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The EU faces a “High risk” of abuse in its post-pandemic recovery fund of 800 billion euros because some countries refuse to register with a common database of transactions, warned the head of the fight against fraud of the bloc.

The gap in central oversight could make it more difficult to monitor record financial flows even as Brussels forms other parts of its anti-corruption arsenal, Ville Itala, chief executive of the Commission agency, told Financial Times European Olaf.

His comments highlighted the EU’s concern over a possible misuse of the historic financial windfall to help the 27-member bloc repair the economic damage caused by the pandemic.

“It’s a huge amount of money – prevention is important,” Itala said. He said he regretted the decision by some member states to block attempts to demand the use of an EU-wide financial monitoring and risk assessment mechanism.

Five stories in the news

1. Treasury lands £ 1billion holiday windfall British companies are back over £ 1 billion in paid leave as investors put pressure on managements to repay taxpayer funds before paying big bonuses. Shevaun Haviland, head of UK chambers of commerce, has called on the government to provide more support for businesses under the extended lockdown announced this week.

2. Biden warns Putin of fallout from Alexei Navalny’s death The US president warned that there would be “devastating” consequences if the Russian opposition activist died in prison. At the leaders’ first face-to-face meeting, they agreed to begin bilateral talks on cyberattack prevention, arms control, catering for their respective ambassadors and exploring potential prisoner exchanges, a Putin said.

  • Notice: Biden’s goal of getting Putin to take a less dangerous stance is more difficult than it looks, writes Edward Luce.

3. The Fed announces that the first rate hike will take place in 2023 Federal Reserve officials said they plan to start raising interest rates a year earlier than expected, according to economic projections that predicted faster growth and significantly higher inflation this year. But they held the main rate in the lower range of 0 to 0.25%, where it has been since the start of Covid-19.

4. Israeli airstrikes in Gaza resume Naftali Bennett ordered airstrikes in the Gaza Strip after incendiary balloons launched by the Palestinian militant group Hamas provided a first test for the new Israeli prime minister. Bennett’s government on Tuesday allowed right-wing settlers to march to the Damascus Gate in East Jerusalem.

  • Notice: Change is unlikely in post-Netanyahu Israel, writes David Gardner, under a governing coalition too ideologically torn to tackle the country’s biggest problems.

5. UK meat industry cuts production Labor shortages are pushing the industry to slash production and warn that he will be unable to fulfill orders unless the government relaxes post-Brexit immigration rules. The British Poultry Council said weekly production of around 20 million birds has fallen 10% since Easter.

Coronavirus digest

  • Inflation in UK jumped again during the year through May to 2.1%, beating expectations.

  • Kim jong un warned of food shortages as North Korea grapples with border closures in addition to economic sanctions and natural disasters.

  • The Covid-19 has hit hard children’s mental health, but schools and psychologists find creative ways to help.

Video: Is it time to open a new restaurant?

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The day to come

Chesham and Amersham by-election The constituency seat has historically voted Conservative, but the Liberal Democrats are quick closing as voters go to the polls today. (CityAM)

Ryanair sues UK for border policy The low-cost airline and the owner of three airports will seek judicial review over the transparency of the government’s traffic light system for international travel.

A reminder . . .join our Future of Europe live webinar today to examine how European institutions can achieve climate goals and learn what needs to be done to boost future sustainable global trade. Register now here.

What else do we read

AT&T: back to basics The costly and humiliating decision to turn its back on Hollywood and get rid of its media assets was the fourth time AT&T has “reinvented itself” and returned to its roots – simple old-fashioned telecommunications services. His challenge is that he has far behind telecom competitors in 5G.

Boris Johnson is a risk to his future Perhaps the biggest rift for Conservatives is the gulf between the Prime Minister’s lofty visions and his short-term maneuvers, writes Robert Shrimsley. This fault line was evident in the dispute with the EU over the Northern Ireland Protocol.

Robert Shrimsley: Boris Johnson has a chance to shape Britain's future for a generation and he risks squandering it on a little serious short-termism

Robert Shrimsley: Boris Johnson has a chance to shape the future of Britain for a generation and he risks spoiling it with a little serious short-termism © Ellie Foreman-Peck

A journey through the American energy divide Democrats say Joe Biden’s climate plan can tackle global warming and create many jobs, but some Americans risk being left behind. Derek Brower embarked on a 3,000 mile trip through communities dependent on fossil fuels struggling to delay the energy transition.

Don’t shame back-to-work staff In our Lex newsletter, Sujeet Indap says CEOs should bring staff back to the office in a spirit of camaraderie rather than recrimination – and listen to those at the bottom of the corporate ladder, who face costs. high living standards, long commutes and childcare issues.

Young Africans vs. Aging Leaders A clash between young people and gerontocrats is unfolding on the world’s youngest continent, where three in five people are under the age of 25 and where tech-savvy urban populations are challenging regimes unwilling to cede power. .

Meet Our Journalists: Robert Armstrong

Robert Armstrong is the U.S. financial editor of the FT and writes the Unhedged Markets Newsletter (subscribe here to be delivered to your inbox every day of the week). Before becoming a journalist, he worked in finance and studied philosophy.

What is a story that interests you particularly at the moment? The story everyone in the markets is trying to understand: is the change in US economic policy (monetary and fiscal policy working together and the Fed changing its approach to inflation) a “change regime ‘that will change old relationships passing market leadership to new asset groups?

What are your other favorite newsletters? I always make sure to read Martin Sandbu’s Free Lunch – agree or disagree, he makes his unique economic point of view (sign up here.)

You also have a style column. What is a trend that fascinates you? Are men going to dress like bastards forever? The answer seems to be yes.

What are you interested in ? For six months when I was young, I worked as a cowboy in Wyoming. It is safe to say that I was the least competent cowboy in the history of this profession.

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