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FirstFT: Nato to bolster Baltics

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NATO must agree to revise its plans to better protect the alliance’s eastern flank, tearing apart a model that could have meant abandoning the Baltics and then retaking them in the event of a Russian invasion .

NATO secretary general Jens Stoltenberg told the Financial Times that the military blueprint, to be agreed upon at an annual summit of leaders starting tomorrow in Madrid, would dramatically improve the alliance’s eastern defenses, focusing on shift from deterrence to full defense of the Allies. territory.

Estonia’s prime minister has claimed that under current doctrine the Baltic states would be “wiped off the map” by a Russian attack before NATO counterattacked to liberate them after 180 days.

The alliance will “significantly strengthen its defenses in Eastern Europe,” Stoltenberg said, pledging that Russia would not be able to take the Estonian capital Tallinn “just as they have been unable to capture the northern city of Kirkenes.” Conquer Norway or West Berlin during the Cold War”.

More about the Russian war in Ukraine

  • Military developments: Russian missiles hit residential buildings in central Kiev yesterday. Ukraine’s withdrawal from the eastern city of Severodonetsk was a “tactical” move to prevent a repeat of the siege in Mariupol, the country’s chief of military intelligence said.

  • Energy policy: G7 leaders meeting in the Bavarian Alps are pushing for a deal to impose a “price cap” on Russian oil to curb Moscow’s ability to fund its war.

Thanks for reading FirstFT Europe/Africa. To start your week, here’s the rest of the day’s news. — Jennifer

1. EY values ​​NSO Group at $2.3 billion The accounting firm Big Four estimated the secretive Israeli spyware company at $2.3 billion months before the maker of the Pegasus cyberweapon needed emergency funding. By contrast, Berkeley Research Group, which represents NSO’s private equity owners, said this year the company’s equity was “worthless.”

2. BIS: Leading economies are at risk of high inflation The Bank for International Settlements warned yesterday that major economies were about to “tip” in a high inflation world where rapid price increases dominate everyday life and are hard to suppress, and urged central banks not to be shy. about inflicting short-term pain and even recessions to prevent it.

Line chart of the percentage of countries with inflation over 5 percent, the percentage of countries with high inflation has exploded

3. RWE: UK windfall tax could risk £15bn in renewables The head of one of the country’s largest electricity producers has warned that Germany’s largest utility will reconsider £15bn of investment in the UK’s renewable energy sector if the country imposes a windfall tax on electricity generators.

4. UBS Tries U.S. Investment Heavyweights The Swiss lender, the world’s largest asset manager, has begun seeking investment houses to become top shareholders, while trying to improve its market value to better align with Wall Street peers and project a global bank image .

5. UK Treasury Takes Stake In Sex Party Planner The British taxpayer has become a shareholder in Killing Kittens, known for its exclusive and hedonistic events, as part of the Future Fund, a scheme set up by Chancellor Rishi Sunak to support innovative companies during the pandemic, turning loans into equity.

the next day

British lawyers on strike Members of the Criminal Bar Association are going on strike in an escalating dispute with the government over funding, which is expected to cause widespread disruption to hearings in England and Wales.

UK changes trade regime in N Ireland MPs will vote for the first time on Boris Johnson’s legislation to unilaterally tear apart parts of Northern Ireland’s post-Brexit trade arrangements, despite fierce criticism from Brussels.

Economic indicators The European Central Bank’s annual Forum on Central Banks kicks off in Sintra, Portugal. In the U.S, durable goods orders may show whether inflation, rising interest rates and economic uncertainty weighed on demand in May. (FT, WSJ)

UN Ocean Conference The week-long conference on ocean conservation and sustainability begins and is co-hosted by Kenya and Portugal.

Business developments Nike publishes fourth quarter results. Disney’s board of directors meets for two days less than a week after it gave a no-confidence vote to controversial CEO Bob Chapek.

Wimbledon starts The tennis tournament kicks off at the All England Lawn Tennis and Croquet Club in south-west London without the top men’s player or the reigning women’s champions. Daniil Medvedev is ineligible after a ban on Russian players, while Ash Barty is retired. “Retiring at 25 seems like filing for divorce while on your honeymoon. But Barty’s decision reveals several truths,” writes Henry Mance.

What else do we read

Grim times lie ahead for the UK The country is gripped by the kind of labor unrest not seen in decades. The explanation for it is clear. Unforeseen inflation produces losses that everyone wants to make up. This causes social conflict, writes Martin Wolf. But if inflation is bad, so is the cure.

The way to roll back Roe vs Wade As the Supreme Court overturns the landmark 1973 ruling enshrining the constitutional right to abortion, Lyz Lenz documents the rise of the Christian right and how it reached this historic moment. In response to the ruling, Democratic lawmakers are stepping up their efforts to establish “holy states” for reproductive rights.

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Crypto and meme corporate bonds are following their own path The crash of some of the stock bubble’s flag bearers was painful for investors. Less noticed are the losses of their bonds. Such gaps reveal differences in ownership and returns of stocks versus bonds, writes Ellen Carr of Barksdale Investment Management.

How the Beauty Industry Left Behind the Turtle-Like Revlon Once a behemoth of the beauty industry, Revlon has been sidelined by modern influencer and social media driven makeup brands. The 90-year-old group’s bankruptcy filing shows how competitive and fast the industry has become.

There is no such thing as accidental plagiarism Acclaimed Australian novelist John Hughes claims that many of the 58 instances of plagiarism in his new book were accidental. Everyone steals when they write, but where does ‘good’ theft end and clumsy scams begin?

Books

Whether you’re looking for a book on urban planning, a literary thriller, a tome about the royal family, or something else unexpected, you’ll want to take a look at these must-read titles recommended by FT writers and – editors.

An abstract illustration of a man and children looking at boxes of books forming the body of a kite

© Cat O’Neil

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