FirstFT: Today’s top stories | Financial Times

Good morning. How well did you keep up with the news this week? Take our quiz to find out.

Joe Biden is preparing to announce a string of tax increases on wealthy Americans, including a nearly doubling of levies on capital gains for people earning more than $1m, to pay for a massive increase in funding for childcare and education.

The economic package from the White House, which is worth more than $1tn, could be announced as early as next week, according to people familiar with the matter, when Biden is scheduled to address a joint session of Congress for the first time since becoming US president.

The tax increases would reverse some of the tax cuts passed in 2017 by former president Donald Trump and are expected to track Biden’s campaign proposals, which targeted individuals earning more than $400,000 per year.

Coronavirus digest

Follow the latest news on our live blog and sign up for our Coronavirus Business Update email newsletter.

In the news

US aims to lead by example as countries pledge climate action The US has vowed to cut its carbon emissions in half by the end of this decade, as President Joe Biden promised the new targets would help create jobs and maintain American competitiveness. Canada, Japan and South Korea also made new climate commitments at Biden’s two-day virtual environmental summit. Follow our live blog for the latest.

Russia orders troops to pull back from Ukraine border The defence minister has ordered tens of thousands of troops recently deployed close to the border with Ukraine to return to their bases in a move likely to ease immediate fears of a conflict and reduce tensions with the west.

Wirecard workers removed millions in cash in shopping bags Employees of the collapsed Germany payments group hauled millions of euros of cash out of the company’s Munich headquarters in plastic bags over a period of years, according to former staff, suggesting that Wirecard was looted even more brazenly than known.

Wells Fargo plans to shift Asian hub to Singapore America’s fourth-largest bank by assets has been quietly working on a plan to move its Asian regional hub from Hong Kong to Singapore as part of wider restructuring efforts.

China berates Australia for cancelling BRI projects Beijing has blasted Canberra’s decision to scrap two contentious Belt and Road agreements with the Victoria state government, warning that the decision would harm Australia and aggravate strained relations.

Ping An profits hit by property developer’s woes China’s biggest insurance group, and one of the world’s largest by assets, has suffered a Rmb18.2bn ($2.8bn) hit from its exposure to troubled property developer China Fortune Land Development, taking a slice off its first-quarter profits.

Apple to boost ads business as iPhone changes hurt Facebook The US tech group will expand its advertising business, according to two people familiar with its plans, just as it brings in new privacy rules for iPhones that are likely to cripple the ads offered by rivals, including Facebook. Sign up here to receive our #techFT newsletter, for insights on the latest tech trends and the companies that are leading them.

Credit Suisse to raise $1.9bn of capital The Swiss bank is raising SFr1.7bn ($1.9bn) of capital from investors in an attempt to rebuild its balance sheet as it reels from back-to-back crises involving Archegos Capital and Greensill Capital that have triggered investigations by the Swiss financial regulator.

The day ahead

India added to UK coronavirus ‘red list’ for travel People who have travelled from India in the last 10 days will be refused entry to the UK. British or Irish passport holders, or people with UK residence rights, must quarantine for 10 days. But the move may have come too late, the UK’s former chief scientific adviser said. (BBC)

US earnings American Express, Kimberly-Clark and Honeywell report results on Friday.

What else we’re reading

The data invisibility of Asian Americans The lack of Asian American representation in national surveys means that the voices of Asian voters, though they are the fastest-growing group in battleground states such as Georgia and Texas, are disadvantaged in terms of news coverage, writes Christine Zhang.

For real progress on climate change, invite the developing world The US and China must work together to help small economies reduce emissions, writes Gillian Tett. If the world is going to tackle climate change, poor and middle income nations urgently need access to vast quantities of transition finance.

Chauvin trial highlights change in corporate activism Executives rarely comment on court proceedings but a chorus of corporate tweets, blog posts and LinkedIn reactions captured how George Floyd’s murder pushed civil rights up corporate America’s agenda. Plus, the psychological toll of boarding of cities in anticipation of protests. (FT, Quartz)

Is Myanmar becoming a failed state? What started as a domestic political crisis caused by a military coup against Aung San Suu Kyi’s government has escalated into a human rights emergency and, more recently, a civil conflict. Facing economic collapse and deteriorating humanitarian conditions, the UN has compared the country with Syria.

Dogecoin is a joke, but it’s no laughing matter The meme cryptocurrency was briefly worth $54bn on Tuesday. It’s part of a wave of excess that has spread across speculative assets in the past year. Does that mean the whole market is in a phase of wild excess? Not necessarily — but it is still a risk. (WSJ)

Spirit of a city: five cocktails that taste of Tokyo Some of the top mixologists in Japan’s capital have created recipes for the FT that evoke their city. Enjoy them at home or order in person if and when you can. And visit our full Globetrotter guide to Tokyo. Want more life & arts content? Sign up for our FT Weekend newsletter.

Podcast of the day

Leaving Afghanistan Gideon Rachman talks to Tom Tugendhat, head of the UK parliament’s foreign affairs committee, about the US decision to finally withdraw from Afghanistan. How will this affect the credibility of the western powers and their ability to conduct successful military interventions abroad?