FirstFT: G7 explores energy price caps

G7 members are to explore ways of curbing energy costs, together with doable caps on the worth of oil and fuel, at a summit that has been overshadowed by fears of a recession induced by rising inflation.

Officers yesterday night settled on resolutions to develop options to scale back Russia’s hydrocarbon revenues whereas minimising the destructive impacts of excessive power costs.

Based on a draft textual content seen by the Monetary Instances, leaders will discover the “feasibility” of introducing momentary worth caps on imports of power — a reference to a US-led push for a ceiling on the Russian oil worth.

Leaders additionally pledged to “align and expand targeted sanctions to additional limit Russia’s entry to key industrial inputs, providers and applied sciences”, as they promised to step up safety commitments to Ukraine.

The G7 assembly, which comes 4 months into Moscow’s invasion of Ukraine, was hosted by Germany within the Bavarian Alps and can conclude immediately.

The leaders additionally condemned Russia’s “abominable attack” yesterday on a shopping center within the Ukrainian metropolis of Kremenchuk, warning that indiscriminate assaults on civilians “represent a conflict crime”. Ukraine’s president Volodymyr Zelenskyy described the missile strike as a “terrorist” assault.

Extra from the G7 summit:

Thanks for studying FirstFT Europe/Africa and right here’s the remainder of the day’s information — Jennifer

5 extra tales within the information

1. Boris Johnson wins vote to tear up N Eire protocol The UK prime minister yesterday secured a 74-vote House of Commons majority for laws to deactivate the Northern Eire protocol in his Brexit cope with the EU, however solely after the plan was mauled by his predecessor, Theresa Could.

“This invoice, in my opinion, isn’t authorized beneath worldwide regulation, received’t obtain its goals and diminishes the standing of the UK within the eyes of the world” — Theresa Could

2. Bob Diamond’s PE agency raises funding from Qatar Atlas Service provider Capital, which was co-founded by the previous Barclays chief government nearly a decade in the past, has struck a non-binding commitment of $100mn with Qatar to fund a brand new distressed asset car. The fund will search to boost $1.5bn from different institutional traders forward of closing subsequent 12 months.

3. Credit score Suisse discovered responsible over Bulgarian drug cash failings Credit score Suisse has grow to be the primary home financial institution to be discovered guilty of a corporate crime by Swiss authorities after a courtroom stated the lender didn’t cease the laundering of Bulgarian drug cash, accusing it of ignoring pink flags together with money in suitcases and two assassinations.

4. Trump’s Spac plans undergo blow after subpoenas Donald Trump’s plans to take his media enterprise public have suffered a blow after a federal grand jury issued subpoenas to a blank-cheque company that’s set to merge with Trump Media and Expertise Group.

5. Luxottica founder Leonardo Del Vecchio dies aged 87 The billionaire founder of the eyewear group who rose from a childhood spent in an orphanage to grow to be Italy’s second-richest man, has died.

The day forward

Nato assembly Officers from 30 member international locations collect for 3 days in Madrid as Spain marks 40 years since becoming a member of the transatlantic alliance. Nato announced yesterday it could improve its forces on excessive alert greater than sevenfold to 300,000. The FT View is that an growth of the fast response power marks a pivotal second.

Scotland independence plan First minister Nicola Sturgeon is anticipated to element how she plans to hold a second independence referendum. Robert Shrimsley explains why Sturgeon is choosing to do this now.

Financial indicators: Client confidence figures are out for Germany and France, which is because of maintain its first Nationwide Meeting session after a parliamentary election created a hung parliament. Hungary delivers an rate of interest determination whereas within the US, an S&P home-price index is forecast to indicate housing prices rose in April whereas client confidence deteriorated. (FT, WSJ)

Australian PM in Paris Newly elected premier Anthony Albanese is because of go to the French capital to “reset” relations strained by a scrapped submarine deal.

Ghislaine Maxwell in courtroom The British socialite and confidant of the late convicted intercourse offender Jeffrey Epstein is because of be sentenced within the US after being found guilty in a intercourse abuse trial.

Be part of senior FT journalists, Il Sole 24 Ore and Sky TG24 in dialog with enterprise in addition to authorities leaders, together with the Italian Minister of Overseas Affairs, representatives of the European Fee, Financial institution of Italy, and lots of extra on the Made In Italy Pre-Summit on July 13. Register without cost immediately here.

What else we’re studying

The revival of jap Germany As soon as a byword for financial decline, Germany’s previously communist east has grow to be dwelling to Europe’s quickly increasing electrical automobile sector, turning the area into one of many continent’s hottest items of commercial actual property. Here’s how it happened.

Europe’s Spacs scramble for targets The continent could have been late to the increase in particular objective acquisition firms, however that didn’t cease a few of its wealthiest and highest-profile business figures from muscling in. Now, the area’s largest blank-cheque car, Pegasus Europe, is amongst these nonetheless on the hunt for a merger.

Younger males are slipping via the cracks The largest driver of the decline in youth worklessness in latest many years is the collapse within the variety of stay-at-home younger moms. However there’s one other hidden story: the proportion of inactive younger males has climbed from 5 per cent in 2000 to 9 per cent final 12 months. Sarah O’Connor goes deeper.

Why inflation’s increase to UK public funds is unlikely to final Inflation has been a boon to Rishi Sunak, boosting tax receipts, reducing the price range deficit and giving the chancellor a windfall he has used to vow tax cuts. However politicians, officers and economists predict that larger debt curiosity funds, falling actual wages and pressures on public providers are set to make his life more difficult.

What’s a superb (and dangerous) method to depart your job? We too typically fail to handle job endings nicely. The implications not solely have an effect on the individual leaving, however also can hurt workers remaining — and the corporate itself. Naomi Shragai, a enterprise psychotherapist and writer, shares tips for amicable endings.

Summer season reads

Searching for a page-turner? Examine our Laura Battle’s 10 top fiction recommendations.