Financial Times Weekend 22-23Feb2020

(Dana P.) #1

4 ★ FTWeekend 22 February/23 February 2020


I N T E R N AT I O N A L


M E H R E E N K H A N , SA M F L E M I N G ,
J I M B R U N S D E N A N D M I C H A E L P E E L
BRUSSELS
EU leaders failed to make a break-
through in talks on the bloc’s €1tn
budget after member states clashed
over rebates claimed by some of the
region’srichestmemberstates.
An emergency summit broke up last
night without any deal, after an attempt
by leaders to broker a compromise was
rejectedbyallsides.
Earlier, the European Commission,
led by president Ursula von der

Leyen, tabled a paper suggesting bil-
lions of euros of savings for the bloc’s
next seven-year financial plan. This
included cuts to spending on security
and defence and improved terms on
which money would be returned to
countriessuchasAustria.
However, the ideas were immediately
rebuffed by so-called “frugal” states
including Denmark and the Nether-
lands. They want to defend rebates that
they receive on their contributions and
have called for the EU budget — known
as the multiannual financial framework
— to be capped at 1 per cent of the bloc’s
grossnationalincome.
The EU needs to agree a new
budget before the end of the year but
talks have laid bare rifts over how to fill

the€60bnto€75bnfundinggapcreated
byBrexit.
European Council president Charles
Michel has been leading attempts to
find a compromise but his strategy to
find common ground between the 27
memberstateshasfoundered.
Diplomats were yesterday night dis-
cussing how soon to reconvene for a
freshattempttobrokeracompromise.
A diplomat from one frugal state said
the latest offer from the commission
had not been “good enough”. Another
said the alliance of frugal countries —
Denmark, Austria, Sweden and the
Netherlands — and Germany would
rejectattemptstobreaktheirunity.
The five countries are defending
rebates worth €6.4bn in 2020, accord-

ing to commission figures, with Ger-
manythebiggestrecipientat€3.76bn.
All leaders are being asked to give
ground in the budget negotiations. Net
payers are being asked to assume a big-
ger burden, while net recipients face
tighterspendingprogrammes.
The latest bid to win round sceptical
countries included offering fixed
rebates to five countries as well as an
extra €100m lump sum for Austria.
Brussels also dangled the possibility
that the Netherlands could be allowed
to keep a greater share of the customs
dutiesitcollectsovernextthreeyears.
Mateusz Morawiecki, Poland’s prime
minister, described the discussions as
“the most difficult negotiations in his-
tory”fortheEUbudget.

Post-Brexit funding


EU budget talks break up in disarray


‘Frugal’ states dig in heels


over rebates given to some
of bloc’s wealthier nations

‘[The talks
have been]

the most
difficult

negotiation
in history’

Mateusz
Morawiecki,
Polish PM

WORLD|


WEEK IN REVIEW|


Big Tech faces Brussels move to
enforce data-sharing with rivals

Dominant technology companies will have to open
their troves of data to smaller rivals under EU
proposals aimed at breaking the near monopolies
enjoyedbythelikesofAmazonandGoogle.
Outlining its “strategy for data”, the European
Commissionsaiditwouldexplore“theneedforlegis-
lative action” to push companies towards sharing
and pooling data. It said tech companies were able to
build huge advantages by guarding their data, while
banks or car companies were already required to
allowthirdpartiestoaccesscustomers’information.
The proposals are set to add to growing US irrita-
tion that Europe is picking on its tech champions.
Facebook said it was in favour of data-sharing, but
addeditneededmoreclarityaroundtherules.

Roger Stone, longtime confidant of Donald Trump,
was sentenced to 40 months in prison following
controversy over how the US justice department
handledthecaseunderpressurefromthepresident.
Mr Stone, 67, was convicted last year of lying to
Congress, obstruction and witness tampering to
protect Mr Trump. Last week, William Barr,
attorney-general, overruled a recommendation by
prosecutorsthatMrStoneserveuptonineyears.
Meanwhile, Mr Trump pardoned several white-
collarcriminals,including“junk-bondking”Michael
Milken, and commuted the sentence of former
Illinois governor Rod Blagojevich in a move to
address what he sees as unfairness in the criminal
justicesystem.

Japan risks technical recession as
virus outbreak threatens growth

Amazon chief announces $10bn
fund to help fight climate change

Amazon founder Jeff Bezos has announced a $10bn
fund to help fight climate change, at a time when his
companyisfacingintenseinternalandexternalcriti-
cismoveritsownenvironmentalimpact.
The world’s richest man, with an estimated net
worth of $130bn, said he would start issuing grants
thissummertosupport“scientists,activists,NGOs—
any effort that offers a real possibility to help
preserveandprotectthenaturalworld”.
A source familiar with the fund said no invest-
mentswouldbemadeintoprivatecompanies.
Mr Bezos’ announcement, made via an Instagram
post, followed pressure from Amazon employees for
thegrouptotakestrongeractiononclimatechange.

Quarter-on-quarter change in GDP (annualised )

-

-

-

-









     
Source: FactSet

Economists warn Japan is h eading for a technical
recession, as the impact of the coronavirus threatens
to compound 2019’s dire final quarter that saw the
economy shrink at an annualised rate of 6.3 per cent.

Trump associate Stone sentenced
to 40 months in prison

JA M E S S H OT T E R— WARSAW
Dariusz Stola is a respected historian
who ran Warsaw’s acclaimed Polin
museum successfully for five years and
won the competition to run it for a sec-
ond term. But despite these qualifica-
tionshehasbeenforcedtobowout.
Last week, the 56-year-old academic
announced he was renouncing his
right to lead the museum, which charts
the 1,000 years of Jewish life in Poland,
after the country’s conservative-nation-
alist government refused for more than
eight months to confirm his appoint-
ment, accusing him of politicising the
institution.
The impasse has left one of Poland’s
most visited museums in limbo. It has
also raised bigger questions about the
pressures on academic independence
under the ruling Law and Justice party,
which promotes a view of history that
emphasises Polish heroism and suffer-
ing, particularly during the second
world war, and has clashed repeatedly
with museums and academics that take
amorenuancedstance.
“It’s really a pity. For many years as a
historian and a scholar, I was saying
publicly that the past is important and
we should pay attention to it. It’s one of
the few things that we have in common
as a nation,” Mr Stola said in an inter-
view. “And, unfortunately, it seems that
the party of [Jaroslaw] Kaczynski [the
leader of Law and Justice] agrees with
me, because they really pay attention to
the past. They know the past is impor-
tant and they capitalise on it, but they
manipulateit.”
The attacks on the museum began
in 2018, after Mr Stola criticised a new
law that, before being a mended, intro-
duced jail terms for anyone who
incorrectly accused the Polish nation or
stateofcomplicityinNazicrimesduring
the second world war. He argued that
it could have a chilling effect on histori-
calresearch.
Acoupleofmonthslater,themuseum
ran an exhibition marking the 50th
anniversary the 1968 anti-Semitic cam-
paign fomented by Poland’s then com-
munist regime, which led thousands of
Jewstoleavethecountry.

ski had previously accused Mr Stola of
“carrying out very aggressive politics”
as well as refusing to hold an event on
the work of Lech Kaczynski, the late
Polish president and twin of Jaroslaw
whowasinvolvedinestablishingPolin.
Mr Stola said the claim he had
engaged in politics was “nonsense” and
that he had been prepared to hold an
eventonKaczynski.
Other museum leaders have rallied
to his defence. “[Stola] did a wonderful
job in Poland, and made Polin into a
very successful museum. A change of
leadership imposed on an institution
by a government that feels threatened
by freedom of speech in the safe space
that a museum should be is a very prob-
lematic thing,” said Emile Schrijver,
chair of the Association of European
JewishMuseums.
The clash over Polin is the latest in a
series of run-ins with cultural institu-
tions since Law and Justice came to
power in 2015. In 2017, it ousted the
director of the Museum of the Second
World War in Gdansk, and installed a
successor who altered the exhibits to
putgreateremphasisonPolishsuffering
andvalour.

Central Europe.Nationalism


Jewish museum caught in Polish culture war


Polin director forced out amid


politicisation claims says state


wants to manipulate the past


The event sold more than 100,
ticketsbutdrewafuriousresponsefrom
nationalist media, in part because a sec-
tion juxtaposing anti-Semitic and xeno-
phobic rhetoric from 1968 and 2018
included anonymised quotes from two
prominentrightwingjournalists.
“Before [early 2018], our relations
with the ministry, [run by culture min-
ister Piotr Glinski], were maybe not
friendly, but correct. And then they
deterioratedquickly,”MrStolasaid.
The culture ministry did not respond
to a request for comment, but Mr Glin-

Looking back:
visitors to Polin
museum stroll
through a
recreation of
Warsaw’s old
Jewish district.
Below, Dariusz
Stola
Omar Marques/Getty Images

Last year, it became embroiled in a
row over the control and funding of the
European Solidarity Centre, a museum
about the Solidarity movement that
helped bring down Poland’s communist
regime. It has also clashed with histori-
ans such as Jan Gross, who wrote a book
on the massacre of Jews by Poles in
Jedwabnein1941.
Following Mr Stola’s decision to step
back, the culture ministry said it had
agreed with the museum’s two other co-
founders — the city of Warsaw and a pri-
vate Jewish historical association — that
deputy director Zygmunt Stepinski,
who has run the museum in Mr Stola’s
absence, would replace him for a three-
yearterm.
MrStolasaidMrStepinskiwasa“man
of integrity” who would run Polin inde-
pendently. But he said he worried the
pressureonmuseumswouldnotletup.
“There is a kind of dynamic of expan-
sive control. Our museum was accepta-
ble to the government up to the begin-
ning of 2018, and then it became unac-
ceptable,” he said. “So I am afraid that
what is acceptable for the government
today will be unacceptable in six years,
orayearfromnow.”

C L A I R E J O N E S— HANAU
TO B I A S B U C K— BERLIN

Were it not for the police tape and the
steady stream of mourners, the Mid-
night shisha bar in Hanau would be
easy to miss. The windows are dark, the
signs on the facade held in discreet
black and white. Next to the door,
green letters spell out the word
Neueröffnung, or new opening.
Over the past two days, however, this
locale near the city centre has drawn
hundredsofvisitors,manypayingsilent
tribute to the four victims murdered
hereonWednesdaynightbyarightwing
extremist. Authorities say the gunman
killed another five people at a second
location in the city, before driving home
and turning the gun on his 72-year old
motherandthenhimself.
Exceptforhismother,allninevictims
were from immigrant communities,
mostly young Turks and Kurds. Yester-
day, German interior minister Horst
Seehofer described the shooting as a
“terroristattackmotivatedbyracism”.
The Hanau killings have shocked the
country while raising questions that
have become painfully familiar — not

leasttothemillionsofimmigrantsliving
inGermanyandtotheirdescendants.
“I fear more attacks like this, that you
will have copycat crimes,” said Butt, a
local worker with Pakistani roots who
hadcometothecrimesceneyesterday.
Sahel Ahmadzea, another local who
attended a demonstration in the city
centre yesterday, said: “We’re all in
shock, everyone here is. The police and
the politicians need to do more to root
out extremists. This is not just a prob-
lemhereinHanau,butinGermany.”
Hanau,acityof100,000inhabitantsa
short train ride from Frankfurt, does

not often make headlines and lacks the
prosperous air of other commuter
towns around Germany’s financial cen-
tre.Butunemploymentislow,atjust4.
percent,andthecityhasatidyfeel.
Since Wednesday, however, Hanau
willresonateasthelatestGermancityto
be haunted by extremist violence. The
mass shooting was the third deadly
attack by a far-right gunman in eight
months. It came just a week after police
arrested a group of far-right conspira-
tors who had plotted to unleash “civil
war”inthecountrybyattackingrefugee
centresandmosques.
After Germany’s police and security
services spent years training their sights
on Islamist terror cells, the authorities
aretryingtochangecourse.Germanjus-
tice minister Christine Lambrecht said
yesterday: “Rightwing extremism and
rightwing terrorism are the biggest
threattoourdemocracytoday.”
Mr Seehofer vowed to step up the pro-
tection of mosques and other Islamic
institutions across the country, but also
warned of the potential for copycat
attacks. German officials also cautioned
that it is difficult to identify potential
perpetratorssuchastheHanaususpect,

who had no criminal record and — as far
as was known yesterday — no direct
links with neo-Nazi or other extremist
groups.
Germany’s federal prosecution serv-
ice said yesterday that the gunman sent
a criminal complaint to the Karlsruhe-
basedinvestigatorsin2019,allegingthat
he was being illegally persecuted by an
unnamedintelligenceservice.
The same allegations are also made in
detail on his personal website in a 24-
page “manifesto” that spells out fanati-
cal racism ideology and genocidal fanta-
sies. Among other things, the gunman
calledforthemurderofentirecountries
and groups, and advocated reducing the
world population to “around 500m
peopleofGermanicorigin”.
Those passages were not included in
the complaint to the prosecution, who
saw no reason to raise the alarm. The
suspect had a gun licence that was
renewedbylocalauthoritiesrecently.
In Hanau’s central marketplace a
statue of the Grimm Brothers has
become a shrine to the victims of the
attack, with flowers, candles, pictures of
the deceased and banners reading “We
aremore”and“peoplearepeople”.

German killings


Hanau shooting sparks fears of extremist copycat attacks


Tributes: people hold pictures of
a Hanau shooting victim yesterday

STOCK MARKETSMar 30prev %chgWorldMarkets
S&P 500FTSEurorst 300Nasdaq CompositeDow Jones IndEuro Stoxx 5020703.38 20659.32 0.215902.742365.931500.723481.671493.755897.553475.272361.130.470.090.200.
FTSE 100FTSE All-ShareXetra DaxCAC 40Nikkei 19063.22 19217.48 -0.8012256.43 12203.00 0.447369.524011.015089.645069.044011.80 -0.027373.72 -0.060.
Hang SengFTSE All World $24301.09 24392.05 -0.37297.99297.730.

CURRENCIES$ per €$ per £Mar 301.0741.249prev1.0751.
SFr per €£ per €¥ per $€ index¥ per £111.295 111.03589.046 89.372139.035 137.8221.0690.8591.0720.866$ indexSFr per ££ per $€ per £¥ per €£ index€ per $119.476 119.363Mar 30104.636 103.93076.705 76.9511.2441.1640.8010.9320.806prev1.2381.1550.
COMMODITIESOil Brent $Oil WTI $Mar 3052.9850.2252.5449.51prev%chg1.430.
Gold $ 1248.801251.10-0.

INTEREST RATESUK Gov 10 yrUS Gov 10 yr100.4698.87price1.212.38yield0.00-0.03chg
Ger Gov 10 yrJpn Gov 10 yrUS Gov 30 yrGer Gov 2 yr 102.58100.45100.1498.68price0.392.990.06-0.75prev0.010.00-0.010.00chg
Euro Libor 3mUK 3mUS 3m BillsFed Funds E 0.66-0.360.780.34-0.360.780.660.340.000.000.000.
Prices are latest for editionData provided by Morningstar

L AandaAboastaLJENNIURA N O Oondoni£37,FER TfulHOMNAN —nvestment000fineinthefirstcaseofWhatsAppmePSO N —DUB L I NLO N D O Nbankerssagehascosthisjob
rThefinebynicchatapp.egulatorsationsovercratheckingdownoncomFaceFinanbookcialCon’spopularmu-duct
prAstaff’sthatnuthorityoblemeedtomocommunnewmehighlightsication.diaposenitorandartheforcochiveincreampaniestheirsing
encryptionbannedeminformationincludingSeverallaployWhasystemovermergeitsApp,eesfromnvestmentssagingthatcwhichsendingbankshaveannotbeservicesusesanclient
auser.WhaccessedwtsAppfromeutscheDithoutpBankermwlastyorissionfromk-issuearedBbannedlack-the

iesbanker,passedconfidentialclientainformationtoa“pBerrysanceChristopherandafterdiscussionswfriend”Niehaususingersonal,aformerJithrWhatsAppacquaint-egulators.effer-,
accordingtoMrtoTheFCAsaidMrhisNiehausemployervtheFCA.hadturnedoluntaNiehausTheroverrily.egulatorhadhisdesharedvicesaid
newmeconinglastyearto“Sevsystem“onanumberofofidentialeraldiafromwbankshavebinformaimpress”ork-tiononpeoannedissueddeple.themetheccasions”useofvices,ssag-
butbanksmovetowadeclamasvice”piPhone-lothepeddownonsituationhasolicy.vingGstaffrdsa“itsoldmanSastaff’sbecomespurnbringyourownphonetheirwtrickieraschsork-billshas
issuedareBtypicallyankerBlackBsattwoinerrytrainedinhowtos.stitutionssaidusestaffnew

meChpribandiaatwoambAndrewBodvatepeoplefromers,phones.saidrk,thebutnarinstallinga,abarristeratMabanksareuncaseset“apreceppsonabletotrixtheirdent
inelse”.sagingthatitInformaappsasshowstionsharedbyMrthetheFCAssameaseveesthesemes-erythingNiehaus
binclientandJoastedhowhemhismefferies.Includedortgageitheinformoneidenfadealwasinstanceightbetityandationabsucceoutarivalofabletopayoffdetathebankerssful.ilsofa
tionoFferiesandreacebookefferiesdeclinedtoMrJNiehauswasfadisciplindidnotresignedbaryprocess.suspspondtoarequesteforecommentendedfromJthecomwhileple-ef-
forAdditiLombardcomment.onal rpage 20eporting by ChloeCornish

City wabanker lotchdog seses job over WhndsaclearatsApp boastmessage as

averCongreonattempt to tApril 28 have rethe US-MetaUS gssional Reoverackxico border on tonmentfunds to pay for a wpubsisted Dlicans seshutdonald Trump’sown aftereking toall
defeforcthatstopgap spending plaeafederalnce and border spehis plannedshutd$33bnown forns.ndingincrThey fease inthe ficouldearrst
time since 2013, as DUS budgetTrtoacceptump attackthe proposaQ&Aoverandhealth billemocrats rls.efuseiPAGE 8

Shutdown risk as borderwall bidgoesoverthe top

FRIDAY 3 1MAR C H 2 017

BriefingidealmUSEuropebargain-haking,asUShasbecomecomuntersthepaniesbigtargetfuelrideaEuropeforcrTrump-fuelledoss-bM&Aorder
AequitytlanArepRepiortonhowtic.marketort out— PAGE 15; CHlines lrallytothehealthINAonger NHS whuntCURBSservicecanforHITbargainsDEALS, PAGE 17aiting tsurviveacrossimesthe
moresomeon-Emergingnisurgicalproceurgentopausterityhasnations in reerationsandsaiddureswpatientswforA&Etreaillbecord debtscrapillwaitped.tmentw— PAGE 4lonsalesgerhilefor
Devemergingmovernmenttakingadgelopingvandebtincountrieshavearktageofaetsasthetradebooms.surgeinfirstsoldreoptimismtowquarterof— PAGE 15cordlevthisyear,elsofard
record455plannedorunLondon tAinLonisurveydon.Whasrevtallorkbderbuildingsareowerealedconeganonstrucplans brthatationeak records
almiTillersonTheUSsecrduring2ostonetowe016.etaryof— PAGE 4fails toraweekstateeasehasfaTurkey tiledtoreensicononscile
teneTaxtraditionofsionsyyipEafterrdoganontalksinAnclericFissuesinethullahkarawcludingSGulen.ithPre— PAGE 9yriaandsidentRethecep
To shiba iiInaandmanfiledstormyagerso–aforCcastdoubtonarevivalhapter11three-vinganentrnvestorshourmebankruptcyprdoubt revivalplaneting,inveenchedsecrecyafterWeotection.storsstin— PAGE 16planaccusedcultureghouse
iMs,inamovetoemTheHSBC woos ttitleseedsofnbanksuchas“hasunvtransgenMx”,inaeilederransgendercustombracedivdarangeofdditiontoMr,ersityanders.— PAGE 20customersgenMrs,der-ncatertoeutralMissorthe
Datawatch

UK £2.70 ChannelIslands £3.00; Republic of Ireland €3.

©NoFPCTHErankfurt,rinted in Lonhicago, San: 39, 435 FINANCIALBrussels, Mdon,★Francisco, WLiverpool,ilan,TIMES LTDashington DC,MadrGlasgow,id,New York,Orlando, (^2017) Dublin,
Tokyo, Hong Kong,Singapore, Seoul, Dubai
SubwwTel: 0800w.ft.scribecom/298 4708subscribeIn pnowrintand online
Fwwor the latest news go tow.ft.com
Recent attnotablymassAnders BrNorway,acre bythe 2011acks —eivik inthe
attbucked the trBrusbombiandNice, andacks in Parisselsngs—havesuicideendthe
Sources: Jane’s Terrorism and Insurgency Centrewestterrorfatofgeneralities fromern Europeincidents inallylow
Terror attacks in western EuropeHighlighted attackOthers
NorwayParisBrusselsNice
A Five StarIt aly’s pthe pooropulists are tr— B I GREAD, PAG E 1 1plan?ying to woo
WORLD BUSINESS NEWSPAPER
Trump vsTechtit ans need to minithe Vamiselley
political risk—GILL I A N T E T T, PAG E 1 3
Dear DMay’s first stab at the bron...eak-up
letter— ROBE RTSHRIMSLE Y, PAG E 1 2
Lloyd’sofLondonexcitiesinEU base to help deal wselsover“fiveorpecteditsdelossofpacisiontochoseBsix”sspsetupanith the otherortingrus-
rightscenturies-ket,saidheexJohnNafterBreoldelson,xit.insurachairmanofpectedncemar-otherthe
illbereinsuredbacktoheadquayndicatesatswbusinessinsurerstowritteninrters,follow.MitspicCityofLoturedabove.ostofBrusselsndonthethe
London’ssgrbeenseenasTheBelgiancapitalhadnotoupsafterpeciatheUthelistinfirstvesKchoicelesuranceathefor
EU,womeshboMrNitstransporturgthoithDelsonforughttobemoresaidtheublinlinks,taindustry.theandLuxcitywononlentpoollikelyem-But
and“etoryrLexInsurers set to followpage 14eputation”.xtremelygoodrpage 18egula-
Lloyd’sofBrutotapnewtalentpoolwithEUbasesselsInsurancemarket
AFP
JAdutiA MEScomputeresandBLITZsystema— WclearimpoHITEcquiredtoHAL L ErtsintoDITO RtheUKcollect
malesurgdmittedtoMPs.avesHMayeinwotheEU,notbeRevrkloadexenue&CustomstoldapaabletohcustomspectedauthoritieshaveandleoncetheBritainhugerlia-
mentarnMcoeededarch2019,wmpleted,urgentacyinquirythatthenewandhenBrethetiontobereadybychairofxitisduetobetheprobesystem
sBihareSettingupadigitalcustomssaidtime“hasconxitbeenatconplanfidenceitwoningthellapsed”.heartofbecauldbeopuseofWhitehall’sthefiverasystemtionalefold
inccoBritisAbout53permefromtheEU,anddoreaseindehportswhenclacentofBrationsextheUKritishimportsleavesnotrequirepectedattheEU.
ThechBsibnothreecksglexitwresaMayamarkettradingouldincludebecauseblocs.andnnouncedinJtheyHMRChcustomsarrivedeparturefromanuarythrounion.andlesugh60mthatButthe
tdcustomcallclaraTherevohit3eedC00m.ustomsDesuntionsayelaion,eartionsabthenumberisexbut,oclarationoutnceService,aretheoutsidepectedsystem,the
hosranginwhethelikelytotofrgfromregulatoryrWhitehallcanimthrowacustomssharperspegimeandplemimmigrations—inarotlightonentaeas
ttimeProoassentialtoBreegricultureandblemsBritainleaveswithxitCDSandtheEU.couldforceLofisheries—byotherprojectsndontothe
adjustourownEUmuch,aWhitehallitshardernegocustomsthanweanofficialsatiationposystemisprositionid.ticipated,“Ifwithrunvingningthatthe
oughttohaveanimoftheCommonstreasuryselectcom-pressmittee,InaforlettertocertainHMRCAndrewsaidoptionsinBpactonhowwetheTyrie,timetablerussels.”chairmanfor
delivachiecomplexprlinkedtodoeringCDSwas“vable”.But,itogramme”zensofoadded,thercothatnchalleneededtobeCDSwas“amputergingsys-but
CDS,time.ButlastmcoHMRCtemstoworkpropmmitteesaindicaassigneda“greentingitwyingonth,itwrotetotheprouldbeerly.InNtrafficogrammehaddeliveredonlight”toovember,the
beenrmeansaHMRCsaidlastpparthereare“majorelegatedto“entinanumbero£eyarambnight:“[Cer/red,”wrisksoreas”.DS]isonissueshich
tracktobeinternationalanditwtomaketheEU...InsureillbeternaldeliveredbyJanabletothateachprojecttradeoratingsaredesupportncetheUKfricuaryleavestiosignedgetsnless2019,the
focevidenoetee,HMRC’scusandressfulwhichdelivletterstowillbexplanasourceitreery.”publishedtoday,pro-tiontheselectquiresfortheracomformit-suc-ting
siontoTimetablcausedbychange,leavee&Great RepbutsomeMPsbMrsMay’stheEUcustomsunion.unexeal Believeitwaspecteddeillpage 2ci-
ScJPMorgan eye opEditoPhilip SthemerialtoComment & Nephens&Chrisimport EU lawstionspage 18Gilesotebookpage 3page 13page 12
HMRC warns
customsrisks
being swamped
by Brexitsurge
33 CoFivefoldnfidenceinITplans‘riseindeclarationsexpectedhascollapsed’
STOCK MARKETSMar 31prev %chg WorldMarkets
S&P 500Euro Stoxx 50Dow Jones IndFTSEurorst 300Nasdaq Composite3495.591503.0320689.64 20728.49 -0.192367.105918.691500.725914.342368.06 -0.043481.580.070.150.
FTSE 100FTSE All-ShareCAC 40Xetra DaxNikkei 12312.87 12256.43 0.4618909.26 19063.22 -0.817322.923990.005122.515089.644011.01 -0.527369.52 -0.630.
Hang SengFTSE All World $24111.59 24301.09 -0.78297.38298.11 -0.
CURRENCIES$ per €$ per £Mar 311.0701.2511.0741.249prev
SFr per €£ per €¥ per $€ index¥ per £139.338 139.035111.430 111.2951.0710.85588.767 89.0461.0690.859$ indexSFr per ££ per $€ per £¥ per €£ index€ per $119.180 119.476104.536 104.636Mar 3177.226 76.7050.8001.2521.1690.9350.801prev1.2441.1640.
Oil Brent $Gold $Oil WTI $COMMODITIESMar 311244.8553.3550.461248.8053.1350.35prev0.22%chg0.41-0.
INTEREST RATESUK Gov 10 yrUS Gov 10 yr 98.63price100.351.222.41yield-0.01chg0.
Ger Gov 10 yrGer Gov 2 yrUS Gov 30 yrJpn Gov 10 yr 99.27100.36price99.27102.57-0.753.040.070.33prev0.000.01-0.010.00chg
Fed Funds EUK 3mUS 3m BillsEuro Libor 3mPrices are latest for editionData provided by Morningstar-0.360.780.660.34-0.360.660.340.780.000.000.000.
ALEX BAST E FA N WAG ST Y LTheEUyesterdaytookatstanceinBreGEORGE PRKERARKER— B R U Sxitne— LOND O Ngotiat—BERLINSEL Soughopions,rejectingening
arEuropeanCeBritain’sxplicitlygivrangementspleaforearlyouncilprethataingSpainavetopplytotradetasidentDonGibraltar.overanylksandald
Tusk’stheroadtoBre“phasedwhichareanimportantain’sexapprfirstpectationsbydraftofoach”toxit,soughttodthethedivorceproc-settingoutamileguidelines,ampBstoneonrit-
essdrawalSpainThedethattheterms.righttovpriocisiontoritisespraddetoanytheogressonwclaEU-UKusegitradevingith-
dealsc300-MadridoveringyearterritorialdisputebetweenandLoGibraltarcondonanouldmakebstacletothe
amtrclause,safullyGibraltaryeeatmentbybitiousbeentradeandsingledyingthesterdaythecouncilatterritoryoutairlineahitbackatforunfavothebhad“ccessurableshame-ehestofdeals.the
Spain”.MaMr“clause,ptheSeniorEUTusk’stexttraditionalointingdridleftroomforndiplomatsSpaoutthatitonlyrdefendednishposition”.notedegothetiatorseflectedthatdraft
towlaminwasthatrgely““withinorkwistertheEUconithinTheresaMay’sstructive”,wthepanegotiatingcomingmorametersofithonesaalliesstancewasnths.insistedwhatweyingitPrime
wereexupside”.insistenceonaBritishpecofficialsating,pcondmittedtinerhapsmoreonuingrthatoletheEU’sforthethe
EuropeanCotionBrusselssdealcouldbeprourtofJeeslittleroomforusticeinanyblematic.transi-compro-
msupervisoryandenforcementinstru-Brestatusreise.IfBquire“exit,withinthexistingrritainwantstoproguidelinestheegulasinglemarketstateitwtory,budgetary,longafterouldits
citizenmentsandtobhasMreginonlyonce“beenmadeonBTuskwantsrights,wstructurestoahichritain’sesufficientprtalksonWhitehallopply”.xitfutureogress”billandfficialstrade
bNatopreaossibleifBoelievemrisJssuredEuropeansummitinohnson,eanscertainsimtheforBrusselsconultaneditionsarecolleaguesataeignsecrousthattalksareMrsMaymet.etary,
hadnotinwhenRepafterBreorts &shexitwanalysislinkedsetendedtoithatradepage 3curityco-op“thrdeal.eaten”ertheEUtioan
JonaMan inHenry Mthan Powell,the News: Daancepage 12Timvid DaHarford &vispage 11
Br usselswithSpain htakes tough sanded veto over Gtance on Breibraltarxit
About 2.3m pewill pwage to £7.50 per hour. Buttoday’sile preincressure on Ease inoplethe natwill benenglishionalcouncils,thefit fromriseliving
aged 25 andnew living wlotstawhich w—amore. Some 43 permounting to 341,ill have to pay careover —ageandearn less tthecent of careincr000 peopleworkers aease ishanthe
expected to cost coAnalysis£360m inithePAGE 4cominguncils’ care sfinancial year.ervices
Livingpressure onwage rise to pcareservicesile
K £3.80U; ChannelIslands £3.80; Republic of Ireland €3.80 S ATURDAY1APRILS U N DAY 2 A/ PRIL 2 017
F©Crankfurt,Printed in LonNohicago, San: 39,THEFINANCIALBrussels, M^436 don,★FrancLiverpool,isco, Wilan,TIMES LTDashington DC,Madrid,Glasgow,New York,Orlando,^2017 Dublin,
Tokyo, Hong Kong,Singapore, Seoul, Dubai
SubTwwel: 0800w.ft.scribecom/298 4708subsIn pcriberintnowand online
For the latest news go towww.ft.com
Censors and sensitivityWarning: this article may be upsetting — LIFE & ARTS
(^) H OW D RIVER LESS
T E CC H A NHNO LO GYGIN G A N I S
A MERICAN WAY OF LIF E
T H E END
O F TH E
R O A D FT WEEKEND MAGAZINE
Escape the taper trapHow high earners can evade a pension headache — FT MONEY
The lure of the exoticRobin Lane Fox on the flair of foreign flora — HOUSE & HOME
How To Spend It
(^) Chic new lodgings
in ScotlandMAGAZINE
Art of persuasoverdisputedpainionting of Jane AusMystery deepensten
Austen’sdescendantsinsisttheRiceportraitdepictsherasagirl—seemagazineBridgeman Art Library
RCDUNC A N RA LPH ATreditSuisseKINSOBINSO N— Z Uhas— B R U S SRIC HbeenELStargetedby
FbitackSwwerssanceandTheSwimageaepingitzerland’ssataxhavtaxinveissbanksaidyetheNetherlaattemptstostigaen.tionsinsterdayitnds,cleanuptheUK,settingwas
oere“owfficesinLoconcerningcutchaD-operatingcontactedbylouthondon,Paclienttaxmawitharitiessaidrisuthoritiesaandtters”.caltheircoAmsterdamofficialsfterunter-its
partweffaiditwasinveshileATheortsbysinGermanywerealsoinvolved,inqustrauiriesthestigalia’srevcountry’sthrtingaSwenueeatentounbankdepartmentissbank.ingsecderminetor
custrdeqoovownonetuiremerhaulomersmeetentsfovaders,wbusinessmollowingainternahichredelsUS-ledtionalandensultedinclamp-taxsure
billionmenttiongealnTheproeral’so”sofdisputeathatithaddollarsinbesfficeeriskfterxpresparkinganbeenfines.thessed“aSwissleftoutofattostointerna-nish-rney-the
asubcU’sEcentionscoCretyejectofinveditjudicialsterday,Suisse,w-ordinatedbyEurojliastigaisonbody.idenhosetionsintifiedsharesitselfastheNfell1.2perust,ether-thethe
lands,FranceandtheUK.Thebanksaid
itcomgatherinforHMfollowed“apliance”Revenue&Customsmationaboutstrabutwastegyoffullstilltheprotryingtoclientsaiditbes.taxhad
taxlaunchedasuspectedderingby“aandauthocertainotaxerityglobalcrimfitsadded:inalinvevasionandmoneyfinaemploy“Theinncialinees”.stigaternationalTheUKtionstitutionlaun-into
thoseseekrmeacDtion,eachofutchprssagethisisaidthatingtoevadetax.”theyosenvecutors,whointhereisnoseizedjewstigationhidingsendsaellery,paitiatedplacecleartheforint-
ingsSwitzerlandthousainveprobe;andgoldstigationhadrevnd”bankawhileFrenchoandingotsaspartofnotdeccountsopenedinclaredtofficialssaidealed“sevFrenchtheirtheireral
opsaiditwas“ataxaTheSwissattorney-general’sofficeerationhasuthorities.beenstonishedatorganthewayisedwiththisthe
delibindemDIn2014,CreutchatheUStoan“eandeerateexuthorities.dawritteneditclusionofSuissextensiveSwitzerlaxplanationfrompleadedandguiltynd”.Itwide-
ranHouDublin,evadetax.ItagrAdditional relder ingingcCarLondon,onspiracy”tooline Biporting byeedtofinesof$2.6bn.and MnhamichaelLaura Nhelpand Voonan inclientsStotanessahard
in Paris
Credit Suisse
engu lfed in
freshtax probe
33 UK, FraBlow for bid to clean up Swiss ince and Netherlands swoopmage FEBRUARY 4^2017
THE RISE OF ECO-GLAM
390_Cover_PRESS.indd 1 19/01/2017 13:
MAKE A SMART INVESTMENT
Subscribe to the Financial Times today
Morning briefing. Midday analysis. Mobile updates. Subscribe to
the FT and you’re better informed all day.
With newspaper delivery, you start the day prepared. With FT.com,
you’re on top of the news throughout the day. And with mobile
and tablet access, you’re up to speed wherever you are.
Visit FT.com/subscribenow
Terms and conditions can be found at http://www.ft.com/subscribenow
FEBRUARY 22 2020 Section:World Time: 21/2/2020 - 19: 31 User: john.conlon Page Name: WORLD1, Part,Page,Edition: LON, 4 , 1

Free download pdf