring or cutting back their hours because of the so-called pensions taper isjeopardisingpatientcare. In November the government announced a temporary solution, in which senior NHS staff delivering frontline care were granted early access to their pension pots in order to help cover any extra charges in their April tax bill. Each pot will then be topped up by NHS Englandbeforetheyreachretirement. However senior managers were not included in the arrangements. Looking ahead to the permanent solution promised for the March Budget, the survey found there would be “a significant adverse impact on morale, retention and the effective running of services” if non-clinicianswereexempted. Saffron Cordery, NHS Providers deputy chief executive, said: “Without urgent action, we face the possibility of an exodus of NHS leaders, at a time when the need for their experience, skills and commitment has never been greater.” Nine in 10 survey respondents said that they and their organisation were concerned that differential arrangements for different staff groups — for example offering a solution to senior doctors and nurses but not managers — would also create divisions and harm cultureandmorale. More than a third — 37 per cent — of board-level directors said fewer staff in

their trust were seeking or accepting promotion, while 60 per cent said clinicians were now less willing to take on leadership roles. Nearly 70 per cent of clinical executives had turned down, or would consider turning down promotions or taking on additional leadership responsibilities. One unnamed NHS trust director of operations said in the survey: “Poorly led organisations have higher mortality rates. Senior managers do on-call, and work seven days a week. Vacancies lead to operational decisions, especially around emergency care, becoming ever moredifficult.” There was a near unanimous view that senior non-clinical staff should be eligible for any pension flexibilities implemented by the government. Almost as many felt that flexibilities shouldbeavailabletoallNHSstaff. Services relied on the additional discretionary efforts of all staff, including managers, who regularly worked beyondtheirhourstokeepservicesrunning, Ms Cordery said, warning that clinicians could be deterred from moving intoleadershiproles

EventhenamelocalsinSunderlandgive themselves suggests how they see their place in the world: the mackems — or make ‘ems — a nod to a proud manufacturing past that helped boost Britain’s industrialexpansioninthelastcentury. But it is the UK’s withdrawal from the EU — now just four days away — that is dominating conversation in the northeastern city. And for a local economy so reliant on manufacturing and open trade with the European bloc, some in this strongly Leave-voting region are nervous. “It’s the beginning not the end,” said Ryan Maughan, founder of Avid Technologies, which makes parts for the growingelectriccarmarket. “In five years’ time we would have 500 staff in the north of England. [But] it depends on where we get to [with] the trade deal,” he added. “If we end up in a position where we are tariffed going into mainland Europe, that could change thinking [about where staff are placed].” Others agree the Brexit landmark does not end uncertainty. “What’s going to happen afterwards? What is the deal?” asked Ian Dormer, managing director of Newcastle-based Rosh Engineering, who has written “Brexit clauses” into contracts to make sure any tariffs imposed as part of a future trade deal between the UK and EU are passed tocustomers. “Is it hard Brexit, soft Brexit? I don’t know.January31isgoingtocomeandgo and I don’t know what’s going to happen,”hesaid. On Friday, the UK formally leaves the EU, triggering the start of the next phase of the Brexit process. By the end of this year, the two sides must agree a new trading relationship or risk a “cliff edge” departure where the UK has to revert to World Trade Organization rules with accompanyingtariffsontrade. But even if Boris Johnson can secure a new deal within a timeline dismissed by EU leaders as unrealistic, there are fears it could still lead to an increase in frictionatborders. Earlier this month Sajid Javid, chancellor, told the FT that the UK would not seek alignment with Brussels after Brexit. This, Mr Javid said, would have “an impact on business one way or the other,somewillbenefit,somewon’t”. Business leaders in Sunderland fear they will be left in the latter camp given the reliance on companies that need to import and export goods and supplies — not leastNissan, the Japanese carmaker that is the biggest private employer in thearea. The chairman of Nissan Europe said in October that its operations could be in jeopardy if the UK was to crash out of theEUwithoutadeal. One Remain-voting employee at the Nissan site, a production line engineer, described his mood as uneasy. “Nobody hasanyideawhatitmeansforus.”

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Grenfell Cladding risks were known, inquiry told

The suppliers of two key components implicated in the Grenfell Tower fire were accused yesterday of knowingly allowing the installation of dangerous products during the refurbishment of the west London block of flats. The criticism of Arconic, a US metals group, and Celotex, a UK-based materials company, came in opening statements on the first day of the resumed public inquiry into the June 2017 disaster that left 72 people dead and many more injured. The claims were made by barristers acting for Rydon Maintenance, the main contractor responsible for the tower block’s refurbishment between 2014 and 2016, and Harley Facades, the specialist contractor overseeing the installation of the cladding on the building’s exterior. The public inquiry’s first phase, which reported in October, focused on the night the fire swept through the tower block in north Kensington and sharply criticised the London Fire Brigade’s response. The second, longer phase of the inquiry, led by retired Court of Appeal judge Martin Moore-Bick, will consider the tower’s renovation, when insulating and rain-proofing panels that allowed the fire to spread were installed. Marcus Taverner, representing Rydon, presented evidence in his opening statement that Arconic had

long accepted that the cladding panels provided for the Grenfell project posed a fire risk. Mr Taverner produced an email sent in 2011 by Claude Wehrle, an Arconic executive, in which he referred to the product exhibiting “bad behaviour” in response to fire. He also quoted a 2015 email from Mr Wehrle in which the executive described the panel used at Grenfell as “dangerous on facades”. Mr Wehrle discussed an element of French regulations which he said could be interpreted as permitting the use of the Grenfell-type material on tall buildings. However, that rule should have been discontinued “over 10 years ago” because of the risks, Mr Wehrle wrote. Mr Taverner also cited internal emails at Celotex from 2013, in which two executives discussed giving up on designing a rain screen of the type that was eventually installed at Grenfell because it posed a serious fire risk. Later, Jonathan Laidlaw, for Harley, described how Celotex had made “erroneous” claims that its RS5000 rain screen, fitted at Grenfell, could safely be used on buildings as tall as the 24-storey tower. In fact it had only very limited safety certification that did not cover the combination of materials fitted at Grenfell, Mr Laidlaw said, citing internal Celotex correspondence. Mr Laidlaw revealed that Harley had contacted Jonathan Roome, Celotex’s major projects and specification manager, to discuss the refurbishment. “At no stage was it suggested by Mr Roome, or anyone else at Celotex, that the wall build-up being proposed at Grenfell Tower in any way called into question the suitability of the use of RS5000 above 18 metres,” Mr Laidlaw told the inquiry. Richard Millett, counsel to the inquiry, had earlier criticised the “merry-go-round of buck-passing” between the companies involved in the refurbishment. Only the Royal Borough of Kensington and Chelsea, the local council, and Celotex had accepted any responsibility, he said. He said the submitted evidence gave the impression no one had done anything wrong. Barristers for Arconic and Celotex are due to give their opening statements today. Robert W

Grant Shapps, transport secretary, is expected to confirm tomorrow that Northern Rail will be removed from the control ofArriva, part of German stateowned company Deutsche Bahn, and placed in the hands of the government’s “operator of last resort”, Whitehall figuressaid. Mr Shapps has previously said that he would choose between either nationalising the line or allowing the current franchisees to run it on a short-term management contract. But one government figure said: “You wouldn’t give the keys back to the people who crashed the car.” The Conservatives have been vehementcriticsofLabour’splanstotakethe entire system gradually into state control, which they have criticised as 1970sstyledirigisteinterventionism. But the nationalisation of Northern Rail would be the second such move by the Tory government in less than two years, after East Coast Mainline collapsed and was taken over by the operatoroflastresortinJune2018. The sprawling network stretches from Cheshire to Northumberland and carries 101m passengers a year on 2,500 dailyservices. One option that has been discussed in Whitehall is splitting Northern into two less unwieldy entities: north-western andnorth-eastern. Meanwhile, Mr Shapps has indicated that South Western Railway could also benationalisedwithinmonths. At the same time, other lines are struggling because passenger numbers are failing to hit the heights predicted at the time that private consortiums took themon. Arriva has run Northern Rail since 2016, when it replaced a consortium of Serco and Abellio with a promise to upgrade the network with a fleet of new trains, replacing its old-fashioned Pacer rollingstock. Butthelinehasbeendoggedbydelays to infrastructure improvements — including train track electrification — from Network Rail, which owns the country’s rail infrastructure, and a longrunningdisputewithunions. The announcement on reopening somelinesaxedintheBeechingclosures of the 1960s is part of a wider drive by Boris Johnson’s government to prove that it is serious about “levelling up” regionalinequalities. Areas set to benefit from the reopening of lines could include Blyth, a former Labour-controlled town in Northumberland that turned Tory in December. Mr Shapps this month visited Blyth to discuss plans to reopen the line linking Newcastle to Ashington via the town. Other projects being considered are thought to include the Blackpool-FleetwoodlineinLancashire. The “Beeching cuts” are totemic in railway lore, marking the moment that more than 4,000 miles of track were closed on the guidance of Richard Beeching, then chairman of British Railways.

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Johnsonfeels heat over role of Huawei

Lawmakers in Washington and London yesterday ratcheted up the pressure on Boris Johnson to deny China’sHuawei a role in supplying kit for the UK’s fifthgenerationmobilephonenetwork. But the prime minister’s National Security Council is today expected to grant Huawei a restricted role providing equipmentforthe5Gdatanetwork. Mr Johnson is seeking to balance the consumer and economic benefits of a fast rollout of 5G using Huawei kit against security concerns about the Chinese telecoms equipment maker raised by the Trump administration as well as lawmakersinWashingtonandLondon. The prime minister insisted the National Security Council could deliver “a very, very important strategic win for the UK”, hinting that he would follow advice from British security officials by giving Huawei a role in supplying “noncore”elementsofthe5Gnetwork. Mr Johnson is also expected to impose a market share cap on Huawei in an attempttoreassuretheTrumpadministration that Britain does not want to be reliant on Chinese technology and would like western companies to build up their 5G capabilities. Speaking at King’s College London, Mr Johnson said: “There’s no reason why we shouldn’t have technological progress here in the UK, allow consumers, businesses in the UK to have access to fantastic technology, fantastic communications, but also protect our security interests and protect our key partnerships with other securitypowersaroundtheworld.” British security officials have said they can manage any security risk around Huawei kit if it is not part of the 5G network “core”, and that it will not have a negative impact on intelligence sharing with Washington. Core parts of the network refer to servers and systems where mobile operators’ customer informationisprocessed. The UK’s four mobile network operators — EE, O2, Three and Vodafone — havelaunched5Gservicesinthepastsix months, all involving some Huawei kit. TheNationalSecurityCouncil’sdecision relatestowhetherHuaweishouldhavea continuingroleasasupplier. Huawei has consistently said it is a private company and is not subject to state interference, but Conservative and Labour MPs lined up in the House of Commons yesterday to say it representedarisktoBritain’ssecurity. Tom Tugendhat, a senior Tory MP, said Mr Johnson was about to “nest a dragon into our critical national infrastructure”. Former Tory leader Iain Duncan Smith said such a decision wouldbe“bizarre”. Three senior US senators today wrote to all members of Mr Johnson’s National Security Council urging them to exclude Huawei from the 5G network, and arguing that the company’s inclusion gave an economic advantage to one of China’s nationalchampions. Marco Rubio, Tom Cotton and John Cornyn, all Republicans, said: “The more countries do not allow Huawei to participate in their 5G networks, the more market space there is for innovators and entrepreneurs to develop competing products. And these incentives arealreadystartingtobearfruit.”

Cuts to a tax break for entrepreneurs would be a “significant blow” to business owners, experts say, after reports that the measure will be targeted for reformin theMarchBudget. The£2.4bnayeartaxbreakallowscompany owners to pay less capital gains tax when selling their businesses, a policy that has been criticised for being too generousandforrewardingtherich. But industry groups were quick to defend “entrepreneurs’ relief” for its benefits to business owners, as well as the message it sends about the UK as a countryfavourabletostart-ups. “Any reduction risks undermining some of our most promising young firms and entrepreneurs by stifling investment,” said Suren Thiru, head of economics at the British Chambers of Commerce. The policy allows entrepreneurs to pay capital gains tax at 10 per cent instead of the usual 20 per cent on up to £10mingains. Tax experts say the policy is unlikely to be ended, but they expect reforms, such as cutting the lifetime allowance to £1m — “which will immediately remove the biggest tax break”, said Torsten Bell, chief executive of the Resolution Foundation, a think-tank. Lowering the allowance could protect benefits for smaller business owners, rather than themostsuccessful,hesaid. Business groups said there was room for reform but cautioned against sweeping changes. They pointed out that many small business owners paid themselves no salary or had no pension, and that targeting capital gains tax could hurt a demographic nearing retirement. “Making big changes to the relief at this juncture would hit many small business owners who have been planning for their retirement with the relief in mind,” said Mike Cherry, chairman of theFederationofSmallBusinesses. “Allowing entrepreneur relief on the first £1m of a business sale . . . would bring it in line with the sum that can be accrued in a pension pot,” Mr Cherry added. The Budget is also likely to reconsider who qualifies for the relief, as the policy currently also provides tax relief for largeinvestorsincompanies.

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