FirstFT: Turkey drops opposition to Nato expansion

Turkey has dropped its opposition to Finland and Sweden becoming members of Nato, paving the way for the Nordic countries to join the alliance in response to Russia’s invasion of Ukraine.

The three countries have signed a joint memorandum after hours of talks on Tuesday brokered by Nato, ending a six-week long veto by Ankara linked to terrorism concerns.

The agreement on the eve of Nato’s annual summit in Madrid ends a dispute that threatened to overshadow an event billed as showing unity against Russia, support for Ukraine and the alliance’s 10-year “strategic concept” designed to revamp its approach to defending its eastern European allies.

Nato officials drafting the 10-year strategy have also had intense discussions on China, people briefed on the process told the FT, reflecting the range of economic ties that Nato members have with Beijing and different perceptions of the threat posed by China.

China dismissed the doctrine change as “old wine, new bottle”, accusing Nato of having a “cold war mentality” and “clinging to archaic security concepts”

What do you think of the approach Nato is taking with China? Tell me what you think at firstft@ft.com. Thanks for reading FirstFT Asia. — Emily

Five more stories in the news

1. China slashes quarantine restrictions as Covid cases fall China has cut its required quarantine period for international travellers by half, to one week, in the first significant nationwide relaxation of restrictions since Covid-19 outbreaks in Shanghai and Beijing this year prompted draconian curbs on travel and economic activity.

2. Trump wanted to march on Capitol with mob, ex-aide says Donald Trump tried to head to the Capitol with his mob of supporters on January 6 last year, even after being told they were carrying weapons, according to former White House aide Cassidy Hutchinson’s testimony to Congress. Trump was stopped by the Secret Service, leading to an altercation inside the presidential vehicle in which he tried to grab its steering wheel.

• Related read: Donald Trump’s chief of staff was warned by a White House lawyer that “blood’s going to be on your fucking hands” in the instance of any violence at the US Capitol on January 6, a congressional committee heard.

3. Maxwell sentenced to 20 years for aiding Epstein’s abuse Ghislaine Maxwell was sentenced to 20 years in prison after she was convicted for her years-long role helping to lure and groom underage girls for the late sex offender Jeffrey Epstein to abuse. Judge Alison Nathan announced the sentence on Tuesday in a federal courthouse in Manhattan.

4. G7 accused of ‘backsliding’ on climate goals In its final communiqué from this week’s summit, the G7 said investment in liquefied natural gas was a “necessary response to the current crisis”. Climate groups have criticised the G7 for failing to deliver new climate finance pledges, and for its renewed focus on gas.

5. KKR takes back seat in Toshiba bidding process US private equity firm KKR is stepping back from a potential $22bn bidding war for the future of Toshiba, people familiar with the talks said, leaving its main rival Bain Capital in pole position to pull off Japan’s biggest take-private deal.

The day ahead

Japan retail figures Data for May is set to be released today. Earlier this month, the head of Japan’s biggest discount store vowed to defend its price tag of ¥100 ($0.75) per item despite an existential threat to the business from global inflation and the plunging yen.

UK Parliament hearing on UK-Australia trade deal MPs will question International Trade Secretary Anne-Marie Trevelyan on the UK’s free trade agreement with Australia.

US GDP figures US gross domestic product figures for the first quarter will be released today. The IMF on Friday lowered its growth forecast for the US in 2022 to 3.7 per cent from 2.9 per cent. (Reuters)

• Opinion: The recession should kill off the romantic idea that growth is a mixed blessing, writes Janan Ganesh.

Join us online today for our FT Live event, The Evolution of Thematic Investing, where we’ll discuss the next chapter in thematic investing and key trends in technology, innovation, and sustainability affecting investors in the APAC region. Register for free here.

What else we’re reading and listening to

China’s Covid health apps govern life but are ripe for abuse Everyday life for most of China’s 1.4bn citizens hinges on the colour of a health code on a smartphone app. The Chinese government insists the system is purely for health purposes, but they have already been used by some officials as a tool of social control.

The billionaire who took down porn The biggest porn company in the world was transformed almost overnight by a hedge fund billionaire. It started with a scathing column he read about a popular porn site and an angry text to one of finance’s most powerful CEOs. The latest episode of the Hot Money podcast explores what happened next.

Australia’s honey bees are on lock down Australia is locking down its honey bees as it applies the lessons learnt from implementing one of the world’s most restrictive Covid-19 regimes to block another threat — a parasite that is wiping out hives around the world.

Foreign business in Hong Kong looks to the long term Despite erosion of freedoms, companies and investors are prioritising access to the capital markets oasis, writes Tom Mitchell. Most financial services professionals say the national security law is not an existential concern for their employers.

China’s pivotal role under scrutiny as Zambia seeks debt relief With Beijing now the biggest bilateral lender to low-income countries, Zambia’s travails are a test case of its willingness to take the lead in restructuring the debt obligations of defaulting states. With Sri Lanka in default and Pakistan close to it, other countries that are heavily indebted to Beijing are keeping a close eye on proceedings in Lusaka.

Travel

As a long-haul pilot, Mark Vanhoenacker has discovered several specialised tactics to beating jet lag. Among Vanhoenacker’s tried-and-tested strategies: ice-cold showers, catnaps and practising good “sleep hygiene”.