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A ceasefire between Israel and Hamas, the Palestinian militant group, came into force early on Friday ending an 11-day conflict that has killed at least 232 Palestinians and 12 Israelis.

The Egypt-mediated truce triggered celebrations on the streets of Hamas-controlled Gaza, as the worst fighting in seven years came to a close.

The fighting led to huge levels of destruction across the densely populated Gaza strip, which is home to 2m people, as Israeli warplanes and artillery attacked Hamas positions.

The truce followed “intensive high-level discussions, hour by hour” from the US, including multiple calls between President Joe Biden and his counterpart Benjamin Netanyahu.

The US president had come under intense pressure from members of his own Democratic party in recent days, including congresswoman Rashida Tlaib, to take action to end the conflict.

Egypt, which mediated the ceasefire along with the US and Qatar, said on Thursday it would send two security delegations to Tel Aviv and the Palestinian territories to ensure the implementation of the ceasefire.

US foreign policy and defence correspondent Katrina Manson talks to the FT News Briefing podcast on the prospects for the ceasefire.

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US proposes global corporate tax rate of at least 15% The Biden administration has signalled that it will accept a 15 per cent global minimum tax on large multinational companies, in international talks aimed at increasing revenues from corporations that operate across borders.

Morgan Stanley shake-up Chief executive James Gorman kicked off a succession battle with a string of leadership changes at the US bank, including the promotion of two top deputies, Ted Pick and Andy Saperstein. The appointments follow this week’s reshuffle at the top of JPMorgan Chase amid a broader changing of the guard at Wall Street’s largest lenders.

WeWork loses more than a quarter of its members WeWork’s losses almost quadrupled to $2.1bn in the first quarter as the co-working company haemorrhaged more than a quarter of its members and shelled out hundreds of millions of dollars to restructure its property portfolio.

Snap launches augmented reality glasses Snap has become the first leading US tech company to unveil augmented reality glasses, beating rivals such as Facebook and Apple to what many see as the next big computing platform.

Bitcoin ETFs warn of ‘market disruption’ Two Canadian bitcoin exchange traded funds issued “market disruption” warnings during this week’s crypto turmoil — when bitcoin tumbled by almost a third at one point — highlighting the risks faced by these types of vehicles that are popular with retail traders.

EU parliament declares China treaty ratification ‘frozen’ MEPs voted by an overwhelming majority on Thursday to halt the ratification of the mooted market access treaty, declaring it “frozen” in a sign of mounting tensions between the two sides and a shift in EU capitals against the accord.

Joe Biden and Moon Jae-in meet The US will try to persuade South Korean president Moon Jae-in to agree to a strong statement of concern about China when he visits Washington today.

Tim Cook takes the stand Cook will be among the final witnesses in the month-long trial in which games developer Epic argues that Apple’s App Store abuses its allegedly dominant position.

G20 health summit Mario Draghi, Italian prime minister, and European Commission president Ursula von der Leyen will co-host a summit in Rome which will address the vexed issue of vaccine patent waivers, writes our Europe Express newsletter. Sign up here to receive it daily.

Art Basel Hong Kong Art Basel Hong Kong will be taking place throughout the weekend with a digital-meets-physical platform.

Yesterday we incorrectly implied that former McDonald’s chief executive Steve Easterbrook was fired in November 2020. We are happy make clear it was 2019.

When economic tribes go to war Since the details of Joe Biden’s multitrillion-dollar fiscal programme first emerged, they have attracted predictable criticism from the political right. What is more surprising, though, is the criticism from some former officials in previous Democratic administrations, writes Gillian Tett.

The hypocritical attack on chief executive pay Pay revolts are very much in keeping with the ESG zeitgeist. But institutional investors are bothering too much about pay at high-performing companies. Rather than trying to make chief executives poorer they should worry about making their clients richer, argues companies editor Tom Braithwaite.

How can the world get to net zero emissions by 2050? The International Energy Agency has mapped out a pathway that it says is “narrow but still achievable” if the world is to cut carbon dioxide emissions to nearly zero and limit global warming to 1.5C. But meeting this goal would require a total transformation of the global economy over the next three decades.

Vaccine row shows why we need to rethink intellectual property Once upon a time, monarchs would hand out monopolies to favourites, but a modern society cannot be handing out IP to whoever seems most sympathetic, says Tim Harford.

Why we travel — and why we shouldn’t stop Tourism is back but not as we knew it. Tom Robbins argues that for all its flaws, the industry deserves to be brought back to life: “The reality is that there is good tourism and bad tourism, and we need to think more often about the difference.”

We know what you did during lockdown We gave up our privacy to fight Covid-19, can we get it back? An FT Film explores how Covid-19 has exposed the tension between the need for data to track and trace, and the right to privacy and justice.