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FirstFT: Today’s top stories


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Huawei is working on plans for a dedicated chip plant in Shanghai that would not use American technology, enabling it to secure supplies for its core telecom infrastructure business despite US sanctions.

Two people briefed on the project said the plant would be run by a partner, Shanghai IC R&D Center, a chip research company backed by the Shanghai Municipal government.

Industry experts said the project could help Huawei, which has no experience in fabricating chips, chart a path to long-term survival.

US export controls imposed in May and tightened in August leverage American companies’ dominance of certain chip-manufacturing equipment and chip-design software to block semiconductor supplies to Huawei. (FT)

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In the news

Trump tries to cut Biden’s poll lead with rally blitz Donald Trump has set off on an eleventh-hour blitz of five crucial swing states, as polls showed the president continuing to lag behind Joe Biden with less than 72 hours until polls close. Mr Trump is reportedly planning to declare a premature victory. Here is the FT’s guide to what to be watching for on election night. (FT, Axios)

Donald Trump arrives for a campaign rally on Sunday in Washington, Michigan © Carlos Barria/Reuters

China boosts foreign access to onshore capital markets New rules making it easier for international investors to trade in the country’s booming capital markets went into effect on Sunday, adding momentum to Beijing’s sweeping liberalisation of its financial system. (FT)

HK lawmakers arrested over legislature disruption Hong Kong police arrested seven people associated with the pro-democracy camp, including current and former lawmakers, as well as a legislative aide, who were involved in a faceoff between security guards and lawmakers in the city’s legislature earlier this year. (AP)

Washington looms large over China’s five-year plan One senior Chinese government official advising on the five-year plan’s manufacturing strategies said that regardless of the US election result, “it is certain that industrial decoupling between the US and China will continue into next year”. Beijing is on high-alert in the final days of the US election campaign. (FT, SCMP)

New Zealand passes on marijuana New Zealanders voted to introduce euthanasia but preliminary referendum results show the Pacific nation has drawn the line at legalising recreational marijuana. (FT)

Belarus opposition leader to EU: step up sanctions Svetlana Tikhanovskaya called on the EU to step up sanctions against the regime of strongman Alexander Lukashenko, who has faced months of protests since claiming victory in August’s deeply flawed presidential election. (FT)

Svetlana Tikhanovskaya: ‘If European countries, and all the countries supporting our movement, could move faster in their decisions, that would be wonderful’ © Ritzau Scanpix/AFP/Getty

NYSE wins back listing crown from Nasdaq Companies have raised $66bn through listings on the New York Stock Exchange this year compared with $61bn on Nasdaq, according to Dealogic. Nearly two-thirds of the proceeds raised on NYSE came from special purpose acquisition companies, which have become one of the hottest fads on Wall Street. (FT)

An Olympic dry run in Japan More than 16,000 baseball fans streamed into Yokohama Stadium, scheduled to host events at next summer’s Olympic Games should it go ahead, on Friday evening for a match that served as part much-needed entertainment and part mass epidemiological experiment. (FT)

Friday’s baseball match between Yokohama Baystars and Hanshin Tigers was attended by up to 16,000 fans © Hiro Komae/AP

The days ahead

Brexit trade talks With less than nine weeks until Britain is set to complete its transition period out of the European Union, British and EU negotiators will continue talks in Brussels on Monday as both sides seek to avoid trade disruptions. (Reuters)

Earnings round-up PayPal will update investors for the first time on Monday since it announced its attempt to expand into cryptocurrencies. (The price of bitcoin is up nearly 90 per cent this year.) Cadbury owner Mondelez reports as it faces mounting criticism over an obesity surge. Yamaha earnings will kick off a busy week for vehicle makers. More in our Week Ahead newsletter. Sign up here. (FT, WSJ)

What else we’re reading

North Korea’s nuclear advancements baffles experts The secretive state’s decades in the shadows has resulted in gaps of knowledge of its weapons programme, experts said. Many agree, however, that indigenous weapons development is progressing at a breakneck speed, a change from years of heavy dependence on foreign help. (FT)

African-American turnout is key to US election result Contending with new challenges posted by the pandemic, Democrats are finding new ways to mobilise black voters, who could be the key to their party taking back the White House and the Senate. Simon Schama writes that the election is a bitter fight between mutually exclusive visions of what America is meant to be. (FT)

A woman wears a mask with a message urging voter participation while she waits in line to enter a polling place on the first day of North Carolina’s in-person early voting for the general election in Durham on October 15 © Jonathan Drake/Reuters

Japan rethinks its opposition to hostile takeovers The looming Nitori bid for Shimachu could reshape the landscape for M&A in the country, writes Leo Lewis. Plausible signs exist that Japan could develop a more rough and tumble market for corporate control. (FT)

A blueprint for America’s economic recovery Politics under the current administration are literally killing us, writes Rana Foroohar. Here’s how the next US president — hopefully Joe Biden — could fix things, she writes. In the New Yorker, Jane Meyer reports on what’s at stake for Donald Trump — legally, financially and beyond — if he loses. (FT, New Yorker)

Cyclists are not the bad guys If our cities had more bikes, they would be cleaner and safer. We would be fitter. Our neighbourhoods would be more sociable. Yet somehow we have convinced ourselves that cyclists are the enemy, writes Henry Mance. (FT)

Lockdown gave a glimpse of how much nicer the UK’s streets might be if cars didn’t dominate © Simon Dawson/Bloomberg

Zelensky: Ukraine cannot disregard anti-corruption gains The country’s constitutional court has issued a destructive ruling in an effort to dismantle our anti-corruption architecture, writes President Volodymyr Zelensky. Recent rulings undermine the rule of law, weaken our society and economy, and aim to stop our Euro-Atlantic integration, he says. (FT)

Older people: could you please slow the heck down Whoever wins the US presidential election will make history for a reason that is causing an unseemly amount of anguish: their age. The US election is yet another sign of the exhausting pace being set for the rest of us, writes Pilita Clark. (FT)

How’s the water? Martin Riese, the first water sommelier, says the more we think about what we drink, the more we care about the planet. But first he needs people to take him seriously. Meanwhile, more than 2,700 feet underwater, researchers found a unique creature, never before filmed in its natural environment. (Afar, NYT)

Podcast of the day

Rachman Review Gideon Rachman talks to columnist Susan Glasser about what to expect on November 3 — and after, if there is no decisive victor. Read her latest dispatch here. (FT, New Yorker)

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