FirstFT: Today’s top stories | Financial Times

The two heads of Credit Suisse’s prime brokerage business are to leave just weeks after the bank reported at least $4.7bn of losses related to the family office Archegos Capital.

John Dabbs and Ryan Nelson have stepped down from leading the unit, which offers specialised services to hedge funds, according to a staff memo seen by the Financial Times.

They are the latest in a growing list of senior and mid-level executive departures as the bank reels from twin crises involving Archegos Capital and supply-chain finance company Greensill Capital.

The Swiss lender has previously announced the departures of Brian Chin, its head of investment banking, and Lara Warner, its chief risk and compliance officer.

Coronavirus digest

• UK prime minister Boris Johnson’s trip to India this month has been cancelled as the country battles a new variant and a surge in cases.

• Russia’s Sputnik V coronavirus vaccine has an efficacy rate of 97.6 per cent, its developers have said, based on data from almost 4m people.

• Australia will ask the EU to lift export restrictions on vaccines. Canberra blamed the EU for delays affecting 3m doses of the Oxford/AstraZeneca jab.

• India will make everyone above 18 eligible for a Covid-19 vaccination from next month. The rupee has dropped about 3 per cent to 75.14 per dollar since the start of April, prompting concerns among global investors.

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In the news

Chinese carmakers step up challenge to Tesla China’s carmakers will use
this week’s Shanghai car show, which launched on Monday, to display more than a dozen new electric models and technology designed to appeal to younger buyers.

Insider trading complaint against Deutsche board member Germany’s financial watchdog has filed a criminal complaint against Alexander Schütz, a Deutsche Bank supervisory board member, over alleged insider trading of Wirecard shares.

Super League clubs net €200m-€300m bonus Twelve football clubs that have signed a binding agreement to form a new European ‘Super League’ have been guaranteed a “welcome bonus” worth €200m-€300m each, according to people with direct knowledge of the deal that has prompted outrage from fans to heads of government. Sign up for our Scoreboard newsletter on the business of sport for more.

Meituan to raise $10bn in delayed deal after share price drop One of China’s largest internet companies plans to raise about $10bn in an equity and debt deal delayed by a misfire that sent its shares tumbling last week. The food delivery giant, backed by technology group Tencent, will raise about $7bn in equity and sell $3bn in convertible bonds.

Prosecutor says Chauvin ‘betrayed badge’ in Floyd case Derek Chauvin “betrayed the badge” in killing George Floyd, prosecutors said. Lawyers for the former Minneapolis police officer countered that his use of force was reasonable, during closing arguments in the high-profile trial. The Biden administration is privately weighing how to handle the verdict. (FT, AP)

Navalny moved to prison hospital Russia’s prison service said on Monday it had moved jailed opposition leader Alexei Navalny to a prison hospital after supporters warned his condition had worsened nearly three weeks into a hunger strike.

Nasa celebrates first helicopter flight on Mars On Monday morning a little helicopter called Ingenuity rose just three metres above the Martian surface, hovered for half a minute, swivelled and landed again. Those 40 seconds represented what Nasa engineers called a “Wright Brothers moment” — the first powered, controlled flight of an aircraft on another planet.

The day ahead

Earnings Investors will focus on subscriber figures when Netflix updates on Tuesday. The video streaming company is looking to expand its customer base in markets such as India. Other companies reporting on Tuesday include Johnson & Johnson and Procter & Gamble.

UK labour market data Ahead of the UK’s release of its February and March employment data on Tuesday, the pound hit a two-week high against the dollar. This week’s data release is expected to show evidence of Britain’s rebounding economy. (FT, Reuters)

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What else we’re reading

Matsuyama’s golf triumph is also Japan’s Consider how devotedly the world’s third-biggest economy has chipped and putted towards this outcome, writes Leo Lewis. After a slow start in the early 20th century, Japan’s golf addiction soared in tandem with its economic rise from the 1970s.

Singapore pioneers pandemic-era meetings Might the future of travel look more like a prison visitors’ room than a business-class lounge? It’s an unhappy thought, but one James Crabtree grappled with recently while visiting a Singapore facility designed to allow Covid-safe meetings behind airtight glass panels.

Europe Super League should ring antitrust alarm bells Competition makes professional sports compelling as a spectacle rather than an investment. Plans for a new Super League with a “closed shop” format raises worrying issues of potential anti-competitive activity — as might retaliation by football’s aggrieved ruling bodies.

Wirecard inquiry: Germany’s elite exposed The inquiry into Wirecard — which revealed a €1.9bn black hole in the company’s finances — has electrified Berlin’s political class and led to a series of resignations. The question is: why did regulators fail to spot one of the country’s worst corporate frauds?

After Afghanistan, China and Russia will test Biden As the US prepares to pull troops out of Afghanistan, the watching world will wonder if a gap is emerging between White House rhetoric advocating global re-engagement, and the reality of continuing retreat, writes Gideon Rachman.

US lawmakers warn of Libor chaos Thousands of loan, bond and derivatives contracts, adding up to a sum of $200tn, still use the US-dollar version of the London interbank offered rate (Libor) to govern interest payments more than a decade after a rate-fixing scandal. Lawmakers and regulators are making a plea to speed up the transition.

Video of the day

How Covid has strained the world’s ports The FT’s Trade Secrets editor Claire Jones says few places of business have faced the pressures of the pandemic quite as much as the world’s ports. A boom in manufacturing and strong demand for consumer durables in the second half of last year have led to logjams on the big shipping routes.