FirstFT: EU plans to suspend visa travel agreement with Russia – Financial Times

FirstFT: EU plans to suspend visa travel agreement with Russia  Financial TimesRead More

Good morning. EU foreign ministers are set to back suspending the bloc’s visa facilitation agreement with Moscow in an effort to curb the number of travel permits issued after some eastern member states threatened to unilaterally close their borders to Russian tourists.

Some countries have demanded collective action to stop ordinary Russians from travelling to the EU on tourist visas, in the latest challenge for the bloc as it tries to punish Moscow for its invasion of Ukraine while maintaining unity among its 27 members.

Some countries stopped issuing visas to Russian tourists shortly after president Vladimir Putin ordered the full-scale invasion of Ukraine in February. They have since demanded that Brussels enact a complete ban, echoing a plea from Ukraine’s president, Volodymyr Zelenskyy.

But others have continued to grant the travel documents, allowing Russians with visas to travel anywhere in the the Schengen free-movement area.

As a first step, ministers plan to give political support to suspending the EU-Russia visa facilitation agreement at a two-day meeting in Prague that begins tomorrow.

Finland, Estonia and the Czech Republic are among the countries that have called for Brussels to implement an EU-wide ban on new tourist visas for Russians to enter the Schengen free travel area.

“It is inappropriate for Russian tourists to stroll in our cities, on our marinas,” said a senior EU official involved in the talks. “We have to send a signal to the Russian population that this war is not OK, it is not acceptable.”

Thanks for reading FirstFT Asia. Have a great week. — Sophia

Five more stories in the news

1. ECB officials warn of ‘sacrifice’ needed to tame surging inflation Price growth risks spinning out of control if forceful action is not taken, according to European Central Bank officials speaking at a weekend gathering of central bankers in Wyoming, US. Weaker growth and lower job creation both factor into a high “sacrifice ratio” that will be necessary to bring inflation back under control.

2. Pakistan floods kill more than 1,000 and threaten economic recovery Pakistan is experiencing its worst flooding in at least a decade, causing more than 1,000 fatalities, nearly 1mn damaged homes and wiping out crops such as rice and cotton. Officials estimate that more than 30mn people have been affected, or about 15 per cent of the population, and the climate catastrophe has added to Pakistan’s financial distress.

3. Hong Kong tycoon calls bottom of China property slump Adrian Cheng, chief executive of Hong Kong-listed New World Development, plans to invest Rmb10bn ($1.46bn) in land over the next year in top-tier Chinese cities such as Shanghai and Shenzhen. Many analysts say Chinese property prices in the sector could fall further amid a liquidity crisis and a slowing economy, but Cheng remains optimistic about an imminent recovery.

4. South Korean shipbuilder bets on methanol-powered vessels Korea Shipbuilding & Offshore Engineering, one of the world’s biggest shipbuilders, expects orders for methanol-powered ships to surge as environmental regulations incentivise alternative fuel sources. The shipping industry accounts for 3-4 per cent of global greenhouse gas emissions, which it is hoping to cut by at least 50 per cent by 2050.

5. Record-high gas prices threaten to trigger recession in Europe The EU will convene an emergency meeting of energy ministers as gas prices spiral higher, hitting a record high above €343 per megawatt hour ($100 per million British thermal units) on Friday. The crisis has rippled across industries, threatening sectors from glassmaking to food production.

The day ahead

Brazil’s presidential debates Presidential candidates take part in a TV debate today.

Economic data Hong Kong releases monthly property data today; Vietnam releases monthly inflation, trade and industrial output data.

What else we’re reading

A post-dollar world is coming The dollar surged this month to levels not seen in nearly 20 years. Since the 1970s, the typical upswing in a dollar cycle has lasted about seven years — the current upswing is in its 11th year. A decline could be near, and this time, the US currency’s decline could last even longer than the decline it saw two decades ago.

The conflict between Europe’s port cities and the cruise ship industry Cruises are back on the holiday agenda after a two-year slowdown. But while demand for cruises is approaching pre-pandemic levels, the residents and politicians of the cities where cruise enthusiasts step ashore have not welcomed them back with open arms.

No country for young men in Silicon Valley For decades, very young company founders have brought to bear the innovation, disruption and vision that the tech sector prides itself on. But the next generation of youthful prodigies hasn’t arrived, which reflects both shifting American demographics and the new landscape of the industry.

Advice for the quiet quitters If you’re going to ease off, you should do so smartly. Come into the office regularly to signal your commitment, don’t change course too abruptly, and make sure that you’re not inadvertently adding strain to your colleagues’ workloads.

Germany’s cheap transport scheme hits the buffers Germany’s affordable ticket experiment — a €9-a-month ticket for local trains and public transport — was introduced to soften the blow of the cost of living crisis and tackle climate change by encouraging people to switch away from cars. It proved immensely popular — which has made taking it away that much tougher.

Opinion: “It’s the uncertainty, not the delay, that gets you in the end”: Tim Harford reflects on the horrors of modern train travel.

Film

As Amazon embarks on its new The Rings of Power series, which begins airing September 2, Stephen Bush looks back at The Lord of the Rings’ enduring legacy of adaptations for radio, stage, television, film and gaming.

© Tim Marrs