Federal Reserve chair Jay Powell has warned that the US economy may not “fully recover” until the end of 2021, Japan’s oldest brokerage firm, Nomura, is poised to unveil a new strategic focus on private markets, and the Taiwanese government and Stanford University are preparing a quarantine and testing regime for foreign travellers. Plus, the FT’s June Yoon explains how the hopeful era for South Korea’s film industry has been disrupted by the pandemic. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/newsbriefingcovid. Hosted on Acast. See acast.com/privacy for more information.

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“What did the council decide on item 42?” — answered with the speaker and the moment.