Good morning. EU leaders defer a decision critical to the flow of aid to Ukraine. An ad featuring Ronald Reagan prompts Donald Trump to terminate trade talks with Canada. And we take a deep dive into the enormous cost of cyberattacks on companies and the wider economy. Listen to the day’s top stories.
— Lily Nonomiya
The EU put off until December a decision on whether to tap frozen Russian central bank assets to aid Ukraine, threatening an effort to secure fresh funding for Kyiv. Talks stalled after Belgium demanded greater assurances it wouldn’t be held liable for risks linked to the proposed €140 billion in loans. Read more about how the EU sees the frozen assets as key to sustaining Ukraine aid.
Trump and Xi Jinping will meet next Thursday on the sidelines of the APEC summit, the White House said. The US president said he wants to extend a pause on higher tariffs on Chinese goods in exchange for Xi resuming American soybean purchases, cracking down on fentanyl and backing off rare-earth restrictions.
French President Emmanuel Macron told EU leaders to consider using the bloc’s most powerful trade tool against China, known as the anti-coercion instrument, if they aren’t able to find a resolution to Beijing’s planned export controls on critical raw materials, people familiar said. Here’s our explainer about the trade weapon.
European and US equity futures rose as the Trump and Xi meeting eased nerves around a trade war. Oil prices edged lower ahead of US inflation data. Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets.
The cyberattack that crippled Jaguar Land Rover caused British car production to plunge 27% last month, offering a glimpse into the massive damage cyberattacks can inflict on the economy.
Auto output fell to 51,090 units in September, according to the Society of Motor Manufacturers & Traders. The total decline, including commercial vehicles, was even more drastic at 36%, after Stellantis shuttered its Vauxhall van plant earlier this year.
JLR is slowly resuming operations after the cyberattack forced the UK’s largest carmaker to stop making vehicles for more than five weeks. Hundreds of suppliers were affected, prompting the government to step in and guarantee a £1.5 billion emergency loan. You can read more about the extensive damage of the hack here.
Ferrari’s reversion to using simple mechanical buttons to control the vehicle was a smart move, Chris Bryant writes. Until vehicles are fully driverless, manufacturers need to strike a balance between aesthetics, efficiency and digitalization on one hand, and sticking with physical controls where needed for safety and ease of use.
Terry Rozier. Photographer: Jared C. Tilton/Getty Images
The FBI arrested Miami Heat guard Terry Rozier and Portland Trail Blazers coach Chauncey Billups in a US federal sports betting probe allegedly involving basketball games and high-stakes poker games rigged by Mafia families.
