Global Economic Update

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Goldman Sachs becomes the last U.S. investment bank Raise the wages of junior employees In response to complaints about burnout from new employees who were caught in a trading boom during the pandemic.

According to people familiar with the matter, the basic salary of analysts in the first year is now $110,000 and will increase to $125,000 in the second year. Those at the higher level of assistants will receive a reward of $150,000.

These figures do not include annual bonuses, which may be multiples of wages in economic boom years.

Goldman Sachs declined to comment.

According to Wall Street Oasis, a website that tracks salaries, these increases mean that Goldman Sachs will have one of the most generous starting salaries in the industry, after it paid junior bankers lower salaries than its peers.

There are five more stories in the news

1. Square acquires Afterpay in Australia for US$29 billion Jack Dorsey’s payment company Square has reached an agreement to acquire Australia’s “buy before pay” provider Afterpay $29 billion in all-stock transactions This will be the largest acquisition in Australian history. Read more in today’s #fintechFT Communication. You can sign up here.

2. Chinese stocks rose, US Treasury bonds rose Beijing calls for greater cooperation with Washington Soothe investors’ nerves On Monday, the Chinese stock market experienced its worst month in nearly three years. In the United States, government bonds have risen, reflecting increased concerns about slowing economic growth.

3. Seize the impact of the pandemic before listing in New York Grab is behind the world’s largest merger with the “Blank Check” group. Reported slowdown Before the $40 billion New York listing was postponed, it was struggling to cope with the ongoing outages related to the coronavirus.

4. Japan calls for more attention to “Taiwan’s survival” Nobuo Kishi, the Japanese Defense Minister and former Prime Minister Shinzo Abe’s younger brother, called on the international community to pay more attention to the “survival of Taiwan” because he warned that China’s military buildup is surrounding the island. Read our full interview with Kishi.

5. In the donor dispute, the Conservative Party defended fundraising British Conservative Party Monday Retaliation It provides privileged access to senior ministers in exchange for large donations, claiming that the Labour Party has its own arrangements to provide special contacts.

Tokyo Olympic finals

• Belarusian sprinter Christina Zimanusskaya have Take refuge The Polish Embassy in Japan accused her of being taken to the airport against her wishes after criticizing her country’s coach.

• New Zealand weightlifter Laurel Hubbard became The first publicly transgender athlete Participate in the Olympics.

• This US Women’s Football Team Lost the semifinals 1-0 to Canada“We just didn’t have it today,” American star player Megan Rapinoe said.

• Simone Byers will Return to the game In the women’s balance beam finals on Tuesday, the US gymnastics team said.

• How come Russian athletes Even though Russia is banned from participating in the Olympics, it still often gets on the podium as a medalist?Murad Ahmed and Max Seddon of the Financial Times explain. (UK “Financial Times”, British Broadcasting Corporation)

Add to ‘Tokyo Olympics‘Go to myFT to learn about all our coverage of the Olympics, don’t miss our “Alternative Medal Table”.

Coronavirus Digest

• China Anxious to control its first widespread Delta variant The worst coronavirus outbreak In more than a year.

• This US already at At least one dose 70% of adults received the Covid-19 vaccine, reaching the milestone nearly a month later than planned. Lindsey Graham Become the first senator to be vaccinated and tested positive for Covid-19.

• This Aviation industryOptimism is slowly spreading Maximum number of aircraft Flying since the pandemic began.

• European governments Is resorting to Imaginative way Increasing vaccination rates: France is suspending health workers who refuse unpaid vaccination, and a town in Germany is distributing sausages for free. (FT, Associated Press)

register For us Coronavirus business update Newsletter and follow the latest developments Our live blog.

the day before

Reserve Bank of Australia The Central Bank will hold its monthly meeting today as it faces the resurgence of the coronavirus and the prospect of measures that need to be taken. Go back to the previous comment Regarding the gradual reduction of monetary stimulus. (Bloomberg)

UK quarterly GDP data Britain will release second-quarter GDP data today. Last month’s data showed that the British economy was recovering Significant slowdown in May. (Reuters)

Raisi takes power in Iran Iran’s new President Ibrahim Raisi will come to power on Tuesday huge challenge For the Islamic Republic, it has recently been shaken by protests about water and electricity shortages, and is preparing for more negotiations on resuming nuclear agreements with global powers.

Other content we are reading, watching and listening

Chinese young people “lie flat” instead of accepting pressure The trend of young Chinese opting out of stressful jobs represents The opposite of the national development model This has achieved extraordinary growth in the past four years.As Chinese young people say “996” — 6 days a week from 9 am to 9 pm — Working hours will be announced separately, and Beijing is a little uneasy. (“Financial Times”, “New York Times”)

Exploration of Electric Vehicles and Circular Economy Before buyers put a “zero emission” label on bumpers, the cobalt used in electric car batteries can travel more than 20,000 miles from mines to car manufacturers. JB Straubel is considered the brain behind Tesla, he bet Circular Economy Can give electric vehicles a more sustainable future.

Weary Tunisians welcome the President’s power grab Tunisian President Keith Said fired the prime minister and suspended Parliament for 30 days, triggering a political crisis.Although opponents accused Said of restoring solo rule, many Tunisians See him as the savior After seeing their living standards plummet since the 2011 revolution.

Lunch with FT: mathematician Hannah Fry The writer and broadcaster discussed with John Thornhill about the limitations of artificial intelligence, how to teach Boris Johnson about exponential growth and methods of cancer diagnosis Let her reassess the risk.

• listen: In the latest episode of Tech Tonic, John asks whether the potential of AI in dealing with the climate crisis is reasonable A lot of energy Need to run these systems.

Plant milk and traditional dairy products More and more consumers are turning to non-dairy substitutes for milk.but As reported by Judith EvansThere is still a way to go for plant-based products to match the popularity, nutritional content and benefits of traditional milk, and traditional milk is still the biggest profit for cream.