FirstFT: Today’s top stories | Financial Times

Boris Johnson has set out a four-step road map to end all Covid-19 restrictions by mid-June, as chancellor Rishi Sunak prepared to extend emergency economic life-support measures until the summer.

The prime minister resisted calls from some Tory MPs to fully reopen the economy by the end of April, instead favouring a “cautious” approach. Sunak’s Budget on March 3 will include measures to protect jobs and help businesses through weeks or even months of further disruption.

Here’s what you need to know about the markers laid out on England’s “road to freedom”, including crucial lockdown easing dates. The FT View is that the reopening plan is positive but the country cannot afford another false dawn.

Coronavirus vaccinations provide high levels of protection against Covid-19 infection, illness and death, according to three UK studies that provide scientific support for the government’s road map out of lockdown. (FT)

Coronavirus digest

• The US death toll has surpassed 500,000 and is by far the highest in the world, and almost double that of Brazil, with the second-highest number of fatalities. Tech stocks tumbled on Wall Street on Monday, prompted by concerns that the rapid economic recovery could bring on the removal of support for asset prices.

• Greece’s tourism minister has called on EU leaders to “move more quickly” to embrace vaccine certificates that could allow mass travel to resume.

• Chile is hoping to turn a corner on social upheaval and the pandemic outbreak in the country as it powers ahead of its South American peers in the race for vaccines. (FT)

When Covid-19 shook the world last year, CureVac seemed positioned to produce a “best-in-class” vaccine. Now, the company’s product is lagging up to six months behind. Here’s how it is trying to get back on track. (FT)

Follow the latest Covid-19 news with our live blog and vaccine tracker.

In the news

Facebook’s Australia deal The social media company has agreed to restore Australian news on its platform following an agreement with the government on amendments to a draft law that would force Big Tech to pay for news. The law highlights how platforms are more interested in following their own rules than being held accountable, writes Stanford University’s Marietje Schaake. (FT)

Online tax threatens blow to UK high street Leading British high street retailers — such as Next, Dixons Carphone and Halfords — face potentially higher taxes if the government imposes a charge on online sale to fund a reduction in business rates, Financial Times calculations have shown. (FT)

Prosecutor allowed to obtain Trump taxes The US Supreme Court has rejected Donald Trump’s efforts to block a New York prosecutor from obtaining his tax records as the former president grapples with several criminal probes. Here’s what the decision could mean for the district attorney’s pending criminal investigation against Trump. (FT, CNN)

HSBC to resume dividend despite profit drop Europe’s largest lender will resume paying a dividend despite announcing a 34 per cent drop in profits that came in slightly better than analysts’ expectations for 2020. Noel Quinn, chief executive, said he was “cautiously optimistic” for 2021. (FT)

Insurers urge UK to reduce capital buffer Downing Street is facing calls to water down Solvency II, the EU’s insurance capital regime, in what would be the financial sector’s first major departure from Brussels’ rule book since Brexit. Britain’s pet food industry is struggling to export to the EU because of red tape, as hauliers refuse shipments in fear of border stoppages. (FT)

EU manufacturers hit by resins price surge Thousands of manufacturers have been hit by a surge in the price of polymer resins used to make plastic, which has risen to six-year highs because of strong demand and a slump in supplies. If prices remain elevated, extra costs may be passed to supermarkets, other retailers and consumers. (FT)

Alex Salmond claims ‘malicious and concerted’ attack The former Scottish first minister has accused the husband of his successor Nicola Sturgeon and her chief of staff of participation in a “deliberate, prolonged, malicious and concerted” effort to remove him from public life. (FT)

EU to impose Russia sanctions Brussels will impose sanctions against Russian officials over the jailing of opposition activist Alexei Navalny. The rush to prosecute the Kremlin’s opponents has highlighted longstanding problems in Russia’s judicial system, where convictions are all but guaranteed and prosecutions become tools in business disputes. (FT)

Brazilian markets rattled by Petrobras shake up Shares in Petrobras tumbled 21 per cent and Brazil’s currency slid against the dollar after President Jair Bolsonaro moved to replace the oil producer’s chief executive following a dispute over fuel prices. The board is due to meet on Tuesday to discuss the appointment of an army general with no experience in the industry. (FT)

Iran inspection deal A last-minute deal between Iran and the UN atomic watchdog over snap inspections has opened a narrow diplomatic window to revive the landmark nuclear treaty between international powers and Tehran. (FT)

The days ahead

Powell testifies Federal Reserve chair Jay Powell is scheduled to testify before the Senate Banking committee on Tuesday and the House Financial Services panel on Wednesday, as Wall Street frets about the prospect of rising inflation. (FT)

SolarWinds hack hearing The Senate Intelligence committee hears from the company’s chief executive and other tech leaders following the network hack that US officials have attributed to Russia. (FT)

Economic data The UK has labour market figures for October to December and January out. (FT)

Zuma trial begins The trial of South Africa’s former president Jacob Zuma on corruption charges relating to a $2bn arms deal is due to begin. (Bloomberg)

Earnings round-up Companies reporting results include Home Depot, Intuit, Occidental Petroleum, Thomson Reuters and InterContinental Hotels. (FT)

What else we’re reading

Is McKinsey losing its mystique? “The McKinsey mystique” is fading fast following the consultancy’s involvement in litigation against a drugmaker at the centre of the US opioid crisis. Managing partner Kevin Sneader is seeking a second term but he needs to rebuild trust. The firm has also been criticised for its role in France’s vaccine distribution. (FT, NYT)

When is stimulus too much for markets? The Fed needs to consider how best to slowly lift its foot off the monetary accelerator, writes Mohamed El-Erian. The answer is not to abandon the fiscal stimulus. Rather, it is to improve its immediate relief targeting and accelerate the long-term growth impact.

Why once successful countries get left behind Since the global financial crisis, UK productivity has been virtually stagnant, writes Martin Wolf. Its decline in productivity growth is not unique, but its deterioration was the biggest of all G7 economies. A lack of innovation could be the problem. (FT)

Singapore data debacle When it emerged that Singapore’s police had used Covid-19 contact-tracing data for a criminal investigation, an online backlash erupted. The debacle has highlighted that the city-state’s drive to develop and deploy cutting-edge technology to build a smart city might not be as straightforward as expected. (FT)

Should the UK change its listing rules? Two experts — Lorna Tilbian, chair of Dowgate Capital, and Chris Cummings, chief executive of the Investment Association — debate the future of IPO regulations and the capital market ecosystem as the UK embarks on a review of listing rules to strengthen London’s position as a global financial centre. (FT)

Video of the day

Where does the Republican party go after Trump? FT global business commentator Rana Foroohar and US finance editor Robert Armstrong discuss the struggle for the soul of the GOP after the departure of Donald Trump. (FT)