FirstFT: Today’s top stories | Financial Times

Donald Trump defended his handling of coronavirus on the first night of a Republican National Convention that portrayed his Democratic opponent Joe Biden as a weak leader beholden to socialists who would be soft on crime.

In one of two pre-recorded videos on Monday evening, Mr Trump blamed China for the pandemic and said his administration had been quick to respond to the virus, which has claimed the lives of more than 177,000 Americans.

“When the China virus invaded our country, we launched the greatest mobilisation of American society since world war two,” Mr Trump said.

In a video shot at the White House, the president appeared surrounded by a group of essential workers that he described as “heroes”, including a nurse, a janitor and postal workers. (FT)

Trump battles ‘purple wave’ in North Carolina push When Donald Trump formally accepted his party’s nomination for president on Monday, he thanked the people of North Carolina, saying he had decided to make an unscheduled in-person appearance at the convention in Charlotte “out of respect” for the state’s voters. (FT)

Where do Mr Trump and Mr Biden stand in the latest polls? Gideon Rachman asks: Could Trump win? See below.

Coronavirus digest

The real fake news about Covid-19 The idea of a coronavirus “infodemic” is appealing but it lets politicians off the hook, writes Siddharth Venkataramakrishnan. Follow our live coverage here.

What has been the pandemic’s impact on parenting and education? Join Andrew Jack and Emma Jacobs on Reddit for a chat on Tuesday August 25 at 4pm BST.

In the news

Democrats blame US postal chief for mail delays House Democrats accused US postmaster-general Louis DeJoy of presiding over a rapid deterioration of the US Postal Service that threatens to disrupt businesses, the delivery of critical items and even the November presidential election. (FT)

Tech charges into markets Three lossmaking Silicon Valley companies accelerated listing plans on Monday as tech shares have climbed to new heights. Investors are quietly pouring into insurance, betting that a wave of pandemic claims will justify hefty price increases for new policies. (FT)

Tests point to Navalny poisoning, say German doctors Doctors treating the Russian opposition leader said tests indicated he was poisoned, confirming allegations made by his aides that he was the victim of an attack. How the Kremlin kept watch on Navalny. (FT)

Wisconsin police shooting The wounding of a black man on Sunday has sparked protests and revived calls for sweeping law enforcement reform just three months after George Floyd was killed. (FT)

India moves to cut Huawei gear from telecoms network India is phasing out Huawei and other Chinese companies from its telecoms networks, striking a blow to the technology giant in one of its most important markets. (FT)

Washington has targeted Huawei for 15 years, but only in the past week has it finally threatened to topple the Chinese company, Chris Nuttall writes in #techft. Sign up here.

Facebook to challenge Thai order to block royal page The US social media company said it would challenge in court a Thai government order to block a popular page focused on the country’s monarchy in a politically incendiary move as student protests gathered pace. (FT)

Sterling traders relaxed on Brexit trade risks Currency traders are unperturbed by the prospect of Brexit trade talks failing. (FT)

McLaren’s petrol retirement The UK supercar maker will stop developing petrol engines within a decade, focusing on hybrids as it plots a long-term shift towards electric vehicles, chief executive Mike Flewitt said. (FT)

The day ahead

Pompeo in UAE The US secretary of state will meet officials on Tuesday to discuss the Israel-UAE deal before delivering a controversial Republican convention address from Israel. (FT, Reuters)

Virgin Atlantic rescue vote The airline faces a crunch vote in London on Tuesday over the £1.2bn rescue package agreed with shareholders in July, warning that it could run out of money and enter administration if creditors do not sign off. (FT)

What else we’re reading

Could Trump win? Democrats have focused on the danger of a stolen vote. But they are underplaying a more conventional risk, Gideon Rachman warns: Donald Trump could win without cheating. Leads like Joe Biden’s have been overcome before. Absent a party platform this year, what do Republicans believe? (FT, Politico)

Fear powers uneven rally The lopsided market rally reveals a good deal about human behaviour, Katie Martin writes: consumers would give up their car long before relinquishing their phone. Dividend investors fear being caught out by deflation, even with consumer prices rising. Tommy Stubbington explains. (FT)

The risk of China-US military conflict is high The relationship between China and the US is in freefall. That is dangerous, writes Zhou Bo. (FT)

Covid-19 strips the last spontaneity out of a tired political drama
When delegates at the 1888 Democratic national convention gathered to throw their support behind their choice for the next president in St Louis, Missouri, the nominee was nowhere to be found, writes Courtney Weaver. “Heavens I had forgotten all about it,” Grover Cleveland purportedly said when a telegram arrived informing him of his party’s endorsement. (FT)

Wirecard’s frantic finale Markus Braun, Wirecard’s chief executive, had hired McKinsey & Co to prepare “Project Panther”, his most audacious idea yet: a takeover of Deutsche Bank. It would have been a crowning achievement — and a miraculous exit from Wirecard’s massive fraud. But six months later, the curtain fell. (FT)

Shenzhen’s boom In China’s leading tech hub, prices of “second-hand” residential buildings have risen 78 per cent since 2015, more than any other big Chinese city. New listings on Shenzhen’s tech-focused ChiNext index have also surged after the introduction of rules removing price limits. (FT)

‘The Big Short 2.0’ Even before the pandemic, investor Carl Icahn profited handsomely on a bet against malls. The Covid-19 crisis has only increased his gains — at the cost of retailers’ pain. But Wall Street loves a gamble that pays off. (NYT)

Black artists call for change Museums, dealers and auction houses are facing demands for redress over barriers that have excluded today’s black artists — as well as to right the wrongs suffered by past generations. (FT)

Video of the day

TikTok and WeChat on the US-China tech war front line Washington bureau chief Demetri Sevastopulo and global China editor James Kynge discuss why Donald Trump has banned some Chinese social media apps. (FT)