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FirstFT: UK regulators lack staff to deliver Brexit

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Three regulators in the UK Struggling to recruit and train enough staff Implementing the government promise to provide benefits in Brexit, find a report of the dog guarding the expenses.

The National Audit Office found that the shortage left the Competition and Markets Authority, the Health and Safety Administration and the Food Standards Agency facing significant challenges in establishing regulatory regimes after Brexit.

Lawyers, veterinarians and toxicologists are among the professions that bodies struggle to recruit.

The NAO findings come as Boris Johnson’s government prepares to introduce the “Brexit Freedom Act” to take advantage of what ministers have promised will be the benefits of leaving the EU regulatory and legal framework.

  • More about Brexit: Foreign Minister Liz Truss has made plans to do so Tear off parts of the Brexit agreement On Northern Ireland “in the coming weeks”, insisting on a unilateral move has not violated international law and will maintain peace in the region.

Thank you for reading FirstFT Europe / Africa. Email me at firstft@ft.com. Here’s the rest of today’s news – George

1. The merger of UniCredit-Commerzbank went off the rails following the Ukraine war UniCredit and Komersbank were on the verge of merger talks this year before the war in Ukraine Idle deal This would create the second largest lender in Germany with assets of 785 billion euros, 1,000 branches and 48,000 employees and initiate consolidation in European banking.

2. Allianz agrees to a $ 6 billion settlement on American funds hit by the scandal The German insurance company Allianz agreed a A $ 6 billion compromise With U.S. authorities, in which its investment arm has pleaded guilty to securities fraud after investors were left with billions of dollars worth of losses. A former senior Gregory Tournament has been indicted on several counts.

Musk raised the takeover of Twitter as early as March More than a week before Elon Musk’s initial shares of 9.2% were revealed, and more than two weeks before the announcement with a hostile $ 44 billion bid, the billionaire was Began to discuss takeover With the board of the social media company, according to new documents.

4. Yellen presents the Russian oil price ceiling US Treasury Secretary Janet Yellen is stepping up talks with EU and G7 allies on the issue Potential price cap or tariff on Russian oil, As Brussels is struggling to reach an agreement on a full import ban. Yellen raised a “mechanism” price to stop the flow of energy during this week’s visit.

  • Deeper disconnection: Moscow will probably be Permanently closed Of the global energy market as soon as Europe weans itself out of the country’s oil and gas, according to senior energy officials.

The last from the war in Ukraine

  • Mariupol: Ukraine has confirmed that an operation is underway Save his soldiers From a steel plant in Mariupol after almost three months of bombing.

  • Explains: Is it possible to force Russia to pay Destruction in Ukraine?

US Secretary of the Treasury Janet Yellen, right, with European Commission President Ursula von der Lane in Brussels yesterday © Olivier Mathis / AP

5. China directs anti-poverty funds for cobid tests China’s local governments are already cashless Forced to divert funds from poverty reduction And infrastructure for underwriting Corona virus testing when Xi Jinping’s zero-cube policy exacerbates financial tensions. The mass testing mandate could cost up to $ 250 billion a year, or 9% of China’s fiscal revenue by 2021.

The day ahead

Economic Data United Kingdom Consumer Issuer April And retail price index data, after the former reached a 30-year high in March. The EU has trade data for the first quarter and a consumer price index adjusted for April, and Russia publishes a flash estimate for the first quarter of gross domestic product. Moscow’s economic data were Long time gold standardBut the Ukraine war made it more stagnant.

Company profits Aviva publishes a trading update in the first quarter, the first since Sexist comments Referred to CEO Amanda Blanc at its annual meeting last week. Other reporting companies include ABN Amro, British Land, Burberry, Cisco, Experian, Marston’s, Mitchells & Butlers, Premier Foods, Singapore Airlines and TJX Companies.

Meetings G7 officials Gather in BerlinWhile the Governing Council of the European Central Bank is holding a non-monetary policy meeting in Frankfurt.

Join us in person or online in the three days FT Business of Luxury Summit Starting today to hear from luxury carriers including British Vogue, Valentino, YSL and Zegna.

What else are we reading

Pimco: Navigating the end of the bull bond market After a three-decade boom, investors this year withdrew $ 100 billion from U.S. mutual funds and stock exchange-traded funds. Nowhere are the chances of a recession Watched more closely than in PimcoThe American group formed by the legendary “bond king” Bill Gross who was an active pioneer in bond trading.

The KPMG Krillion case is set to worry young people across the city A lot of blame can be shared at KPMG for its reviews of the Krillion contractor. But how much of it should sit with a 25-year-old junior accountant? The professional service companies in the city rely on hierarchies, with the rewards concentrated in the head, Writes Cat Rutter Pooley. So should the risks.

The destruction of Tiger Global Last year, Chase Coleman wrote to investors to celebrate the 20-year record of Tiger Global, one of the big winners from a technology bull market that has run since the financial crisis. Now, the most well-known of the Tiger puppy companies has become A hedge fund with the highest profile was hit Of technology stocks.

How leaders find their way in chaotic times The course of the conflict between Russia and Ukraine has called into question the strategic directions of many companies, Writes Andrew Hill. Should companies that have suffered an unexpected blow to the head – as Vladimir Putin’s armed forces did – stick to their path or change course?

The Book of Penguins by Indian Poets – A Feast of Literature This is a truth held all over the world in India that while writers may win praise, great progress and glittering trophies, Poets are the kings of literature. The Penguin Book of Indian PoetsAn anthology of poems in English, vast in scope and ambition, writes Nilanjana Roy.

The contemporary Indian poet Aditi Negrat

Contemporary Indian poet Aditi Nagrath, whose first collection, ‘Beyond Survival’, was published in 2015 © Madhu Kapparath

Drink food

Give the drinks menu at Plaza Cao Gang, Chef Luke Farrell’s new buffet in southern Thai at the Arcade Dining Room in London, Transfer you to Southeast Asia When sipping coffee yin (cold coffee, condensed milk, condensed milk), cha yin (cold black tea, condensed milk) or cha chiao (cold green tea, condensed milk, cream).

Cafea yen Thai coffee

Cafea yen Thai coffee © Plaza Khao Gaeng

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