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China sent 28 military jets into Taiwan’s air defense buffer zone on Tuesday in its largest such incursion to date, officials in Taipei said, a move as Beijing continues to express its anger at the warnings from Western countries and their allies regarding its military pressure on the island.

The flights involved 20 fighter jets and four nuclear-capable bombers as well as anti-submarine warfare and early warning aircraft, the Taiwan Air Force said in a statement. Previously, the largest incursion involved 25 Chinese military planes in a single day in April.

The operation came after the developed economies group of the G7 issued a final communiqué on Sunday after its UK summit, in which it stressed “the importance of peace and stability across the Straits of Taiwan “and called for a peaceful resolution of the problems between China and Taiwan.

Five stories in the news

1. Big Tech critic Lina Khan to lead US competition regulator US President Joe Biden has chosen Lina Khan, a leading power critic of big tech companies, to chair the Federal Trade Commission. Biden’s move elevates the 32-year-old law professor as Congress vows to crack down on anti-competitive behavior among America’s biggest tech companies.

2. EU blocks 10 banks on bond sales The EU has excluded 10 of the hardest hit banks in the debt market from selling lucrative bonds under its € 800 billion clawback fund, due to historic violations of antitrust rules.

3. PwC will increase its workforce by 100,000 in five years The audit and consulting group will grow its global workforce by more than a third over the next five years as part of a $ 12 billion investment in recruiting, training, technology and transactions designed to capture a growing market for environmental, social and governance advice.

4. EU, US end Airbus-Boeing trade dispute The EU and the US have agreed to end the 17-year dispute over aircraft subsidies, lifting the threat of billions of dollars in punitive tariffs on their economies to boost transatlantic relations.

5. UK and Australia reach post-Brexit trade deal The trade deal is expected to become a model for UK post-Brexit trade policy and pave the way for the UK to join the Comprehensive and Progressive Trans-Pacific Partnership. If the trade deal can be signed before the end of the year, it would be the first major bilateral deal fully negotiated by the UK since leaving the EU in January 2020.

Coronavirus digest

  • The catastrophic wave of Covid-19 in India undermined a US plan for New Delhi to play a leading role in combating Chinese influence in the Indo-Pacific region.

  • Malaysian Prime Minister Muhyiddin Yassin unveiled a national pandemic exit plan ahead of a meeting of the country’s monarchs that could determine its political future.

  • New York State lifted nearly all remaining Covid-related restrictions, 15 months after the largest city in the United States was forced into an unprecedented lockdown.

  • It’s too early to worry post-pandemic wage inflation, or predict a change in the balance of power between labor and capital, writes Sarah O’Connor. (FT, Straits Times)

Follow our live blog on the coronavirus here and Register now for our Coronavirus Business Update bulletin.

The day to come

China’s retail sales The figures for May will be released today. In April, retail sales grew 17% year-on-year, missing expectations. (CNBC)

Biden and Putin meet in Switzerland As Joe Biden prepares to meet Vladimir Putin in Geneva, efforts by groups linked to Russia to discredit Covid-19 vaccines are part of what the United States sees as a intensified disinformation campaign. But few believe that Moscow is likely to end its cyber activities.

Interest rate decisions The Federal Reserve will announce its interest rate decision on Wednesday as it faces pressure from investors urging the central bank to act to prevent negative rates from taking hold in parts of the U.S. financial markets. Brazil’s central bank is expected to raise interest rates by 75 basis points on Wednesday for the third time in a row.

The FT Commodities Global Summit With some predicting a repeat of the commodities supercycle of the 2000s, this year’s event schedule will assess how commodities traders seize new opportunities as markets move and fundamentals change. register here.

What else do we read

What tech investors are looking for in China After two years of struggling to raise funds, Chinese start-ups are seeing the interest of venture capitalists pick up again, as the boom in the United States crosses the Pacific. The number of venture capital transactions in China rose 56% in the first quarter from a year earlier, the fourth consecutive quarter of rising activity.

  • Learn more about Chinese investments: The country has approved record amounts of investment out of the country through an official program as authorities liberalize the local financial system amid rallying the renminbi.

US Should Reject False Promise of Protectionism Protectionism is back, especially in the United States, writes Martin Wolf. The driving forces behind this are xenophobia and nostalgia. Arguments can be made for a certain degree of self-sufficiency, for reasons of national security. But these arguments require careful evaluation.

Who is waiting for the Peruvian president? With his huge straw hat and giant yellow pencil, Pedro Castillo has emerged out of nowhere to become one of the most recognizable figures in Latin American politics. He is on the verge of becoming the next president of Peru. But what will he do to the government? Nobody knows.

Pedro Castillo

Pedro Castillo is set to become Peru’s next president

Why is Wall Street’s fear gauge so low? After inflation fears shocked investors in the first few months of 2021, the markets shifted to another fad: deep sleep. Analysts say the period of calm partly reflects the Federal Reserve’s wait-and-see tactics. But some investors are increasingly worried that complacency is setting in.

China is repackaging its history As the Chinese Communist Party’s 100th anniversary approaches this summer, President Xi Jinping and historian-turned-propaganda-responsible Gao Xiang are leading the biggest mass education campaign since the Mao era. He reinvents much of the country’s history in support of the president Xi’s vision for China. (WSJ – paywall)

Climate capital

Environmental activists are pushing a European court to rule that Norway’s oil drilling in the Arctic violates their human rights and those of future generations in the latest legal challenge to the exploitation of fossil fuels.

Learn more about our Climate Capital Pole.

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