Good morning.

today is Monday, May 18th, and this is your FT news briefing.

J Powell is warning that the U.S. economy might not recover from the effects of coronavirus until the end of next year.

The oldest brokerage firm in Japan is unveiling a new strategic focus and Taiwan is going to

trial international travel but under strict conditions.

Plus the F.T.'s June Yune walks us through how the new era for South Korea's film industry

has been disrupted by the pandemic. I'm Mark

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

Americans are dealing with competing theories when it comes to the country's economic recovery.

For one, the White House has repeatedly insisted the economy will bounce back before the end of the year.

And then there's Federal Reserve Chair Jay Powell.

He says he expects a more prolonged recovery.

In the long run, and even in the medium run,

you wouldn't want to bet against the American economy.

This economy will recover. It may take a while. It may take a

period of time. It could stretch through the end of next year. We really don't know.

That was Mr. Powell in an interview with CBS that aired on Sunday.

He also said it might take the development of a vaccine before things fully recover.

Assuming there's not a second wave of the coronavirus, I think you'll see the economy recover steadily

through the second half of this year.

For the economy to fully recover, people will have to be fully confident and that may have to await the arrival of a vaccine.

Mr. Powell has warned of a medium-term economic fallout from the virus and last week the

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