Listen to this article
Sign up to receive FirstFT by email here
Test your knowledge with the week in news quiz.
Sir John Rose, the man who helped build Rolls-Royce into the world’s second-biggest aero-engine maker, has been interviewed under caution as part of the investigation into alleged corruption at the UK’s flagship engineering company. Sir John, who denies wrongdoing, is one of “dozens” of Rolls-Royce executives who have had their rights read as part of investigations as prosecutors shift from corporate to individual responsibility for those involved.
Rolls-Royce last month agreed a deal to pay £671m in fines to authorities in three countries after a four-year probe by the UK’s Serious Fraud Office. Evidence of corruption was found in its civil aerospace, military and former energy businesses over a period of more than 20 years. (FT)
In the news
Trump mollifies China Donald Trump has finally spoken to the leader of China, in his first phone call to President Xi Jinping since becoming the US president. At the request of Beijing Mr Trump agreed to honour the “one China” policy, the White House said. The call is expected to ease tensions between the two countries but questions remain over whether Mr Trump, who is surrounded by China hawks, can stick to his guns. (FT, NAR)
Averting catastrophe The Nigerian government has taken over Arik Air, the country’s largest airline to avert what it said would be “a major catastrophe” in the aviation sector. Arik’s workers and creditors have not been paid for months and eight of its aircraft have been grounded. The Asset Management Corporation of Nigeria will take over the running of the company. (FT)
Iranians against Trump Hundreds of thousands of Iranians have rallied against the US president on the anniversary of Iran’s 1979 revolution just days after the US president warned that he had put the Islamic Republic “on notice”. Some marchers carried banners reading: “Thanks to American people for supporting Muslims”, sending a message to ordinary Americans who opposed Mr Trump’s ban on travellers from seven mainly Muslim countries. (Reuters)
Steely recovery ArcelorMittal has highlighted a recovery in the global steel market as well as the early fruits of a turnround programme by reporting its first annual profit in five years. The world’s largest steelmaker by output swung from a $7.9bn net loss in 2015 — its worst performance since the megamerger of Mittal Steel and Arcelor in 2006 — to a net profit of $1.8bn last year. (FT)
Horrible harvests First came zucchini and eggplant shortages. Then iceberg lettuce disappeared from European grocery shelves. Now erratic weather in Spain and Italy, the world’s biggest producers, is rippling through global olive oil markets, and it is about to get worse. (Bloomberg)
Test your knowledge with the week in news quiz. What was the total value of cancelled Chinese overseas deals in 2016?
It’s a big day for
US-Japan relations Shinzo Abe will spend the weekend with his US counterpart at Mr Trump’s Florida resort as the Japanese leader seeks to form a close bond with the president. (Reuters)
Greece Representatives of the Greek government will meet IMF and Eurozone lenders in an effort to unlock further funding under its bailout programme. (Reuters)
Food for thought
The girl with 7 names North Korean defector Hyeonseo Lee, over Lunch with the FT, on the horrors of her homeland, her secret life avoiding brothel work in China and why cats shouldn’t eat sushi. (FT)
Trump’s tweets: boost or blow for companies? Intel is great! Nordstrom is bad! (Sad!) But does it matter? Not so much, evidence suggests. (FT)
America’s pipeline shame Donald Trump is upending tradition in many ways — from imposing travel bans to refusing to file tax returns. But by ordering construction of the Dakota Access Pipeline to resume, the president is continuing one of the US’s oldest traditions — repressing Native Americans. (New Yorker)
Older but not wiser Our ability to handle money declines with age, with studies suggesting that financial decision-making ability tends to reach its peak in a person’s mid-50s, after when deterioration sets in. (Economist)
Mapping mysteries Humans have been drawn to maps for almost as long as we have had written records. Even in the era of satellites and Google Maps there are areas that remain a secret, such as faultlines, the ocean floor and black holes. Says one expert: “It’s the wild west. We are in the great age of cartography and we’re still just finding out what its powers are.” (Guardian)
Video of the day
Famed Tokyo market hit by delays The planned move of the world’s greatest fish market to its new home in Toyosu has been beset with problems. The FT’s Robin Harding reports from Tsukiji. (FT)