Good morning from the Financial Times. Today is Wednesday, June 30th, and this is your FT news briefing.

Britain today will unveil a new system for state subsidies, and we'll take a look at the Japanese

conglomerate Hitachi and its US ambitions. Plus, the UK just cleared its biggest leverage to buy out

in 14 years. We'll find out about the private equity firm that really powered the Asda deal.

They're a very small group of people. They're run by this guy called Manji Dail who would tell

you himself and he hates bureaucracy. You know, he smokes heated tobacco sticks during meetings.

I'm Mark Filipino and here's the news you need to start your day.

Today, the UK will lay out plans for a post-Brexit state subsidy system. Officials say it will be

simpler and more nimble. They hope it will turbocharge or prop up selected industries. Subsidies

were a big source of tension when the UK was negotiating a Brexit deal with the EU last year.

Brussels wanted British rules to be aligned with the block, so there would be a level playing field.

But Prime Minister Boris Johnson pushed back on that. The UK says it's goal with the new

subsidy regime is to cut back on red tape. It'll set up a subsidy advice unit which can offer

advice on whether government assistance is fair. If companies want arbitration, for example,

because they think the government unfairly helped a competitor, they'll have to turn to the courts

or the tribunal system.

What a Japan's best-known brands Hitachi plans to increase its presence in the US.

America is already Hitachi's biggest market outside Japan. The industrial conglomerate hopes

to win contracts as part of the US infrastructure spending plan. And the company is also pushing

into software as the FT's Kana Inagaki reports. Hitachi recently announced that it would acquire

a US software engineer and company called Global Logic for $9.5 billion. And so that gives it

a big access to the US market. And so building on that acquisition, they hope to expand into the US.

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