Hong Kong’s democracy tabloid “Apple Daily” is On the edge of closing Its assets were frozen by the government last week, limiting its ability to operate.

The assets freeze came after 500 policemen raided the Apple Daily’s office on June 17 and arrested two senior executives of the newspaper in accordance with China’s strict national security laws. Jimmy Lai, the owner of the newspaper, has been sentenced to prison.

Critics say these actions marked a new low for press freedom in Chinese territory, and the city promised freedom of speech when it was handed over from the UK to China in 1997. After Beijing introduced a national security law that heralded severe repression, this situation changed with regard to civil society and politics.

The repression aimed at quelling the dissent during the large-scale anti-government protests in 2019 has been extended to the previously arbitrary media. But the police’s act of accusing Ryan Law, editor-in-chief of Apple Daily, is the first time that national security laws have been used directly against journalists.

Five stories in the news

1. China orders banks to strengthen anti-crypto campaign China’s central bank warns several of the largest state-owned banks and Jack Ma’s Alipay “Investigate and identify” bank accounts In Beijing’s latest move against Bitcoin, it promotes cryptocurrency transactions and blocks all corresponding transactions.Read more in Chris Nuttall #techFT Communication. You can sign up Here.

2. Wall Street rebounds as the market adapts to the prospect of Fed rate hikes U.S. stocks Rebounded, government bonds weakened On Monday, after the Fed meeting, officials took a tougher tone on interest rates and inflation, reversing some of the turbulent trends of last week.

• More about the Federal Reserve: The President of the Federal Reserve Bank of New York, John Williams, said that the U.S. economy is not ready yet The central bank began to withdraw its huge monetary support.

3. The President-elect of Iran expresses a strong stance on the nuclear agreement Conservative clergyman and Attorney General Ibrahim Raisi told reporters that his government will Not “negotiating for the sake of negotiation” And ruled out any meeting with US President Joe Biden.

4. Student athletes win the U.S. Supreme Court duel Nine judges of the court Unanimous support A lower court ruling found that the National University Sports Association’s restrictions on education-related benefits (including “graduate or vocational school scholarships, academic tutoring fees, or paid internships”) set by the National University Sports Association are unfair.

5. Germany’s Armin Raschelt warns against a cold war with China The front runner to become the next chancellor of Germany agrees with Angela Merkel that Beijing is Both a partner and a systemic competitorIn an extensive interview with Germany’s center-right Christian Democratic League leader Raschelt, many people in Europe are skeptical of US President Joe Biden’s tough attitude towards China.

• deeper: At this Great reading, The Berlin bureau chief of the British “Financial Times” Guy Chazan and editor Rura Khalaf reported that Rashet hopes to see the orthodox return of the world before the pandemic.

Coronavirus Digest

• Japan Will allow viewers Up to 50% of venue capacity At the Olympics, up to 10,000 people-violated the guidance of medical consultants.

• vaccineThe team behind Oxford/AstraZeneca vaccine thinks it has a better chance cure cancer Rather than new drugs based on mRNA.

• As United Kingdom Study hard to coexist with Covid, almost nothing about Mortality level This may be acceptable to the public.

• From bagpipes to barbecues, incentives to attract employees back to the office abound. Andrew Hill wrote.

Follow our live coronavirus Blog with Sign up For us Coronavirus business update communication.

the day before

New York City Mayor Primary Election In the highly democratic New York City, the winner of today’s primary election will surely win the November election. Eric Adams -A black former police officer who called for more New York Police Department officials-was one of the favorites to win this game, which has become a referendum on New Yorkers’ attitudes towards policing and public safety.

Spain pardons imprisoned Catalan separatists The left-wing government will Issue a pardon On Tuesday, nine imprisoned Catalan separatists were imprisoned in a move that allegedly would pave the way for reconciliation of the country’s most divided issue, but the opposition said it undermined the rule of law.

Given the emerging status of data as a tradable commodity, how should privacy issues be resolved?Senior industry leaders will share their insights FT virtual webinar From Wednesday. Sign up here for free.

What are we still reading

How China is breaking the Asian model Although the economy of the Chinese model is derived, the politics is new. Gideon Rahman wrote. Unlike Taiwan or South Korea from a one-party state to a democratic state, China under Xi Jinping has consolidated the Communist Party’s dominance.

• video: The global economy is shifting from the U.S. and Europe Go to asiaJames Kynge, Global China Editor of the Financial Times, and Martin Sandbu, economic commentator of the Financial Times, discussed whether China will dominate global business.

Tech Tonic Podcast: Game Changer In the first episode of our five-part series on artificial intelligence, John Thornhill, the innovation editor and host of the Financial Times in the United Kingdom, spoke with some well-known figures in the field of artificial intelligence research, including the CEO of Google DeepMind Demis Hassabis. He explored some of the latest innovations and asked a core question: Will artificial intelligence deliver on its promise Or succumb to its trap?

Esther Duflo and Abhijit Banerjee: “We are a social science” Nobel Prize Winners Appeal A better economic “pipeline” After the pandemic, and warned of inaction on climate change.This is our latest Economist exchange A series of dialogues between top commentators of the Financial Times and leading economists on the economic recovery from the coronavirus.

Capital for the people-an idea that an era has come Although no one today sympathizes with wealthy individuals or companies, and no one truly believes in trickle-down economics, the threat of tax and regulatory arbitrage in other states is real. California is applying some typical creative thinking to this problem, Written by Lana Foroohar.

Master of Finance British “Financial Times” 2021 Ranking of the world’s best master’s degree in finance Has been published.Paris HEC once again leads the rankings and dominates French Business School. You can read the full list Here And learn more about the methods used to calculate rankings Here.

Life and art

2021 summer book The British “Financial Times” today released the annual summer review of the best book of the year, from Types of Science Fiction, business with diet. So far, you can share your favorite readings this year HereThe best response will be posted on FT.com as part of a wider series.