Good morning. We start with an unique story on EU plans to boost as much as €40bn in loans for Ukraine with out the US.

Brussels is getting ready to offer the brand new financing by the top of the 12 months no matter US participation, after a G7 proposal to make use of frozen Russian property to assist Kyiv faltered.

The unilateral push comes amid concern in Brussels that Hungary will stop the bloc from delivering safeguards that the US wants for it to take part within the frozen property scheme, in accordance with three individuals concerned within the talks.

The federal government of Viktor Orbán, the EU’s most pro-Russia chief, has sought to delay a call on the frozen property scheme till after the US presidential election on November 5.

However Brussels should begin work on any different inside the subsequent few weeks since such a transfer would depend on powers that expire on the finish of the 12 months. Paola Tamma and Henry Foy have extra on the draft proposal.

Right here’s what else I’m conserving tabs on at the moment:

• Financial knowledge: ZEW publishes German financial survey outcomes, Canada releases client value knowledge and the US points its month-to-month retail commerce report.

• Guide award: The Monetary Instances and Schroders Enterprise Guide of the 12 months shortlist is introduced. Compensate for the longlist right here.

5 extra prime tales

1. Unique: The US and Japan are near a deal to curb tech exports to China’s chip trade regardless of alarm in Tokyo about Beijing’s menace to retaliate in opposition to Japanese corporations. The brand new export controls embrace a measure forcing non-US corporations to get licences to promote merchandise to China that will assist its tech sector. Learn extra on the discussions.

• US-China rivalry: The entire world dangers dropping from the competitors between Washington and Beijing, writes Gideon Rachman.

2. Iran’s reformist president, Masoud Pezeshkian, has signalled a renewed openness to resuming nuclear negotiations with western nations and denied that his nation had equipped ballistic missiles to Russia since he took workplace seven weeks in the past. However elevated tensions between Iran and Israel have made signing a contemporary nuclear settlement much more sophisticated. Learn the complete story.

3. Unique: London-based Revolut is getting ready to launch its companies in India subsequent 12 months, concentrating on tens of tens of millions of the nation’s top-tier customers in a vital take a look at for the expansion technique of Europe’s most respected fintech. The corporate is on track to launch its app, home and multi-currency playing cards on this planet’s most populous nation because it seeks to increase its revenues outdoors Europe. Learn extra of the group’s plans.

4. Unique: SURJ, the sports activities funding agency owned by Saudi Arabia’s Public Funding Fund, has entered the sale course of for EuroLeague, as Europe’s prime basketball competitors seeks to promote a minority stake at a €1bn valuation. However the sports activities group must contend in opposition to non-public fairness group BC Companions, which can be searching for to increase its sports activities portfolio.

5. Fund managers have expressed issues that takeover exercise is narrowing the UK inventory market. Thirty London-listed corporations acquired agency takeover gives for a mean worth of £1bn within the first half of this 12 months, knowledge exhibits. However their removing, coupled with a scarcity of IPOs to exchange them, spells a worrying development of fewer high quality shares traders can select from.

The Large Learn

Netflix has staged a outstanding restoration because the “nice correction” of 2022, after launching a crackdown on password-sharing and investing into adverts, video video games and dwell “experiences”. Whereas conventional leisure corporations wrestle to earn a living after pouring billions into streaming, Netflix has expanded its lead because of its strategic shift.

We’re additionally studying and listening to . . . 

• UK Funds: Rachel Reeves should present that she is critical about progress by making robust selections on jobs, productiveness and funding, writes former chancellor Jeremy Hunt.

• Ladies in prisons: The case of feminine prisoners ought to make us re-examine if incarceration is the answer for individuals who have been coerced into crime, writes Stephen Bush.

• The Economics Present 🎧: Soumaya Keynes grills Jared Bernstein, US President Joe Biden’s prime economist, on value caps, jobs and inflation.

Chart of the day

Volkswagen, Germany’s largest non-public employer, is dealing with a disaster introduced on by slowing demand, excessive prices and hard competitors from Chinese language start-ups. Plans to shut some German factories have unleashed angst amongst inhabitants in VW’s hometown, the place it employs 60,000 individuals. Our reporter sends a dispatch from Wolfsburg.

Take a break from the information

Among the many many experiences in trendy working life that may provoke ire and irritation, the panel dialogue elicits a selected type of dread. However concern not: Viv Groskop has proposed a recipe for achievement in order that your subsequent panel isn’t ruined by droning contributors or egoistic chairs.

Extra contributions from Benjamin Wilhelm and Gordon Smith