FirstFT: UK criticizes Biden’s green subsidy package | Daily News Byte

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Britain has joined international criticism of US President Joe Biden’s massive package of green subsidies, warning that they are protectionist and will hit UK-based manufacturers of electric vehicles, batteries and other renewable equipment.

UK International Trade Secretary Cammy Badenoch has written to her US counterpart, Catherine Tay, protesting the design of the Biden administration’s $369 billion effort to green the economy.

The Inflation Reduction Act (IRA), which passed Congress in August, includes tax credits for green technologies aimed at attracting investment in the US and reducing carbon emissions.

The European Union, South Korea and Canada are among those who claim the act violates World Trade Organization rules by tying aid to US domestic production, but Britain has so far kept a low profile on the issue.

In his letter, seen by the Financial Times, Badenoch claimed the US plan would “damage multiple economies around the world and affect global supply chains in batteries, electric vehicles and broader renewables”.

Although she welcomed US efforts to address climate change, Badenoch warned that they must not come at the expense of free trade and that both sides must adhere to the rules of the international trading system.

Thanks for reading FirstFT Europe/Africa. We wish you a Merry Christmas and will be back in your inbox in short form on Tuesday, December 27. Here’s the rest of today’s news — Gary

1. Bankman-Fried to be released on $250 million bond The FTX founder made his first appearance in Manhattan federal court yesterday, where a federal magistrate judge agreed to his release on “the largest pre-trial bond ever.” He will be confined to his parents’ home in California and fitted with a location-tracking bracelet.

Sam Bankman-Fried is escorted from the Manhattan federal courthouse after his initial appearance

Sam Bankman-Fried is escorted from the Manhattan federal courthouse after his initial appearance © Bloomberg

2. TSMC in talks over first European plant The world’s largest chipmaker is in advanced talks with major suppliers about setting up its first potential European plant in the German city of Dresden, a move that would allow the world’s largest chipmaker to capitalize on booming demand from the region’s car industry.

3. Big investors are hot for bonds after the 2022 sell-off Big investors are returning to the bond market as fund managers are favoring debt over other asset classes for the first time since the 2008 financial crisis.

The Bloomberg Global Aggregate Index (%) Annual Returns column chart shows the historical selloff for bonds

4. M&S and Waitrose battle it out for Middle England Marks and Spencer has battled Waitrose at the top end of the UK grocery market, according to NielsenIQ data. The two strongholds of central England are in a battle for hearts and shopping baskets against a backdrop of the cost of living crisis, with M&S gaining almost 0.7 per cent of market share over the past two years and Waitrose losing a full percentage point.

5. Meta and Alphabet lose US digital ad dominance Competition from Amazon, TikTok, Microsoft and Apple has seen Meta and Alphabet lose their dominance of the digital advertising market that they ruled for years. Facebook parent Meta and Google owner Alphabet’s share of US ad revenue is projected to fall 2.5 percent to 48.4 percent this year.

next days

Economic data Canada is scheduled to release October GDP figures today.

UK strikes Different sectors of the UK workforce will go on strike during the holiday period. Postal workers will begin a two-day strike today over pay, jobs and conditions. Border Force officials will also begin an eight-day strike and rail workers will begin a three-day strike tomorrow. Nurses and ambulance workers are also on strike, causing disruption to the NHS.

Christmas Day Countries around the world will be celebrating Christmas over the weekend. Charles III will deliver his first royal Christmas message as monarch on Sunday afternoon.

FT Live at Davos will host in-person and digital events alongside the World Economic Forum’s annual meeting in January. These sessions will bring together leaders from policy, business and finance to share insights on the big issues at stake and solutions that can pave the way for renewed growth, stability and resilience. View events and register for free here

What else do we read?

How adidas lost its luster Adidas’ shares have fallen 54 percent in a year since its lucrative partnership with Kanye West ended in October after an outcry over his anti-Semitic remarks, and sales in China and its withdrawal from Russia have slumped. When Puma boss Bjorn Gulden steps up to the top job at the sports apparel maker next month, he will inherit a company in crisis.

Kanye West and his Yeezy range of trainers
A former Adidas manager told the Financial Times, ‘Behind the scenes, things with Ye had been bad for a long time. ‘He was constantly misbehaving – changing his mind, postponing projects, not respecting Adidas’ timelines’ © FT Montage/RadarPix/Shutterstock/Alamiami/Dreamtime

Ukraine and Poland will form a ‘special relationship’ About 1.3 million Ukrainians lived in Poland before the Russian invasion, and this number has doubled since then. Their presence has given Poles a new sense of kinship and respect for their neighbors, shifting the focus from the practicalities of housing refugees to long-term cultural integration.

‘We have no beds, we have no oxygen’ Just weeks after China abandoned its strict coronavirus control measures, with little preparation for a wave of exodus from the country, hospitals in Beijing – the best in the country’s healthcare system – have been overwhelmed by sick elderly Covid patients.

‘I tried to buy a Rolex and fell into the gray market’ Trying to buy a Rolex Oyster Perpetual for his wife’s birthday proved more difficult than expected for Jeff Mesch. Although the luxury manufacturer produces more than a million timepieces a year, securing one may require navigating the mysterious world of gray market dealers.

Five Fiscal New Year’s Resolutions for 2023 As part of the FT’s financial literacy and inclusion campaign, Claire Barrett explores five practical ideas to get your finances in shape for the challenging year ahead.

Video games

From medieval mysteries and robot dinosaurs to gentle ginger cats, the FT’s “Best Video Games of 2022” list has something for everyone.

Screenshot of 'Citizen Sleeper' game

‘Citizen Sleeper’ offers an exciting tech dystopia

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