FirstFT: Australia defends cancellation of French submarine agreement

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Australian Prime Minister Scott Morrison has defended his decision to reverse an underwater deal with the French government as acrimony escalated over Canberra’s decision to sign a new security pact with the United States and the United Kingdom.

Morrison said he “does not regret the decision to put Australia’s national interest first” in comments which came just hours after France, which rants over being excluded from the pact , mocked the role of the United Kingdom.

Jean-Yves Le Drian, French Minister of Foreign Affairs, declared that Paris had recalled Friday its ambassadors from Washington and Canberra but that he considered it unnecessary to do the same in London because “we [the UK’s] permanent opportunism.

“Great Britain is in this case a bit like the fifth wheel coupling of the coach,” Le Drian said on France 2.

As a sign that Washington wants to defuse the worsening crisis, it emerged on Sunday that US President Joe Biden had requested an appeal with French President Emmanuel Macron to discuss the submarine deal.

Thanks to all of our readers who voted in yesterday’s poll. A majority disagreed with Cathie Wood of Ark Invest that bitcoin would be worth $ 500,000 in five years. Here is the rest of today’s news – Emily

Five other articles in the news

1. Energy prices will push up European inflation, economists warn European gas benchmark prices have already tripled this year, even before winter demand peaks. Norway’s Equinor, one of Europe’s largest gas suppliers, said last week that high energy prices could last until 2022 and warned of possible price spikes.

2. United States accelerates deportation of Haitian refugees from camp in Texas The Biden administration is stepping up efforts to expel Haitians who have gathered in the Texas border town of Del Rio. The Department of Homeland Security said over the weekend that it would “step up the pace and increase the capacity” of flights to Haiti after about 14,000 people gathered under a city bridge.

3. Taliban ask women workers in Kabul city to stay at home In the latest restriction on Afghan women, people working in the Kabul city government were asked to stay home after work on Sunday, with the one exception if they could not be replaced by a man. (PA)

4. Big Tech Firms Are Capturing Smaller Competitors At Record Rate Refinitiv data analyzed by the Financial Times shows tech companies have spent at least $ 264 billion to buy potential competitors worth less than $ 1 billion since the start of 2021, double the previous record. in 2000 during the dotcom boom.

5. SpaceX brings four tourists back to Earth from orbit Elon Musk’s SpaceX on Saturday recorded another first for the space tourism industry, returning four private citizens from orbit during a landing off the coast of Florida. The three-day trip was the first to carry a crew made up entirely of space tourists into orbit.

Coronavirus digest

The coming days

Duma election results announced Russia’s ruling pro-Kremlin party is expected to renew its qualified majority in parliamentary elections when the results are announced today. However, opposition parties and independent observers reported widespread electoral falsification. (FT, WaPo)

Canada holds early elections Polls show Prime Minister Justin Trudeau’s Liberals are likely to win more seats than the Conservatives, but will remain well below the majority when Canada holds its snap election today.

NYC Climate Week The non-profit Climate Group, along with the United Nations, will launch a week-long event that aims to accelerate and assess progress on climate change ahead of COP26. Meanwhile, greenhouse gas levels are going “in the wrong direction,” shows a United Nations record.

What else we read and watch

Did Occupy Wall Street Mean Anything? Triggered by predatory home loans and excessive risk-taking, the 2007-08 financial crisis resulted in a debt crisis, massive layoffs and repossession of homes. It also gave rise to protests around the world. Here is a look at the legacy of the movement, 10 years later.

Women will redefine the labor market Are we moving towards the feminization of work? And could this lead to a more balanced workplace and economy? Rana Foroohar explains why she thinks the answer to both of these questions is yes.

Lunch with the FT: technology investor Chamath Palihapitiya Controversial ‘King of Spacs’ weighs in on his ‘long-term greedy’ approach – and the dangers of following Reddit’s investment advice during a lunch with FT’s Miles Kruppa at the offices of the Palihapitiya share capital fund .

The biggest financial mistakes of the authors of FT From bad interest rates on cards and hire purchase contracts, to living well without checking costs, our experts share how they learned the hard way – as part of our financial literacy and inclusion campaign.

The high-risk business of music festivals Music events were already a precarious business, but after a banner year in 2019, the pandemic brought outdoor events to an end. In this film, the FT talks with organizers, groups and stagehands to see if they can bounce back.

Meet the journalist: Lilah Raptopoulos

Lilah Raptopoulos is the host of the new FT Weekend Podcast. In this week’s episode, she talks with Elif Shafak – Turkey’s most widely read novelist – about writing in countries without freedom of expression and her latest novel. Plus, columnist Enuma Okoro explores the meaning of home and Tim Harford helps us get rid of our to-do lists.

What themes and stories are you most excited to discuss on the FT Weekend podcast? I can’t wait to introduce people to the cast of eclectic geniuses that make up FT Weekend. They are experts in fun things: wine, movies, interior design, behavioral economics. Next week our travel writer Maria Shollenbarger takes us on the real Orient Express. It is pure fantasy.

What else are you listening to right now? Really Good Shares is a journey of recovery. This is not a traditional interview show. It’s good. There’s also a special series set to launch Wednesday from the FT’s Behind The Money, on ESG investing. I’ve heard a glimpse of it and it’s excellent.

What’s the best book you’ve read last year? The island of missing trees! By Elif Shafak. I know maybe it’s cheating because she’s our guest on this week’s podcast. But it gives way to nuanced conversations between cultures with sensitive histories; conversations that we hardly ever have. In this novel, it is between the Greek and Turkish peoples of Cyprus. It’s about family history, hereditary pain and fig trees. I liked it.