Hello from the UK, where an effective vaccination programme has enabled lockdown to be eased — though, in light of fears about a link with blood clots, regulators are allowing adults under 30 to be offered an alternative to the Oxford/AstraZeneca jab. As we begin returning to our offices, how will those experiencing WFH burnout be affected? It’s a big topic for FT readers (see our report on firms offering luxury gifts to keep overworked staff below). So this Burnout: the next health crisis? series — providing analysis, personal stories and tips on how to avoid it — is perfectly timed.
I hope you enjoy my pick of the week’s stories, plus a few from elsewhere you shouldn’t miss. Click here if you’d like to receive Long Story Short by email every Friday.
1. ‘The significant loss in our business is unacceptable’
The unfolding scandals surrounding the collapses of Archegos Capital and Greensill Capital have made compulsive reading over the past few weeks, involving a once-barred, Bible-loving hedge-funder and a former British prime minister, respectively. Credit Suisse is caught up in both. This week the Swiss bank revealed a dramatic management overhaul after registering a $4.7bn loss linked to Archegos, a client. Separately, it’s calculated that its clients could lose up to $3bn from frozen funds run by specialist finance firm Greensill. As one analyst says:
“The debate around the high-risk, concentrated strategy at Credit Suisse has only just got started.”
2. ‘A divergence in economic fortunes’
Do you want the good news from the IMF or the bad news? Most advanced economies will emerge from the coronavirus crisis with little lasting damage, thanks to the relatively rapid rollout of vaccines and sharp increases in public spending and borrowing, according to the fund. By contrast, in yet another example of the disparities exacerbated by the pandemic, this is unlikely to be replicated in emerging economies. The short-term impact will be compounded by the interruption of schooling in poorer countries that have only limited capacity to deliver classes online. Overall, says Gita Gopinath, the fund’s chief economist:
“[The pandemic’s economic impact is] much smaller than the [2008-09] global financial crisis.”
3. ‘No one expects boldness’
From this distance, you get the feeling things are a bit calmer in Washington these days. But President Joe Biden is busy. He has passed a $1.9tn fiscal stimulus package and now wants $2tn for his infrastructure plan. This week’s US offer to reform international corporate taxes is seen as a move back to multilateralism and to ensuring big companies pay their way towards the global recovery. As Janan Ganesh writes, Biden shows that only established moderates can win from the left and then go on to govern from there. It’s a lesson, writes the FT’s chief US political commentator, for progressive politicians elsewhere:
“The more outwardly innocuous a leader, the bolder the schemes they can smuggle under cover of superficial blandness.”
4. ‘I don’t have to be the smartest person in the room’
This is one of the few Lunches with the FT to yield change from 20 quid. Over cost-effective falafel wraps on a chilly bench by London Bridge, economist and London School of Economics director Minouche Shafik discusses her proposals for the post-pandemic social contract, as well as glass ceilings and how to deal with gifts from dodgy donors. Shaken by the rise of populism, Shafik believes we have a historic opportunity to address its causes. Society, she explains to Henry Mance as they evade prowling market stewards, needs to share the risks that today fall on individuals. But she won’t be categorised politically, try as Henry might:
“You want to put me in a box, I can feel it!”
5. ‘Are they told to use this specific colour?
It’s one of the great mysteries: how do starlings fly in stunning formation; why do ants take to the wing just one day a year; and, crucially, how do all the fashion designers simultaneously manage to put clothes exactly the same shade on the catwalk every time? Grace Cook delves into the colour forecasting business, uncovering a cluster of “tastemakers”, working long in advance on reports sold to fashion, interiors and beauty brands. That Prada coat poet Amanda Gorman wore at the US presidential inauguration? Clear echoes of “illuminating yellow” from Pantone’s “Colours of the Year” for 2021, unveiled last December. You or I couldn’t do this, though, says an expert from Pantone’s Color Institute:
“You can’t simply pick a colour arbitrarily and say ‘Here’s the hot colour.’”
Quick hits
OTHER FT STORIES THAT HAVE CAUGHT MY EYE THIS WEEK
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The UK has abruptly changed its guidance on the Oxford/AstraZeneca vaccine, recommending that under-30s are offered alternative jabs. The FT’s science team looks at how the decision will affect the supply chain and public confidence.
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Politicians in London and Dublin have called for calm after several nights of violence in Northern Ireland, following an increase in tension between the mainly Protestant unionist and the mainly Catholic nationalist communities. This long read, from the “Is the UK heading for a break-up?” series, analyses the impact of the Brexit deal on the region.
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For some leading professional service firms and banks, the answer to the problem of pandemic-driven overwork among junior staff is cash bonuses, luxury gifts and Peloton bikes. Sounds lovely but when are you supposed to use them?
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How did the sibling feud at heart of Jordan’s royal family burst into the open? The dispute underlines long-running resentment and suspicion between King Abdullah and his younger half-brother, with accusations of corruption, nepotism and thwarted ambition.
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In case you missed it: Laura Noonan and Taylor Nicole Rogers wrote about how the share of black employees in senior US finance roles has fallen since 2007. The FT wants to hear about how the industry is incorporating diversity goals and anti-racism measures into its policies and practices — so if you have a minute and work in financial services, please tell us about your experience here.
Best of the rest
WHAT I’VE BEEN READING ELSEWHERE
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How to stop psychopaths and narcissists from winning positions of power Not thinking of anyone in particular here, obviously, but one of our problems as a species is that those who gain power are often incapable of using it responsibly. Can we do anything about it? (The Conversation)
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Meaning in the margins For as long as there have been printed books, there has been marginalia. This piece offers a fascinating history of why it matters — and why you definitely should scribble all over your favourite texts. (Literary Hub)
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“When I look at George Floyd, I look at my dad” Darnella Frazier is the teenager who shot the viral video of Floyd’s death last May. In case you missed it, she spoke powerfully at the trial of Derek Chauvin — the former police officer charged with Floyd’s murder — about the experience and its impact on her life. (The Cut)
Before you go
What I’m listening to In dark times, it’s a delight to hear people swap stories about the music that brings them hope. So I’ve found the conversations in the BBC podcast Songs To Live By — celebrating black culture through beloved tracks — moving, inspiring and timely. Each episode, host Vick Hope is joined by two guests from different generations to share songs that have shaped them, whether it’s Beyoncé’s “Grown Woman” chosen by Hope herself or Gloria Gaynor’s “I Am What I Am” as picked by the co-founder of UK Black Pride. What’s your song to live by?
We always want to hear your thoughts and feedback, so drop me a line @HennessyKesewa or email us at longstoryshort@ft.com — and have a lovely weekend.
Kesewa
Digital editor for audience engagement
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