FirstFT: Today’s top stories | Financial Times

The bewildering speed with which coronavirus has overwhelmed India’s health systems has sparked global alarm over the viral variant that emerged in the subcontinent.

The B.1.6.1.7 variant has been blamed by some for the surge in infections in India, which reported more than 350,000 confirmed cases on Monday alone.

But scientists have urged against leaping to conclusions about the extent to which the variant alone is responsible for the dizzying rise in cases. FT’s Clive Cookson and Anna Gross explain what we know about the variant here.

As India deployed soldiers and began building field hospitals, US President Joe Biden yesterday said he intended to send vaccine doses to India, the first country to be identified as a potential recipient of a planned vaccine export drive over the summer.

For now, many Indians face a harrowing day-to-day as the country’s health system threatens to collapse under a deluge of infections. This New York Times reporter detailed his experience of life amid the surge in disease and death. (FT, NYT)

Coronavirus digest

• US public health officials issued new guidance on masking for vaccinated individuals, saying it’s safe for the fully vaccinated to exercise outside or attend small outdoor gatherings without masks.

• Medical experts warn the Philippines is at the “same crosspoint” as India in its fight against coronavirus and is at risk of a similar surge in infections.

• US-made AstraZeneca Covid-19 vaccines will face delays in reaching hard-hit countries because of problems at a factory owned by one of the company’s suppliers.

• Novartis has warned of a worrying delay in cancer diagnoses because of the coronavirus pandemic. The Swiss drugmaker missed earnings and sales expectations as the pandemic hit demand for cancer drugs. (FT, SCMP)

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In the news

Total bank losses from Archegos implosion exceed $10bn Nomura and UBS are the latest banks to report losses from the collapse of the family office run by Bill Hwang. Nomura reported a $2.9bn hit and suspended its head of prime brokerage. UBS revealed an $861m loss. The hardest hit bank, Credit Suisse, is also facing US Senate scrutiny over allegations of a tax settlement breach.

China set to report first population decline since 1949 The latest Chinese census, which was completed in December but has yet to be made public, is expected to report the total population of the country at less than 1.4bn, according to people familiar with the research. The decline comes despite the relaxation of the government’s strict family planning policies.

JPMorgan to call US bankers back to the office JPMorgan Chase told all of its US bankers yesterday that they should start to make arrangements to be back in the office on rotational basis by early July. The largest US bank is the first major Wall Street firm to outline a detailed schedule for the return to the office.

Are you ready to go back to the office? Take our poll.

Huarong suffers first debt downgrade after bond sell-off Fitch Ratings late on Monday downgraded the issuer rating of China’s biggest distressed debt investor, from A to triple B, its lowest investment grade category, weeks into a brutal sell-off in the group’s bonds.

Joe Biden to raise federal minimum wage The US president is set to sign an executive order forcing federal contractors to pay a minimum wage of $15 an hour as Biden ramps up pressure on businesses to offer higher pay to their employees.

European parliament votes on Brexit trade deal Brussels warned that its trade deal with the UK would allow the EU to hit British goods with tariffs if Boris Johnson fails to honour post-Brexit obligations on Northern Ireland, as MEPs moved to ratify the treaty. Sign up here for our Europe Express newsletter, your essential guide to what matters in Europe today, every weekday morning.

Earnings round-up: HSBC and BP profit wins The UK-based bank said its first-quarter net profit climbed 79 per cent as reserves for bad loans shrunk and an improved economic outlook. Forecast-beating first-quarter results from BP have put the oil company on track to restart share buybacks.

EU to charge Apple Competition chief Margrethe Vestager will this week publicly issue charges against the technology giant over concerns that its rules for developers on its App store break EU law. The move follows a complaint from music streaming app Spotify.

• Ten months after Apple promised “enhanced privacy features” for iPhones, the changes have finally arrived with iOS 14.5.

The day ahead

Japan retail sales March figures due out today are expected to have jumped 4.7 per cent, following a 1.5 per cent decline in February. (Reuters)

Fed meeting Investors will be watching the US Federal Reserve’s post-meeting press conference on Wednesday for any indication from chair Jay Powell about the central bank’s thinking on inflation.

Earnings It’s another big day for earnings on Wednesday. Among tech, ecommerce and social media companies reporting today are Apple, Facebook, eBay, Shopify and Spotify. In banking Santander, Lloyds Banking Group and Metro Bank will share results. More companies reporting today are listed here.

What else we’re reading

China is wrong to think the US faces inevitable decline While America could falter, that would be its choice and not its fate. writes Martin Wolf. It’s economic assets are too great. Here James Politi explores Joe Biden’s plans to transform the US economy, the first in a new series on the US president’s first 100 days in office.

AI at work isn’t always intelligent Daunted by the thought of losing visibility over staff during Covid-19, some employers bought surveillance software, much of which claims to use artificial intelligence to measure productivity. Such technology is not always bad, only when it is dumb — which is often, writes Sarah O’Connor.

The new wave of crypto users A growing number of Latin Americans are using cryptocurrency to send remittances from the US to family back home. While technological barriers still exist, crypto allows migrant workers to avoid high commission fees, and has gained popularity amid currency devaluation concerns. (Rest of World)

Can prosecutors flip Donald Trump’s ‘eyes and ears’? Facing perils on multiple fronts, the legal question haunting the former president is whether Allen Weisselberg, the Trump Organization’s chief financial officer, will betray the family to whom he has devoted his adult life.

A new deal for the young: ensuring fair pensions Today’s young adults have a mountain to climb to achieve the same retirement as their parents, writes our editorial board. Younger employees today are overwhelmingly saving into cheaper and riskier pensions that give little certainty of what they will end their working lives with.

Have you recently graduated? As part of a reporting project, we want to hear how the past year has been for you. Please share your stories and thoughts in our survey.

Podcast of the day

The finances of moving overseas After months spent in lockdown, 31-year-old finance professional Viktoria is longing for a change of scene, and is planning to relocate overseas. She talks to FT’s Claer Barrett about her desire to escape the corporate lifestyle in London and her concerns about what would happen to her property, pensions and investments if she were to uproot.