Good morning. To start the week, we have several exclusive stories, including delays to Joe Biden’s manufacturing renaissance and TikTok’s misleading news reports.

But first, let’s turn to the war in Ukraine. The ongoing Russian attacks are preventing traders from using Ukraine’s huge natural gas reserves. This increases the risks and brings little revenue to Kiev.

Ukraine has Europe’s largest underground gas storage facilities and last year offered EU companies valuable space to store surplus gas before winter.

But this year, European volumes in Ukraine fell to just a tenth of the volumes stored in the same period last year in June and July following a Russian spring offensive targeting Ukraine’s energy infrastructure, even though EU storage facilities were at 86 percent capacity. That is at stake for both the energy companies and Kyiv.

• Invasion of Ukraine: Reinforced Russian forces have failed to push back Ukrainian troops that have advanced 30 km into the Kursk region. “We are advancing deeper,” a Ukrainian soldier said.

Here’s what else I’m keeping an eye on today:

• Economic data: OPEC publishes its oil market report for August. The Chartered Institute of Personnel and Development has its labour market outlook for the UK.

• Trump meets Musk: The former president said he would do a “big interview” tonight with the billionaire owner of X.

Five more top stories

1. Exclusive: Revolut backer Balderton Capital has raised $1.3 billion for European tech start-ups, the largest venture capital fund of its kind in the region. The fundraising comes at a busy time for the European venture capital industry, which has been more active than ever ahead of the boom year of 2021. Tim Bradshaw reports the full story from London.

• British start-ups: Dozens of small businesses that received taxpayer-funded loans under Rishi Sunak’s Future Fund are facing liquidation, marking a further rise in bad investments under the pandemic-era scheme.

2. Exclusive: Joe Biden’s planned revival of US manufacturing has been delayed, About 40 percent of the projects announced in the first year of the industrial reform launched by the president have been affected by economic downturns. The FT conducted more than a hundred interviews with companies and officials and reviewed documents and publications. Here are more details from the investigation.

• Kamala Harris: The latest FT-Michigan Ross Poll shows that the vice president is now more trusted than Donald Trump on issues related to the US economy, a clear shift in voters’ mood following Biden’s withdrawal from the race.

3. Exclusive: TikTok sent inaccurate and misleading news reports to users’ phones, including push notifications with false claims. The format is often used to increase engagement with personalized video recommendations, but here’s how it can expose users to misinformation.

4. The Israeli military has ordered tens of thousands of Palestinians to leave their emergency shelters in parts of Khan Younis in the southern Gaza Strip. in preparation for another attack on areas where Hamas fighters are believed to be operating. The forced evacuation order came after at least 80 people were killed in an airstrike on a school in Gaza City on Saturday.

5. Executives fly less and reduce one-day business trips by plane. said the head of the Global Business Travel Association. The industry association expects that inflation-adjusted travel spending, for example on flights, trains, hotels and other expenses, will not return to pre-pandemic levels until 2027. Here’s why this “new normal” is here to stay.

• Executive salaries: FTSE 100 chief executives’ salaries rose by £560,000 last year to an average of almost £5 million, returning to levels not seen since 2017.

The great reading

With political uncertainty in France and tighter tax rules for the wealthy in the UK and the Netherlands, Europe’s multimillionaires are restless – and it’s never been easier for the super-rich to change their place of residence. As a result, competition for rich people has intensified, with newer countries like Dubai and Singapore encroaching on traditional territories like the UK, Switzerland and Monaco. So low-tax countries are courting the world’s rich.

We also read …

• Climate and city: The financial centre is investing £68 million in a plan to deal with “extreme weather”, but experts say this is only a fraction of what will be needed.

• Susan Wojcicki: The former YouTube boss who helped shape online advertising and championed women in the technology industry died this weekend at the age of 56. Read our obituary.

• Automation: With the proliferation of more powerful financial analysis tools, good Excel skills alone may no longer be enough for new hires in private equity, writes Sujeet Indap.

• Friendshoring: A recent agreement between the US, Finland and Canada to build polar icebreakers is a model for a collaborative industrial strategy, writes Rana Foroohar.

Chart of the day

The global insurance sector is scrambling to keep homes and businesses insurable as climate change leads to more extreme weather and rising losses. Policymakers and businesses are using a combination of preventative and adaptive actions by property owners, as well as new methods of measuring or insuring risk in an increasingly uninsurable world.

Take a break from the news

Whether it’s Ryanair’s crooked croissants or Easyjet’s infamous cheese and ham “toasties” (wet loofahs the temperature of molten lava), Marina O’Loughlin devours everything that comes off the airplane trolley. The restaurant critic, who describes herself as a food snob on the ground, explains why her standards drop in the air.

More articles by Benjamin Wilhelm