FT News Briefing

Ukraine doubles down on counteroffensive

Sep 6, 2023

10:00

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EU competition chief Margrethe Vestager steps aside. UK struggles to recover losses from fraud on business grants. Ukraine's counter-offensive progress against Russia. Updates on Ukraine's potential success and challenges. Financial challenges and layoffs for Cloud Kitchens.

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Quick takeaways

Margrethe Vestager, the EU competition commissioner known for her tough stance against tech giants, is stepping aside and will potentially become the first female president of the European Investment Bank, while her replacement faces challenges in enforcing digital regulations.

The UK government is struggling to recover fraudulent pandemic-era business grants, having only recouped 2% of the losses due to legal uncertainties and overall difficulties in clawing back payments, hindering their ability to effectively address the issue of fraudulent grants.

Deep dives

EU's competition chief Margaret Vestiger steps down and replacement announced

Margaret Vestiger, known for leading antitrust cases against tech giants like Apple, Meta, and Amazon, is leaving her role as the European Union's competition chief. She has been a fierce opponent of anti-competitive practices and has targeted mergers, transactions, and sweetheart tax deals. Vestiger is set to become the candidate to run the European Investment Bank, potentially becoming its first-ever female president. Her replacement, D.D.A. Rangers, is expected to face challenges in filling her shoes and enforcing the EU's digital regulations.

Introduction

2min

Margaret Vestiger's Role and Successes as EU's Competition Chief and her Future as the European Investment Bank's Potential First Female President

2min

EU Digital Rules, UK's Grant Recovery, and Ukraine's Counter-Offensive Progress

5min

Ukraine's Potential Success in Countering Russia and Challenges for Cloud Kitchens

2min

The EU’s competition commissioner Margrethe Vestager is stepping aside, and the UK has clawed back less than 2 per cent of losses owing to fraud and error on business grants during the Covid-19 pandemic. Plus, Ukraine is doubling down on its counteroffensive.

Mentioned in this podcast:

Didier Reynders to take over as EU competition chief

UK government ‘slow to take action’ on Covid-19 grant losses, say MPs

Military briefing: Kyiv ignores calls for reset of its ‘sneak and peek’ tactics

Travis Kalanick’s excellent (and secret) venture

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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