When love is not just romance but compassion, too
==========

Enuma Okoro reflects on love as compassion, inspired by bell hooks' 1999 essays in 'All About Love'; discusses Alice Neel's 1940 painting 'TB Harlem' depicting collective humanity; mentions George Frederic Watts' 1899-1901 work 'Love Steering the Boat of Humanity' illustrating turmoil; highlights Jordan Casteel's 2023 painting 'Naima’s Gift' showcasing family love and connection.

#Love #Compassion #Art #BellHooks #AliceNeel #JordanCasteel #GeorgeFredericWatts #Humanity #Family #Community

https://www.ft.com/content/ff799578-b7d0-451f-b591-5c5dcd778e8a


Three days with the true believers who won’t let Bigfoot die
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The Pacific Northwest, a vast area from British Columbia to California, is a key location for cryptozoology; Bernard Heuvelmans' 1955 book inspired the field; a Sasquatch call contest featured contestants imitating Bigfoot calls, with a winner receiving Tannerite; believers like Tobe Johnson and expert Jason Kenzie emphasize group safety during searches; participants reported seeing unusual tree structures but no Bigfoot sightings; the article explores the appeal of Bigfoot belief amidst a lack of conclusive evidence.

#Bigfoot #Cryptozoology #PacificNorthwest #Belief #Nature #Exploration #Sasquatch #Wildlife #Culture #Mystery

https://www.ft.com/content/5a8080bc-d41a-4aa8-862b-6290a940dac6


How to trade in the Trump era
==========

Sung Won Sohn notes stock market trends post-election; US stock markets are expensive, reliant on Trump's tax cuts and deregulation; fossil fuel, steel, and bank stocks may benefit; Trump's management style is unconventional, requiring access to succeed; 'Friendshoring' complicates trade with Mexico and Canada; $35 trillion US debt poses risks, with bond market vigilantes as checks on Trump; emerging markets face challenges from a strong dollar; bitcoin and gold are recommended hedges against inflation; geopolitical risks suggest diversifying into real assets.

#Trump #Investing #StockMarket #Economy #Trade #Debt #Bitcoin #Gold #EmergingMarkets #FinancialStrategy

https://www.ft.com/content/cd2e7b53-33b1-47dc-8995-b930c42f96ff


Brussels downgrades Eurozone growth forecast to 1.3 per cent
==========

Brussels has downgraded the Eurozone growth forecast to 1.3 percent; Germany's economic struggles are impacting the region's growth; the downgrade reflects increasing concerns over the EU's economic prospects as it lags behind the US; snap elections in Germany are scheduled for February 2024; ECB has cut rates to mitigate economic damage.

#Eurozone #GrowthForecast #Germany #Economy #Ecb #SnapElections #UsEconomy #FinancialNews #Brussels #2024

https://www.ft.com/content/18e87028-0db7-4ba1-b59f-6062c06a5d6e


Donald Trump picks Robert Kennedy Jr to run US health department
==========

Donald Trump has nominated Robert F. Kennedy Jr. to lead the US Department of Health and Human Services (HHS); Kennedy, a vaccine skeptic and former Democrat, expressed gratitude for the nomination on X, stating his goal to free HHS from corporate influence; Trump previously indicated he would allow Kennedy to take bold actions regarding health and food policies; Kennedy's nomination follows his withdrawal from the presidential race to support Trump, which reportedly helped garner votes for the former president; Kennedy's candidacy faced opposition from drugmakers concerned about his views; he has stated he supports vaccine choice but would eliminate certain FDA departments.

#Trump #Kennedy #HealthDepartment #Hhs #Vaccines #Politics #Nomination #2024Election #Fda #CorporateInfluence

https://www.ft.com/content/04465c09-8100-4cb9-a604-172cf65edf5f


Migration to rich countries hits record high in 2023
==========

In 2023, approximately 6.5 million people migrated to the 38 OECD countries, marking a nearly 10% increase from the previous record of 6 million in 2022; Canada, France, and Japan reported record immigration levels; the UK became the largest recipient of migrants with net immigration of 750,000, surpassing the US, which received 1.2 million permanent legal immigrants; many incumbent OECD governments lost votes amid rising migration concerns; Canada, Australia, and the UK implemented measures to limit work-related migration, with Canada capping temporary residents for the first time.

#Migration #Oecd #Immigration #Economy #Canada #Uk #Us #2023 #Asylum #VoterBacklash

https://www.ft.com/content/c5f2ff4d-252d-45d6-ab25-44ee6bfabb96


How markets might be wrong about Trump
==========

The consensus view on Trump's impact on markets may be overly simplistic and politically biased; Matt Klein suggests policymakers might misinterpret lessons from the election, leading to less accommodative fiscal policies in downturns; this could increase economic risks and make Treasuries more appealing, resulting in lower yields; prior to the pandemic, a consensus emerged that economies were not utilizing macro policy effectively; post-pandemic, US consumer spending grew faster than in previous years, outperforming other major economies due to its macro policy stance.

#Trump #Markets #Economy #FiscalPolicy #Treasuries #Inflation #ConsumerSpending #Opec+ #UsElection #FinancialAnalysis

https://www.ft.com/content/e048fef3-5031-4e66-abb8-88bbe01e151c


US inflation rises to 2.6%
==========

US inflation increased to 2.6% in October 2024; Federal Reserve is considering interest rate cuts before President-elect Donald Trump's inauguration; inflation concerns are affecting the US bond market.

#UsInflation #FederalReserve #InterestRates #DonaldTrump #October2024

https://www.ft.com/content/57597860-419a-4d34-946a-90f4c698def3


Xi Jinping faces heat over failure to protect Chinese workers overseas
==========

Chinese President Xi Jinping is under pressure following a bomb attack by Pakistan separatists near Karachi airport, which has raised concerns about the safety of Chinese workers abroad; the incident has intensified calls for Beijing to enhance security measures and update legislation regulating private security companies; the attack is part of a broader discontent with the current security arrangements for Chinese nationals overseas.

#XiJinping #ChineseWorkers #Pakistan #Security #Legislation #BombAttack #Karachi #PrivateSecurity #Overseas #Discontent

https://www.ft.com/content/250dec05-4092-494b-bfc8-56fd008a6e1a


How will the Fed handle Trump?
==========

Federal Reserve cut interest rates by 0.25% to 4.5-4.75% two days after the US election; Jay Powell, nominated by Barack Obama, has served since May 2012; Trump’s potential tariffs could challenge Fed's response; Powell stated he would not resign if asked by Trump; Fed officials reportedly discussed a plan to counter a dangerous Fed chair nomination; economic modeling of Trump's policies remains uncertain; Trump’s election resulted in a uniform swing towards him across demographics, with inflation cited as a key issue.

#FederalReserve #Trump #InterestRates #Economy #Inflation #Policy #JayPowell #Election #Tariffs #CentralBanks

https://www.ft.com/content/49af1a6a-0817-42a1-b9e4-1455fc657ccb


Why Kamala Harris lost
==========

Kamala Harris's faux pas on trade and tariffs made her appear aligned with neoliberal policies that alienated the working class; Donald Trump is expected to return as president, prompting a resurgence in journalism; Harris should have aligned more closely with Joe Biden's economic strategies; a deeper understanding of the political economy was necessary; the pandemic exacerbated economic dislocation and financial insecurity; anti-incumbent sentiment is rising globally, affecting leaders like Rishi Sunak, Emmanuel Macron, and Narendra Modi; Democrats lost both working-class and suburban votes; progressive tactics may have inadvertently aided Trump's rise; the article discusses the implications for the 2024 election.

#KamalaHarris #DonaldTrump #2024Election #Democrats #EconomicPolicy #Neoliberalism #Progressives #PoliticalAnalysis #GlobalPolitics #PandemicImpact

https://www.ft.com/content/f9da45f4-93e3-4c49-b47c-b874064e40b5


Is US inflation on the rise?
==========

The Federal Reserve cut US interest rates by 0.25 percentage points to a target range of 4.5 to 4.75 percent; October's consumer price index growth is expected at 2.6 percent year-on-year, up from 2.4 percent in September; core inflation is projected to remain steady at 3.3 percent; Neil Sun from RBC Global Asset Management anticipates another quarter-point rate cut in December; the Bank of England predicts GDP boost of 0.75 percent and inflation peak at 2.7 percent by end of next year; markets expect less than one percentage point of cuts by the end of next year due to inflationary pressures from Trump’s policies.

#Inflation #FederalReserve #InterestRates #Trump #Economy #Gdp #BankOfEngland #ConsumerPriceIndex #CoreInflation #MonetaryPolicy

https://www.ft.com/content/1f8e88bf-110f-4c99-85dc-5f74706518ac


Trump’s radical second-term agenda set to test Mexico’s fragility
==========

Donald Trump, during his first campaign in 2015, blamed Mexico for US job losses and crime; by 2020, he had improved relations with Mexico's president. A potential second Trump administration poses serious challenges for Mexico, the US's largest trading partner. Business leaders express concerns over the Sheinbaum government's ability to manage these challenges. Under Joe Biden, US-Mexico relations remained stable, avoiding criticism of Mexico's drug violence and democratic issues in exchange for cooperation on migration. However, US patience is waning due to low cooperation on drug cartels, complaints from US companies about the business climate, and Mexico's judiciary reforms.

#Trump #Mexico #UsRelations #Sheinbaum #Biden #DrugViolence #Judiciary #Trade #Migration #Politics

https://www.ft.com/content/637b9511-6f16-460b-bc09-32e07c064f5a


Donald Trump asks arch protectionist Robert Lighthizer to run US trade policy
==========

Donald Trump has asked Robert Lighthizer to return as US trade representative; Lighthizer previously served in this role during Trump's trade war with China; His potential reappointment is concerning for US trading partners and China due to his protectionist stance; Trump plans to impose high tariffs on imports, particularly from China; Lighthizer criticized free trade for job losses in American manufacturing and described the US trade deficit as 'alarming'; Discussions about Lighthizer's role occurred within Trump's transition team.

#DonaldTrump #RobertLighthizer #UsTradePolicy #Tariffs #China #ManufacturingJobs #TradeWar #Protectionism #2024Election #Economy

https://www.ft.com/content/5003b5b9-7d36-49a7-96cc-d5fecc7a0a96


FirstFT: Trump win sparks renewables sell-off and pharma fears
==========

Shares of renewable energy companies have experienced a significant sell-off, with hedge funds profiting over $1.2bn by betting against the sector; President-elect Donald Trump has pledged to end offshore wind development on his first day and halt subsidies under the Inflation Reduction Act; pharmaceutical executives are concerned about Robert F Kennedy Jr's influence over Trump, fearing he may appoint vaccine skeptics to key federal positions; Trump's return could impact the US's role in the Paris climate agreement ahead of the UN COP29 summit; the Federal Reserve has cut interest rates; Citigroup is revamping its wealth banker pay structure; Trump has appointed Susie Wiles as his 2024 campaign manager and chief of staff; the article discusses various global and domestic political events including the Middle East conflict and economic data releases.

#Trump #Renewables #Pharmaceuticals #Fed #Citi #Kennedy #Cop29 #Economy #Politics #Investments

https://www.ft.com/content/2d0499f1-58fc-4e91-a6b8-0f43c9b66231


China’s premier defends free trade on eve of US presidential election
==========

Li Qiang, China's premier, spoke at an import expo in Shanghai on Tuesday, defending free trade and expressing concerns over the global rise of protectionism; Beijing lodged a complaint with the WTO on Monday against the EU's recent tariff increase on Chinese EVs, which the EU claims undermines local carmakers; the US and Canada are threatening tariffs up to 100% on Chinese EVs, straining trade relations; foreign investment in China has declined due to economic concerns and a property slowdown, prompting expectations of a fiscal stimulus package this week.

#China #Trade #LiQiang #UsElection #Wto #Tariffs #Evs #ForeignInvestment #EconomicPolicy #Protectionism

https://www.ft.com/content/a15ff02d-26a3-4544-826a-bc01492925f5


The bad jobs report, in context
==========

October's jobs report showed only 12,000 jobs added; hurricanes and Boeing strike contributed to the low numbers; 33,000 Boeing workers went on strike in September; 35,000 spike in initial jobless claims in early October; 112,000 downward revisions for prior two months; Fed rate cut next week is expected; oil prices around $70 a barrel; ExxonMobil, BP, and Chevron reported poor quarters due to low oil prices; Opec+ extended production cuts by a month; Saudi Arabia hesitant to increase production due to weak demand from China; US election may influence oil prices depending on administration's actions regarding Middle East conflict.

#JobsReport #OilPrices #FedRateCut #Opec+ #SaudiArabia #BoeingStrike #Inflation #UsElection #MiddleEastConflict #EconomicAnalysis

https://www.ft.com/content/807fde4f-1b07-4549-997c-26072262bccc


UN summit agrees deal on genetic data but fails on wider finance to protect nature
==========

The UN summit in Cali, Colombia, concluded without a broader finance agreement for nature protection; a deal was reached on genetic data payments from pharma and agritech groups; the conference was the largest nature protection event; it ran into overtime; the date of the summit is unspecified.

#UnSummit #GeneticData #NatureProtection #Finance #Cali #Colombia #Pharma #Agritech #Environment #Conference

https://www.ft.com/content/c6c1f14a-f7a8-4ad0-89e3-9e3a32fdabc2


The internal rivalries that will determine Trump’s policies on trade
==========

Trump's trade policies are marked by internal rivalries; he proposes raising tariffs to 10-20% on all partners and 60% on Chinese imports; plans to replace federal income tax with tariff revenue; conflicting views among advisors like Peter Navarro (protectionist) and Larry Kudlow (free-trader); New Zealand dairy products face an average 14% tariff in the US; Trump's seriousness about policies is uncertain, with some viewing high tariffs as a bargaining tactic; others believe he genuinely supports tariffs for revenue and tax cuts.

#Trump #TradePolicy #Tariffs #UsEconomy #Protectionism #FreeTrade #China #Agriculture #Politics #2024Election

https://www.ft.com/content/87154c8d-d064-48e5-9d8d-d20a77df3bd6


Argentina’s Javier Milei fires foreign minister over pro-Cuba vote
==========

Javier Milei, President of Argentina, fired foreign minister Diana Mondino after Argentina voted with 186 countries to support a UN resolution condemning the US economic embargo on Cuba; only the US and Israel opposed the resolution. Milei, who campaigned against communism, has previously criticized international institutions for a 'socialist agenda' but has softened his stance towards key economic partners like China, calling them a 'super-friendly partner.'

#Argentina #JavierMilei #DianaMondino #Cuba #Un #ForeignPolicy #EconomicEmbargo #China #Politics #InternationalRelations

https://www.ft.com/content/6acd7d52-1693-4c81-93e1-59c0e8cf0f25


Trump show returns to New York with boisterous Madison Square Garden rally
==========

Donald Trump held a campaign rally at Madison Square Garden in New York on Sunday; supporters interrupted with chants of 'we want you' and 'we love you'; Trump speculated about winning New York, a traditionally Democratic state; Financial Times poll tracker shows Trump and Kamala Harris in a statistical tie, with Harris slightly ahead nationally and Trump leading in swing states; Elon Musk also spoke at the rally.

#Trump #Rally #MadisonSquareGarden #2024Election #Harris #Polls #NewYork #Politics #ElonMusk #Republican

https://www.ft.com/content/6329abc8-8d57-4ec2-b451-b369064ade9c


UK’s long-awaited Budget Day arrives
==========

Rachel Reeves will deliver her first Budget speech on Wednesday; Labour government pledged not to increase taxes on workers despite £20bn additional annual investment spending; Chris Giles warns increasing taxes on the rich may backfire; Reeves plans to change UK fiscal rules to fund investment with increased government borrowing; Big Tech earnings dominated by Apple, Meta, Amazon, contributing 46% of S&P 500 year-to-date gains; Bank of England deputy governor Sarah Breeden to speak at a conference; funeral of former Scottish first minister Alex Salmond held in Strichen; 50th anniversary of Ali vs Foreman boxing match; Moldova run-off election for next president.

#UkBudget #RachelReeves #LabourParty #BigTech #Earnings #EconomicPolicy #Salmond #AliVsForeman #Moldova #BankOfEngland

https://www.ft.com/content/6c05fff3-42be-4f3a-aef3-eaefcd9c893f


Climate graphic of the week: Blackouts and water rationing as South American drought worsens
==========

Bogotá limits water use; Quito schedules daily power cuts; Ecuador faces 14-hour power cuts due to the worst drought in six decades; drought in the Amazon Basin attributed to climate change; study by international scientists released in 2023.

#Drought #ClimateChange #Ecuador #Colombia #WaterRationing #PowerCuts #AmazonBasin #ScientificStudy #2023 #Environment

https://www.ft.com/content/ed447a9d-eb3c-4709-b0ee-cf1f7b0a9667


Yen carry and US tech
==========

UPS reported a strong increase in package volumes for Q2; this marks the second consecutive quarter of growth after a post-pandemic slump; the article discusses the implications of US stock valuations rising despite increasing bond yields; it questions the courage of investors to engage in carry trades amidst a volatile rate environment and upcoming US elections; the authors are Robert Armstrong and Aiden Reiter; the article is part of the Unhedged newsletter.

#YenCarry #UsTech #Ups #StockValuations #BondYields #Investors #MarketAnalysis #FinancialNews #Economy #Unhedged

https://www.ft.com/content/25ce3c6c-5f8e-4250-a163-0cf952914120


Donald Trump takes lead over Kamala Harris on the US economy in final FT poll
==========

In the final FT-Michigan Ross poll, 44% of registered voters trust Donald Trump more to handle the economy, compared to 43% for Kamala Harris; 49% believe Harris better represents middle-class interests, while 37% favor Trump; this marks the first time Trump has led Harris in this poll; findings indicate Harris's economic appeal has diminished as the election approaches; the poll was conducted less than two weeks before the election.

#Trump #Harris #UsEconomy #Poll #Election2024 #Voters #Michigan #FinancialTimes #Politics #PublicOpinion

https://www.ft.com/content/a85d86c2-e299-42a5-9f75-9f1f8f2ee4cc


US election 2024: everything you need to know about the White House race
==========

Kamala Harris's nomination revitalizes the Democratic Party; she launched her campaign in July 2024; Harris erased Trump's polling lead over Biden; she secured union backing and celebrity endorsements; Trump maintains strong base support and billionaire financial backing from Elon Musk and Bill Ackman; Republican Party's 2024 platform includes a 20-point economic revitalization plan; Trump promotes a populist economic agenda; Project 2025 proposes controversial policies including criminalizing porn and expanding executive powers; Harris raised over $300 million in July 2024, while Trump raised $139 million; total campaign spending expected to exceed $16.8 billion from 2000 to 2020; both candidates have raised significant funds, with Harris's groups commanding $971 million since Q3 start and Trump's $894 million since January 2023.

#UsElection #2024 #KamalaHarris #DonaldTrump #Politics #CampaignFinance #RepublicanParty #DemocraticParty #Project2025 #EconomicPolicy

https://www.ft.com/content/9524c3e1-2cf8-45eb-8d9e-42ab858e1eb0


Elon Musk criticised for offering $1mn prizes to voters who sign petition
==========

Elon Musk criticized for offering $1 million prizes to voters signing a petition; Pennsylvania governor questions legality under electoral law; Musk awarded $1 million at rallies in Harrisburg on Saturday and Pittsburgh on Sunday; Musk is a major supporter of Donald Trump.

#ElonMusk #DonaldTrump #Pennsylvania #Election #Prizes #Petition #Criticism #Politics #2024Election #ElectoralLaw

https://www.ft.com/content/0f0b7364-794a-4ff5-9a90-62989cb10d30


Burst of trades gives Trump a winning edge in election prediction markets
==========

As of Thursday night, Trump's odds of winning the 2024 election have risen to 62% on the cryptocurrency-based exchange Polymarket; a small group of bettors appears to be coordinating trades, suggesting a connection among four accounts; these traders claim to be French and have a background in trading, asserting that true odds should be 75% for Trump; Elon Musk supports this view, stating that prediction markets are more accurate than polls due to financial stakes involved.

#Trump #Election #PredictionMarkets #Polymarket #ElonMusk #2024 #Betting #Cryptocurrency #Politics #Usa

https://www.ft.com/content/11ac92f4-02e4-4313-99b8-264182b74b4b


US economic growth is strong — so why cut rates?
==========

US economic growth remains robust; calls for rate cuts are prevalent despite lack of empirical support for their benefits; low rates can lead to negative consequences such as corporate consolidation, wealth inequality, low productivity, and increased leverage; Sheila Bair emphasizes the need for caution regarding rate cuts.

#UsEconomy #InterestRates #EconomicGrowth #SheilaBair #FinancialPolicy #CorporateConsolidation #WealthInequality #Productivity #Leverage #2024

https://www.ft.com/content/b9d5bf73-5156-4a01-a8b8-fc13f168b7fc


Has America lost its shame?
==========

Melania Trump released a memoir titled 'Melania'; her publisher Skyhorse Publishing initially demanded $250,000 for an interview, later calling it a 'miscommunication'; Frank Rich, executive producer of 'Veep', noted that reality surpasses fiction in political scandals; Robert Menendez, former New Jersey senator, was convicted on federal corruption charges in June 2023 after being indicted in 2015; New York Mayor Eric Adams was indicted on federal corruption charges last month related to illegal campaign donations; Adams maintains his innocence.

#Politics #Scandals #Corruption #MelaniaTrump #RobertMenendez #EricAdams #Veep #FrankRich #UsElections #PublicFigures

https://www.ft.com/content/0689d055-3831-44e3-8687-d4b30ef52b6e


American interest rates need to rise
==========

Economic activity in the US is better than expected; core inflation is rising; both the US and Brazil have lax fiscal policies; the IMF projects a 6.5% general government deficit for both countries in 2024; Brazil's central bank (BCB) shifted from rate cuts in May to unanimous rate hikes in September; Lula appointed Gabriel Galípolo as the new BCB governor; US consumption remains strong, similar to Brazil's; the US has a larger primary deficit than Brazil.

#InterestRates #UsEconomy #BrazilEconomy #Inflation #FiscalPolicy #CentralBanks #Imf #Lula #GabrielGalípolo #EconomicGrowth

https://www.ft.com/content/fad1e834-0ae4-40ca-9d0f-b395e4d8af2d


Business takes centre stage
==========

Earnings season peaks with Wall Street banks reporting; Elliott Hill becomes Nike's new CEO, replacing John Donahoe; Tokyo Metro IPO pricing to be announced, with shares trading starting on October 23; Economic data reports include inflation updates from UK, Canada, India, and Japan; ECB meeting on Thursday expected to discuss a 0.25 percentage-point rate cut; IMF managing director Kristalina Georgieva to speak on global economy outlook ahead of 2024 annual meetings.

#EarningsSeason #Nike #TokyoMetro #Ecb #Imf #GlobalEconomy #Inflation #Ipo #WallStreet #Business

https://www.ft.com/content/13242bfe-17fc-4139-922a-ca1fb7513585


FT Executive MBA Ranking 2024: methodology, key and profiles
==========

This is the 24th edition of the FT’s annual ranking of the world’s top 100 Executive MBA programmes; Ceibs in Shanghai is ranked first for the first time, with alumni earning an average salary of $536,759; Cornell: Johnson and Grenoble Ecole de Management both rose 27 places to 64th and 47th respectively; alumni from BI Norwegian and Fudan experienced a 126% salary increase; Edhec scored 9.84 out of 10 in alumni satisfaction; IE ranked first for ESG teaching; Fordham: Gabelli has a 50:50 student gender split; Washington Olin alumni had the highest average salary at $627,737; Iese has the highest proportion of international students at 97%; IMD has 98% international faculty; Bocconi SDA is carbon neutral since 2020.

#ExecutiveMba #Ranking #Education #Business #Alumni #Salary #Sustainability #Diversity #International #Career

https://www.ft.com/content/6a52f441-6ee2-4044-838c-2e3eb70512d7


EY delays start dates for graduates because of slowdown in deals
==========

EY has informed approximately 200 recruits set to start at Parthenon in the US next month or in January that their start dates will be postponed until mid-2024 due to a slowdown in mergers and acquisitions and private equity activity; this follows a trend among large consulting firms that have also delayed start dates for new recruits hired last year; EY-Parthenon has previously pushed back start dates for its 2023 recruits twice; the firm is experiencing slower than expected revenue growth from advisory work this year.

#Ey #Graduates #Consulting #Delays #Mergers #Acquisitions #PrivateEquity #Recruitment #Advisory #FinancialServices

https://www.ft.com/content/5f34a4a0-8d6a-4930-97aa-591d95e97041


BlackRock bets on British brickmaking
==========

BlackRock has become the largest shareholder in Ibstock, the UK’s biggest brickmaker, increasing its stake from less than 5% in March to almost 12%. This move is based on expectations of a property sector rebound due to the Labour government's plan to build 1.5 million homes over the next five years. The UK has historically failed to meet housing targets, with only 183,610 homes completed in the year to March, a 13% decline. Ibstock reported a 61% drop in pre-tax profit to £11.8 million for the six months ending June 30, 2024, and a 20% revenue decline to £178 million. Analysts predict a recovery in the housing sector, with Ibstock's revenues expected to grow by 12.8% in 2025 and 11% in 2026.

#Blackrock #Ibstock #UkHousing #Investment #Brickmaking #PropertySector #LabourGovernment #HousingTargets #MarketAnalysis #FinancialNews

https://www.ft.com/content/06ebd323-1789-4fe9-a4fd-8a2cc56400f1


US inflation fell to 2.4% in September
==========

US inflation decreased to 2.4% in September 2024; this figure exceeded expectations and solidified predictions of a quarter-point interest rate cut by the Federal Reserve at its November meeting; the inflation data was released before the November 5 presidential election; the Fed had previously cut rates by half a point in the prior month; the US jobs report indicated 254,000 new jobs added in September, with the unemployment rate dropping to 4.1%; investors reacted to the inflation and job data by increasing bets on a rate cut.

#UsInflation #FederalReserve #InterestRates #September2024 #Unemployment #JobsReport #EconomicData #PresidentialElection

https://www.ft.com/content/9f122d16-79f0-4122-a17f-59d1c11c94af


McDonald’s accuses meatpackers of price-fixing in lawsuit over beef costs
==========

McDonald’s filed a civil lawsuit against Cargill, JBS, National Beef, and Tyson Foods, claiming they engaged in price-fixing and violated antitrust laws; the lawsuit alleges a conspiracy to sell beef at artificially inflated prices; federal antitrust authorities previously investigated poultry price-rigging, with Pilgrim’s Pride pleading guilty in 2021 and fined $107 million; McDonald’s raised prices post-pandemic due to labor shortages and supply disruptions but has recently introduced discounts to attract customers affected by inflation.

#Mcdonald's #Lawsuit #Pricefixing #Beef #Cargill #Jbs #NationalBeef #TysonFoods #Antitrust #Inflation

https://www.ft.com/content/23b9ebc5-3d1b-4882-b6ef-96184cc1413a


The case for office pettiness
==========

Chris Blattman, an economist at the University of Chicago, shared 10 tips on X for emailing professors and senior professionals; Andrew Baker from Berkeley Law School recounted being reprimanded for not listing partners' names by seniority in emails; research indicates that individuals with surnames starting with early letters in the alphabet receive more citations and prestigious jobs; a 2006 study of top 35 US economics departments found that earlier surnames increase chances of tenure, fellowships, and awards like the Nobel Prize and John Bates Clark Medal; the American Economic Association provides resources for random name ordering.

#OfficeCulture #Economics #EmailEtiquette #Professionalism #Research #Seniority #Awards #NobelPrize #JohnBatesClarkMedal #AlphabeticalOrder

https://www.ft.com/content/15a7fcad-e1ca-4532-9422-163f2fbce736


US economy smashes expectations with 254,000 jobs added in September
==========

254,000 jobs added in September; unemployment rate fell to 4.1%; July unemployment was 4.3%; Fed likely to cut rates by a quarter-point in November; strong job market supports VP Kamala Harris ahead of presidential election against Donald Trump; report indicates potential for a soft landing for the economy amidst high inflation.

#UsEconomy #JobsReport #FederalReserve #Unemployment #KamalaHarris #DonaldTrump #Inflation #InterestRates #SoftLanding #September2024

https://www.ft.com/content/66233322-b081-4d9d-aef0-0d6d7e46f664


Is Kamala Harris having a breakthrough with voters on the economy?
==========

CPR's findings indicate Kamala Harris has a narrow lead over Donald Trump on economic stewardship among voters nationally; Trump's campaign raised $160 million in September, with $283 million cash on hand; Harold Hamm criticized the Biden-Harris administration for making the US vulnerable to Middle East price shocks; Ed Luce suggests J.D. Vance won a recent debate, showcasing a future for the Republican party; Simon Kuper expresses skepticism about political forecasts; Oren Cass argues US union members may not align with progressive leadership.

#KamalaHarris #DonaldTrump #UsElection2024 #Economy #Fundraising #Politics #MiddleEast #RepublicanParty #VoterSupport #Polling

https://www.ft.com/content/24fd73d4-c9e8-4dd4-bf2c-da25eff3267e


OpenAI: it’s us or them
==========

OpenAI closed a $6.6bn funding round at a $150bn valuation; investors were asked to avoid rival start-ups like Anthropic and xAI; Thrive, led by Joshua Kushner, contributed $750mn; Carl Icahn extended CFO's contract to 2028 with a $2.2mn salary and up to $17mn in incentives; Korea Zinc is defending against a takeover by MBK Partners, led by Michael Byung Ju Kim; Bain Capital is assisting Korea Zinc; SEC's Gurbir Grewal is leaving; Toyota is investing $500mn in Joby; Elon Musk's political donations to Republicans revealed.

#Openai #Funding #M&a #KoreaZinc #CarlIcahn #ElonMusk #Toyota #Joby #VentureCapital #Sec

https://www.ft.com/content/0bc8182c-89eb-43ef-bf2b-1b0994c3707b


Why the US can’t impose its will over global trade in electric cars
==========

The US proposed a ban on Chinese software in EVs; EU member states are voting on anti-subsidy tariffs for Chinese EV imports; China produces over half of the world's electric cars; US EV market share is only 10% in 2023 compared to 38% in China and 21% in the EU; Biden's Inflation Reduction Act has limited impact; US allies like Australia and the UK are not excluding Chinese EV software; BYD has a manufacturing facility in Lancaster, California.

#ElectricVehicles #UschinaRelations #TradePolicy #EvMarket #BidenAdministration #EuTariffs #SoftwareSecurity #ForeignInvestment #AutomotiveIndustry #GlobalCompetition

https://www.ft.com/content/6f2ebd4d-b3a7-442c-92cb-6f6307b9499e


JD Vance and Tim Walz clash over economy and Trump’s 2020 defeat in VP debate
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Vice-presidential candidates JD Vance and Tim Walz debated on key issues including the economy, Trump's 2020 election defeat, national security, democracy, abortion, and border issues; the debate occurred on Tuesday, marking their only debate of the 2024 election campaign; Vance defended Trump's tariff policies; foreign policy was highlighted following Israeli Prime Minister Benjamin Netanyahu's threats against Iran; current polls show Harris leading Trump by 3.6 percentage points nationally, with a tie in seven swing states; insights suggest Vance won the debate, but it may not significantly impact the election outcome.

#JdVance #TimWalz #2024Election #VicepresidentialDebate #Economy #NationalSecurity #Trump #Polls #ForeignPolicy #SwingStates

https://www.ft.com/content/2705409e-f9bd-425c-a7bc-bf1bbb7a0904


The trouble with pinning down the neutral rate
==========

The neutral rate, or r*, is crucial for determining long-term capital access; estimates of r* by the Fed range from 2.3% to 3.75%, indicating growing uncertainty; recent economic conditions suggest a shift in investment and savings patterns; ongoing investments in AI and green technology may require higher rates; deglobalisation trends affect US asset prices and credit availability; increased global sovereign debt may lead to lower long-term rates; demographic changes complicate r* predictions, with an aging population potentially raising r*; recent immigration may improve demographic outlook.

#InterestRates #Economy #NeutralRate #R* #FederalReserve #Investment #Demographics #Ai #Globalisation #Inflation

https://www.ft.com/content/300a8f3e-b524-4d90-8e05-253564c2ba57


FirstFT: Israel launches first land operation against Hizbollah since 2006
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Israel has initiated its first land operation against Hizbollah since 2006, supported by artillery and air support, aiming to return displaced residents to northern Israel; Prime Minister Benjamin Netanyahu is leveraging this operation for political negotiations; former Israeli security officials predict a limited military focus on degrading Hizbollah's anti-tank capabilities and pushing forces north of the Litani river; John Sawers, former MI6 chief, notes a significant shift in Middle Eastern power dynamics; the operation coincides with the anniversary of the October 7 Hamas attack.

#Israel #Hizbollah #Netanyahu #MiddleEast #Military #Politics #October7 #Security #Lebanon #Operations

https://www.ft.com/content/12c6957c-e8e6-488f-8545-d34c8ab9c3c9


Is Harris vs Trump impacting the economy?
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CFOs are uncertain about the economic implications of the US presidential election; Kamala Harris has not detailed her economic agenda, while Donald Trump proposes tariffs and changes to the Inflation Reduction Act; a CNN poll shows 48% support for Harris and 47% for Trump, creating uncertainty; Goldman Sachs noted increased anxiety in businesses; 30% of firms have postponed or scaled down investment plans due to election uncertainty, up from 28% in Q2; economic activity is expected to decline as voting day approaches.

#UsElection #Economy #KamalaHarris #DonaldTrump #Cfos #Investment #Polls #EconomicUncertainty #Tariffs #InflationReductionAct

https://www.ft.com/content/f864f439-9630-42e8-9582-bed0b144694c


A changing of the guard
==========

Claudia Sheinbaum becomes Mexico's first female president on October 3, 2024; Mark Rutte replaces Jens Stoltenberg as NATO secretary-general on the same day; Conservative party conference ongoing with leadership contest; US vice-presidential candidates debate on CBS News; significant corporate results expected from Nike, Greggs, and JD Wetherspoon; Witan Investment Trust holds a general shareholder meeting for proposed winding-up; Nationwide's acquisition of Virgin Money UK effective post-shareholder approval in July; Darktrace acquisition by Thoma Bravo effective after June approval.

#Mexico #Nato #Elections #CorporateResults #Politics #ClaudiaSheinbaum #MarkRutte #UsElections #ConservativeParty #ShareholderMeetings

https://www.ft.com/content/22d26b96-eaa3-4f2f-a092-aebfe4202711


Hurricane Helene death toll climbs as storm devastates south-east US
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Hurricane Helene has caused a rising death toll and extensive damage across the south-east US; power outages reported in five states; estimated damages in billions of dollars; Federal Emergency Management Agency coordinating rescue efforts with 3,200 personnel; President Joe Biden declared major disasters in North Carolina and Florida, and emergency disaster declarations in Alabama, Georgia, South Carolina, and Tennessee; significant damage noted in Asheville, North Carolina.

#Hurricane #Helene #Us #Disaster #Biden #Fema #Emergency #Flood #PowerOutage #Insurance

https://www.ft.com/content/5f2adda6-3563-4ed6-a23d-1a71585a47b5


Freight rates rise as companies plan for costly US port strike
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A potential US port strike next week could cost the economy $5bn daily; the Port of Los Angeles reports a 17% increase in cargo traffic in 2023 as shippers avoid east coast ports; large retailers have expedited holiday imports, raising freight costs by 20%; average shipping cost for a 40ft container from northern Europe to the US east coast increased by 29% to $2,376 since late August; costs from Asia remain stable but may rise if strikes occur.

#FreightRates #UsPortStrike #Economy #ShippingCosts #SupplyChain #Retail #Imports #CargoTraffic #Jpmorgan #Xeneta

https://www.ft.com/content/7fdd7d4a-794c-46f2-95c5-aa317a5163a4


Kamala Harris vows US border clampdown in attempt to neutralise immigration issue
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Kamala Harris, Democratic presidential candidate, promises measures to stop illegal crossings during a campaign visit to Douglas, Arizona; aims to address perceptions of a lax approach to migration; polls show her neck and neck with Donald Trump overall, but Trump leads by 21 points on border security; record surge in crossings under Joe Biden peaked last December; apprehensions fell sharply after Biden's executive order to close the border; Harris accuses Trump of 'abdication of leadership' for undermining a bipartisan border security bill earlier this year.

#KamalaHarris #DonaldTrump #Immigration #BorderSecurity #2024Election #Arizona #Polls #ExecutiveOrder #Bipartisan #Politics

https://www.ft.com/content/f9114744-5828-4d49-9b84-909a4297e630


Helene death toll grows as US braces for $5bn-plus insurance costs
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Hurricane Helene downgraded from category four to tropical storm after hitting Florida's Gulf coast late Thursday; winds reached up to 140mph; millions left without power; US insurance costs expected to exceed $5 billion; event reported by Zehra Munir, Robert Orr, and William Sandlund on October 26, 2024.

#Hurricane #Insurance #Florida #Storm #PowerOutage #Helene #Beryl #ClimateChange #ExtremeWeather #NaturalDisaster

https://www.ft.com/content/b95c9721-4a84-4782-b086-20ec49cfecb6


Federal Reserve’s preferred inflation measure falls more than expected to 2.2%
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The Federal Reserve's preferred inflation measure, the Personal Consumption Expenditures (PCE) index, decreased to 2.2%, surpassing expectations; this data follows the Fed's decision to cut interest rates by 0.5 percentage points last week, marking the first reduction since the pandemic began; the Fed indicated that further rate cuts may occur if economic data worsens; reporting by James Politi, Zehra Munir, George Steer, Rafe Uddin, and Jennifer Hughes.

#FederalReserve #Inflation #InterestRates #Pce #EconomicData #FinancialNews #2024 #UsEconomy #Disinflation #InterestRateCuts

https://www.ft.com/content/dd9f2a56-ba40-4ede-bf58-f30c0cee519d


FirstFT: US and France lead international call for 21-day Lebanon ceasefire
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The US and France propose a 21-day ceasefire in Lebanon, backed by G7, EU, Australia, and Arab partners; the ceasefire targets hostilities between Israel and Hizbollah along the 'blue line' border; US officials expect Lebanon's government to ensure compliance from Hizbollah; no deadline set for responses, but US anticipates replies soon; Israel has prepared for possible ground offensive, recalling two reserve brigades; France's foreign minister to visit Beirut this week.

#Lebanon #Ceasefire #Israel #Hizbollah #Us #France #G7 #Eu #Diplomacy #MiddleEast

https://www.ft.com/content/1e338f09-a6be-4869-96cb-d71197ea008e


UAE president meets Joe Biden in push for more US AI technology
==========

Sheikh Mohamed bin Zayed al-Nahyan met with Joe Biden to formalize a partnership focused on US AI technology; Biden announced UAE's status as a 'major defense partner' alongside India; discussions included technology, trade, and security ties; UAE's relations with the US have been strained, particularly after Houthi attacks in 2022; UAE aims to reduce reliance on fossil fuels by investing in AI; Microsoft invested $1.5 billion in UAE's AI group G42 in April; discussions between OpenAI founder Sam Altman and Sheikh Tahnoon regarding a chipmaking project.

#Uae #Us #Ai #Biden #SheikhMohamed #Microsoft #G42 #Defense #Technology #Partnership

https://www.ft.com/content/e85bef92-5f53-4f71-bb3b-a0d65f3a4c48


FirstFT: Israeli air strikes kill more than 490 in Lebanon
==========

Israeli air strikes in Lebanon have resulted in over 490 fatalities; chaotic scenes reported as residents are urged to evacuate; the strikes occurred on Monday; Benjamin Wilhelm reports for the Financial Times; the article also discusses US proposals targeting Chinese EVs and lawsuits against Australian retailers over misleading discounts.

#Israel #Lebanon #AirStrikes #Casualties #MiddleEast #Us #China #Evs #Retail #News

https://www.ft.com/content/b6ebd718-6bc6-457f-bf09-cfa6b4850772


Keir Starmer addresses first Labour conference as PM
==========

Keir Starmer, the new UK Prime Minister, will address the Labour Party conference in Liverpool on Tuesday; Chancellor Rachel Reeves is set to deliver a speech on Monday regarding the upcoming October Budget; Japan's Liberal Democrats are preparing for a leadership vote on Friday, potentially electing the country's first female Prime Minister; Raspberry Pi will announce its first financial results since its IPO on Tuesday; the article also mentions various upcoming earnings reports from companies like H&M and Accenture.

#KeirStarmer #LabourParty #UkPolitics #Japan #EarningsReports #RaspberryPi #OctoberBudget #Chancellor #LeadershipVote #GlobalPolitics

https://www.ft.com/content/58a70976-4659-4ba5-8d5e-7a7a77a670b1


UK traders set up own ‘inspection points’ for EU goods to tackle Brexit chaos
==========

UK plant and food traders are establishing their own 'control points' to manage EU goods due to dysfunction in the post-Brexit border system; businesses are joining a 'trusted trader' scheme to reduce costs and trade friction; the new Brexit inspection charge is viewed as a significant unnecessary expense by businesses; a report indicates that Brexit is 'stifling' exports and imports.

#Brexit #Trade #Uk #Eu #Inspection #Business #Economy #Exports #Imports #Regulations

https://www.ft.com/content/5e678d33-de9c-4b56-b509-4b505d0e80ce


Government urged to improve frontline health services after drop in childhood jabs in England
==========

NHS England data shows a decline in uptake of all 14 key childhood vaccinations over the past year; a 2023 UKHSA survey indicates 88% of parents are satisfied with vaccine safety, but lower rates exist among ethnic minorities and lower social grades; the NHS introduced a new vaccination strategy in December 2023 aimed at simplifying appointment bookings.

#Health #Vaccination #Nhs #England #Children #Government #Policy #Survey #Ukhsa #Appointments

https://www.ft.com/content/8e8f0cf4-ee19-47e2-872f-4f2e08bba4c6


Naples 1944 — heroism, hedonism and horror in wartime Italy
==========

Historian Keith Lowe examines Naples' recovery post-war and fascism; British Army tanks in Naples, April 1944; aquarium remained open after Allies occupied Naples in autumn 1943; 20 lire charged to soldier-tourists; myth vs. history explored; chaotic aftermath of Fascist breakdown; 'Four Days' revolt in late September 1943 hastened German exit; Allied missteps hindered local reform hopes; stereotypes of Naples as pleasure-seeking paradise discussed.

#Naples #WorldWarIi #History #KeithLowe #Fascism #Allies #Myth #Reform #Literature #Chaos

https://www.ft.com/content/59dd7a1a-1599-4c64-967f-6b3dc757a847


Missy Mazzoli on turning the Hum into an opera with sociopolitical resonance
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Missy Mazzoli's opera 'The Listeners' premieres in September 2024; the opera is based on Jordan Tannahill's 2021 novel and was initially outlined as an opera; Tannahill is also adapting it into a BBC mini-series starring Rebecca Hall; the opera explores themes of cults and societal betrayal, inspired by documentaries like 'Wild Wild Country' and 'The Vow'; 'the Hum' is a real phenomenon affecting 4% of the global population, symbolizing a human need for connection; the libretto was written by Royce Vavrek, who collaborated with Mazzoli on 'Proving Up'; the opera runs from September 25-29, 2024, at Opera Philadelphia.

#MissyMazzoli #TheListeners #Opera #JordanTannahill #Cult #Sociopolitical #Bbc #RebeccaHall #Phenomenon #Music

https://www.ft.com/content/19d7edd3-247e-4ce5-a9a8-f15b9ef96534


Europe must end ‘disadvantage’ for green first movers, Maersk boss says
==========

Vincent Clerc, CEO of AP Møller-Maersk, emphasizes that Europe must eliminate the 'disadvantage' faced by green first movers to remain competitive against the US and China. He notes that Europe is 'slowly losing out' as highlighted in a recent report by former European Central Bank president Mario Draghi. European green companies like Ørsted and Northvolt are struggling, with Ørsted having scrapped plans for a green-fuels plant in August 2023. The US Inflation Reduction Act provides $370 billion in subsidies for green technologies, while China offers even more support. Clerc warns that shipping lines will likely continue to divert routes around the Cape of Good Hope due to attacks by Yemen’s Houthi rebels, which have increased shipping times and congestion at ports.

#Maersk #VincentClerc #GreenTechnology #Shipping #Europe #Us #China #InflationReductionAct #Ørsted #Northvolt

https://www.ft.com/content/389c2e73-7ba1-4bde-9fe6-6e343097fd0b


Did the 1990s break America’s faith in democracy?
==========

John Ganz's book 'When the Clock Broke' revisits early 1990s America, emphasizing social history; Francis Fukuyama's 1992 work predicted a joyless ideological victory; David Mamet's 1992 film reflects frustrations of the era; nostalgia for Mafia's heyday during John Gotti's trial; Gabriel Gatehouse's 'The Coming Storm' explores QAnon and Mike Flynn's influence; Robert Kagan warns of Trump's threat to democracy ahead of the November 5 presidential election; Kagan's previous work 'The Jungle Grows Back' highlights the ongoing struggle for democracy.

#1990s #Democracy #Qanon #Trump #Kagan #Ganz #Flynn #Politics #History #Culture

https://www.ft.com/content/79461012-8bec-43d9-be24-97a6086d736f


Did central banks get the inflation crisis right?
==========

The US Federal Reserve, Bank of England, and European Central Bank have begun cutting rates after high inflation; uncertainty remains about the extent of these cuts. Donald Trump criticized the Federal Reserve's recent interest rate cut. Historical analysis shows that of 42 rate-raising cycles since the 1950s, those leading to recessions outnumber those that do not by two to one. Christine Lagarde, ECB president, noted that historic events have altered economic structures, complicating monetary policy assessments. Economists previously expected a deep recession from dramatic rate increases, according to Piet Haines Christiansen of Danske Bank. Central banks are now questioning the 'neutral' level of interest rates, which neither burdens nor stimulates the economy.

#CentralBanks #Inflation #InterestRates #MonetaryPolicy #EconomicDownturn #Recession #Ecb #FederalReserve #BankOfEngland #GlobalEconomy

https://www.ft.com/content/b003ab08-70d8-4098-b1ec-09fd9af4bf17


John Paulson brushes aside Wall Street worries about Donald Trump’s tariff plan
==========

John Paulson, hedge fund manager and Republican megadonor, expresses support for Donald Trump's tariff plan, stating a need to decouple from China; Paulson respects Trump's stance on trade, contrasting with his previous view in April where he called tariffs a 'blunt tool'; Trump proposed a 60% tariff on Chinese goods and 10-20% on other imports, which the Tax Foundation warns could harm the US economy; Paulson has been mentioned as a potential Treasury secretary if Republicans win in November 2024.

#JohnPaulson #DonaldTrump #Tariffs #China #Economy #Republican #2024Election #Trade #FinancialNews #UsPolitics

https://www.ft.com/content/0f42ddd8-eb51-4463-ad17-7d70b44f6beb


US House votes down government funding package as shutdown looms
==========

The US House of Representatives rejected a government funding package on September 27, 2023, with a vote of 220-202, raising the risk of a federal government shutdown by September 30. The package was backed by House Speaker Mike Johnson but opposed by 14 Republicans and nearly all House Democrats. A shutdown could furlough millions of public workers, including military personnel, just one month before the presidential election.

#UsHouse #GovernmentFunding #Shutdown #MikeJohnson #Republicans #Democrats #PublicWorkers #PresidentialElection

https://www.ft.com/content/dfcfd8ac-fdd4-4b16-95c2-688a7a816a69


L&G to sell Cala Homes to buyout firms for £1.35bn
==========

Legal & General (L&G) has agreed to sell Cala Homes to private equity firms Sixth Street Partners and Patron Capital for an enterprise value of £1.35bn; L&G will receive £1.16bn in cash; Cala Homes sold approximately 3,000 homes last year; Patron previously owned Cala alongside L&G, selling it in 2018 for £605mn.

#Legal&General #CalaHomes #Buyout #PrivateEquity #SixthStreetPartners #PatronCapital #UkHousingMarket #RealEstate #FinancialNews #Business

https://www.ft.com/content/4a24a1d2-f756-4776-9c08-3a671e063e6a


The FTC’s fight to stop an $8.5bn American fashion takeover
==========

The FTC is attempting to block Tapestry's $8.5bn acquisition of Capri, which owns Michael Kors, Versace, and Jimmy Choo; the trial is taking place in Manhattan; Michael Kors testified about brand evolution and 'brand fatigue'; the merger is seen as a significant antitrust case in the fashion industry; the deal has been stalled for five months since the FTC's lawsuit; implications could affect global fashion houses and serial acquisitions similar to LVMH and Kering.

#Ftc #Tapestry #MichaelKors #Capri #Merger #Antitrust #Fashion #Trial #Acquisition #Brands

https://www.ft.com/content/890a6c9c-1b09-4554-ade5-653037f3558d


South Korea emerges as a top US investor as China tensions escalate
==========

South Korea's project commitments in the US reached $21.5bn in 2023, marking the first time in a decade it became the top investor; China's investments fell by a third, dropping from first in 2014 to eighth; Chihwan Kim, CEO of Samkee, noted that US companies are seeking alternatives to China, providing opportunities for Korean firms; Samkee invested $128mn in 2023 to open a factory in Tuskegee, Alabama.

#SouthKorea #UsInvestment #China #Economy #Hyundai #Samkee #ElectricVehicles #Manufacturing #GlobalEconomy #ForeignInvestment

https://www.ft.com/content/dbc8208c-7fe2-41bf-a50d-f66abc65fde6


Why Europe will not catch up with the US
==========

Former Italian prime minister Mario Draghi released a report on EU competitiveness; comparisons with the US overlook Europe's lack of nation-state unity; the US did not plan to outgrow Europe, lacking a competitiveness report; Europe started poorer and has higher welfare state expectations; cultural differences hinder government reforms; the US median age has become lower than Europe's since the 1990s; the US is now the largest producer of oil and natural gas, unlike Europe; Brexit is impacting trade negatively.

#Eu #Us #Competitiveness #Economy #Brexit #MarioDraghi #WelfareState #OilProduction #CulturalDifferences #Trade

https://www.ft.com/content/298008a0-b75d-4062-9cb1-86b12ac30fbd


A crisis of confidence at the Fed
==========

The Federal Reserve, chaired by Jay Powell, is set to cut interest rates on Wednesday, with discussions around a quarter- or half-point cut. Until last Thursday, Fed officials indicated no dramatic changes were necessary, but recent reports suggest a potential shift towards a 0.5 percentage point cut. Financial markets reacted to these reports as a signal of internal Fed discussions. The timing is sensitive due to the upcoming presidential election in September 2024, with Donald Trump criticizing potential rate cuts. Comparisons are drawn to 2014, with rising US oil production and falling Brent crude prices. Tiff Macklem, governor of the Bank of Canada, hinted at accelerating rate cuts due to a weaker Canadian economy. Surveys indicate a consensus among US academics against weakening Fed independence and price controls, while Italy faces rising coffee prices. Powell's statement about being 'data dependent but not data point dependent' raises concerns about market perceptions.

#FederalReserve #InterestRates #JayPowell #DonaldTrump #OilPrices #BankOfCanada #EconomicPolicy #Inflation #FinancialMarkets #2024Election

https://www.ft.com/content/f377b900-a459-4784-ba9a-0d4b1fb5dfab


Kamala Harris’s Nevada problem: ‘Everything is more expensive’
==========

In 2023, Clark County reported record-breaking revenue of $13.5bn from casinos; Nevada service workers show increasing support for Donald Trump, posing a challenge for Kamala Harris in the upcoming election; Harris leads by just half a percentage point in polls, with Biden winning by less than three points in 2020; Voter dissatisfaction with the cost of living persists despite easing inflation; FT-Michigan Ross poll indicates voters trust Harris on the economy but believe they would fare better financially under Trump; Some former Biden voters are now motivated to support Trump.

#KamalaHarris #DonaldTrump #Nevada #2024Election #CostOfLiving #Polls #VoterSentiment #ClarkCounty #ServiceWorkers #Democrats

https://www.ft.com/content/53e9905b-466a-4cfb-9fda-fac82639436d


From steel to kimchi, South Korean exporters face flood of Chinese rivals
==========

South Korean exporters, including kimchi producers, are facing increased competition from low-cost Chinese goods; South Korea imported more kimchi in H1 2024 than it exported, primarily from China, with prices of Chinese kimchi being six times lower than Korean; despite predictions of benefiting from US and EU tariffs on China, South Korea's export value has risen monthly since October 2023.

#SouthKorea #China #Exports #Kimchi #Competition #Economy #Trade #Tariffs #Manufacturing #Market

https://www.ft.com/content/52c558d6-37cf-4bd6-a087-d0f526bc1180


Wall Street predictions grow for aggressive half-point Fed rate cut
==========

Futures traders have increased expectations for a 0.5 percentage point rate cut by the Federal Reserve; this follows recent US economic data indicating a slowdown in the labor market and cooling inflation; Fed chair Jay Powell faces a decision this week, marking the first rate cut since 2020; JPMorgan economists also predict a 0.5 percentage point cut; reports from the Financial Times and The Wall Street Journal highlight the Fed's dilemma between a quarter point or half point cut.

#FederalReserve #InterestRates #Jpmorgan #Inflation #LaborMarket #WallStreet #EconomicData #RateCut #JayPowell #FinancialNews

https://www.ft.com/content/cd1f1392-db86-4d87-88db-2e28c39d62fd


FBI investigates Trump shooting incident as assassination attempt
==========

FBI is investigating a shooting incident involving Donald Trump as an assassination attempt; Secret Service confirmed Trump is safe after a 'protective incident' occurred in Florida; incident took place at Trump International Golf Club in West Palm Beach; reported by Stefania Palma on October 22, 2024.

#Fbi #Trump #AssassinationAttempt #Florida #SecretService #ShootingIncident #2024Election #WestPalmBeach #Investigation #Politics

https://www.ft.com/content/dfae8b42-1159-4e75-ba74-4734352e7d89


Jay Powell’s rate cut conundrum
==========

Jay Powell, chair of the Federal Reserve, is considering a rate cut at the upcoming meeting; inflation has decreased to 2.5% as per August consumer price index data; the jobs market is cooling with revised non-farm payroll numbers and subdued small business hiring; the risk of harming the job market outweighs inflation concerns; advocates suggest a 25bp cut due to persistent services inflation, particularly in shelter costs; excluding shelter, CPI inflation is below 2%; recent market shifts indicate increased expectations for a 50bp cut; a clear communication from the Fed is essential to avoid market turmoil.

#FederalReserve #InterestRates #Inflation #Employment #JayPowell #EconomicPolicy #MarketExpectations #Cpi #Pce #SoftLanding

https://www.ft.com/content/e125eeba-325c-40a1-a59b-831f17c4a9ae


Investors raise bets on bumper half-point Fed rate cut
==========

Traders in swaps markets are pricing in a 45% chance of a half-point cut by the Fed; the US central bank is set to reduce borrowing costs for the first time in over four years at its next meeting; headline inflation fell to 2.5%, nearing the Fed's 2% target; core inflation rose by 0.3% month-on-month due to housing market pressures; reports from the Financial Times and Wall Street Journal indicate a close call between a half-point or quarter-point cut.

#FederalReserve #InterestRates #Inflation #EconomicPolicy #FinancialMarkets #Traders #Swaps #BorrowingCosts #UsEconomy #MonetaryPolicy

https://www.ft.com/content/a6e5cafe-01fa-4291-a7ba-f2b132ef6879


Live news: Tech stocks boost Hong Kong index
==========

Hong Kong stocks rose on Friday, boosted by technology and consumer goods companies; Akeso biotechnology company led gains with a 10.9% increase; Hansoh pharmaceutical group rose 4.3% and Haier Smart Home increased by 3.9%; The Hang Seng index rose 1.1%; Bitcoin fell 0.7% to $57,864.75; Donald Trump announced a digital assets project to launch on Monday; Singapore central bank head expects economy to grow closer to 3% in 2024; UK competition watchdog demands changes to Vodafone's combination with Three; Australian mining equities surged after Putin threatened export curbs.

#HongKong #Stocks #Technology #Economy #DonaldTrump #Vodafone #Singapore #Putin #Bitcoin #MarketUpdate

https://www.ft.com/content/607cf847-e85a-49c0-8062-6cc12b144117


America has an innovation and incumbency problem
==========

Michael Peters, a Yale economist, reports that US labor productivity averaged 2.3% from 1947 to 2005 but fell to 1.3% from 2005 to 2018, costing America $11 trillion in output; despite concentrated corporate power, the US has seen higher GDP growth than most of the western world, with tech comprising a third of the US stock market compared to less than 5% in the UK; Trelysa Long from the Information Technology and Innovation Foundation argues that concentrated industries saw higher productivity growth and compensation from 2002 to 2017, suggesting that breaking up large companies is anti-worker; current news cycles are overshadowed by trivial disputes, neglecting vital policy issues.

#Innovation #Economy #CorporatePower #Productivity #Gdp #Us #Policy #Economics #Labor #Technology

https://www.ft.com/content/f8a8f753-74fa-4c03-ba5f-acb6480c6d48


Live news: Business groups raise concerns over political pressure in US Steel deal
==========

Japan’s Keidanren business federation and US business groups express concerns about political pressure on the security review of Nippon Steel’s proposed $15bn acquisition of US Steel; a joint letter was sent to Treasury Secretary Janet Yellen on Wednesday, highlighting fears that the Committee on Foreign Investment in the US is being used for political agendas beyond its scope, potentially risking the US economy and workers.

#UsSteel #NipponSteel #PoliticalPressure #BusinessGroups #Acquisition #Treasury #JanetYellen

https://www.ft.com/content/bc4e3465-7a38-4c34-bb53-53f803cd0f09


What if Elon Musk ran the economy?
==========

Elon Musk opposes Biden's EV tariffs on China; Trump invited Musk to lead a new efficiency commission for federal government reform; Musk's market cap for X has dropped 72% since his takeover; Tesla's market value has halved since its 2021 peak; SpaceX delivered cargo to the ISS at one-third the cost of the Space Shuttle; Northeastern University praised for connecting education to work; article discusses recurring ideas about privatization and efficiency in government.

#ElonMusk #Economy #Tesla #Spacex #Biden #Trump #Efficiency #Privatization #Education #NortheasternUniversity

https://www.ft.com/content/953d9b03-c670-4eb8-9044-bd67a704a168


Kamala Harris and Donald Trump set for debate
==========

Kamala Harris, the Vice President, and former President Donald Trump are set to debate this week; both candidates focus on the economy, with Trump promising tax cuts and spending reductions, while Harris plans to increase taxes on the wealthy and support small businesses; US consumer price index data for August is due on Wednesday, following disappointing jobs data; the Federal Reserve may consider larger rate cuts based on this data; the European Central Bank will meet on Thursday to discuss interest rates, with Eurozone inflation dropping to 2.2% in August, raising hopes for a rate cut from 3.75%; the article was published on October 1, 2024.

#KamalaHarris #DonaldTrump #Debate #Economy #Inflation #FederalReserve #EuropeanCentralBank #InterestRates #UsPolitics #2024Election

https://www.ft.com/content/46b05312-bbd0-4951-8c24-159867d46959


Biden administration looking at setting up a US sovereign wealth fund
==========

Senior members of the Biden administration, including Jake Sullivan and Daleep Singh, have been working on proposals for a US sovereign wealth fund (SWF) for several months; the initiative aims to create a pool of capital to invest in strategic sectors; historically, the US has been cautious about sovereign wealth funds due to concerns over global trade distortion and unfair competition; the proposal has also been floated by Donald Trump.

#Biden #SovereignWealthFund #UsPolitics #JakeSullivan #DaleepSingh #Trump #Economics #Investment #GlobalTrade #Policy

https://www.ft.com/content/38bc9cf4-f820-444e-88e3-7b96a20b6591


Can globalisation survive the US-China rift?
==========

The US-China rivalry is intensifying, impacting global trade; WTO economists estimate goods trade between geopolitical blocs has only decreased by 4.2% since Russia's invasion of Ukraine; Simon Evenett from IMD Business School notes global goods trade has rebounded post-Covid; the US has pressured allies to exclude Huawei from 5G networks, with mixed results; China imposed export controls on gallium and germanium, raising global prices; US imports from China have dropped, while imports from intermediary countries like Mexico and Vietnam have increased; the infrastructure for global trade is becoming politicized, with concerns over undersea data cables; the future of global governance is uncertain amidst rising nationalism.

#Globalisation #UschinaRelations #Trade #Economics #5gTechnology #ExportControls #Geopolitics #Infrastructure #NationalSecurity #Wto

https://www.ft.com/content/611a48d5-8c1a-40de-a062-f1286499c3f3


Live news: Asian currencies strengthen against dollar after slowing US jobs data
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Asian currencies strengthened against the dollar on Thursday; US labor market data showed slowing jobs growth; China's renminbi rose 0.2% to Rmb7.10; Malaysia's ringgit and Indonesia's rupiah both strengthened 0.5% to RM4.33 and Rp15,400, respectively; Treasuries rallied following the jobs data; Chinese President Xi Jinping delivered a speech at the Forum on China-Africa Cooperation; Malaysia's central bank decided on interest rates; August inflation figures from Taiwan, Thailand, and the Philippines were due.

#AsianCurrencies #UsJobsData #FinancialMarkets #EconomicIndicators #China #Malaysia #Indonesia #Inflation #CentralBanks #Treasuries

https://www.ft.com/content/7c2491cd-73be-4d25-b851-b6b822302247


Why the US can’t launch a green Marshall Plan
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Brian Deese, former director of the National Economic Council, proposes a comprehensive initiative for tech transfer, finance, and trade to the developing world; however, the US lacks the necessary capabilities to implement such a plan effectively. The original Marshall Plan, launched in 1948, was part of a broader strategy during the Cold War, integrating military, financial, and trade support. Gordon Brown has called for multiple Marshall Plans since 2001, focusing on various global issues. Recent actions by Canada reflect a shift in trade dynamics, as it mirrors US tariffs on EVs and steel. Countries like Brazil, Thailand, and Turkey have imposed tariffs on Chinese goods but continue to engage with Chinese exports in other sectors.

#Us #MarshallPlan #BrianDeese #GordonBrown #TradePolicy #Technology #ClimateChange #EconomicNationalism #GlobalLeadership #Canada

https://www.ft.com/content/a8198ad7-779c-4e35-b560-ab3bb6520779


Global stocks sell-off hits Europe and Asia after sharp drop in Nvidia shares
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Nvidia shares dropped 9.5%, losing over $250bn in value; this decline triggered a global stock sell-off affecting Europe and Asia; Asian tech and semiconductor companies faced significant losses; US futures indicated a weak start for Wall Street with S&P 500 and Nasdaq 100 down 0.4% and 0.8% respectively; market turbulence is compounded by fears of a potential US economic slowdown.

#Nvidia #Stocks #Selloff #Asia #Europe #UsEconomy #Technology #Semiconductors #MarketTrends #FinancialNews

https://www.ft.com/content/0a0bcaaa-0f93-4243-b310-a2b56eec6efa


Live news: Kamala Harris to oppose foreign takeover of US Steel
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Kamala Harris will oppose the Japanese takeover of US Steel, stating it should remain 'American owned and operated'; this announcement is set for her visit to Pennsylvania on Monday; President Joe Biden previously expressed opposition to the deal earlier this year; Harris's stance as the Democratic presidential nominee adds significance to her comments.

#KamalaHarris #UsSteel #ForeignTakeover #NipponSteel #Biden #2024Election #Pennsylvania #Politics #Economy #Business

https://www.ft.com/content/a4966361-e6d7-4c05-a6f3-840ad1300994


Federal Reserve’s preferred inflation measure held steady at 2.5% in July
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Federal Reserve's preferred inflation measure remained at 2.5% in July; Fed chair Jay Powell indicated it's time to consider rate cuts; debate among Fed watchers on potential cuts of 0.25 or 0.5 percentage points in September; data supports Biden administration and VP Kamala Harris's campaign; Harris noted more work needed for middle- and working-class households; concerns over slowing labor market ahead of November elections; upcoming jobs and unemployment figures for August could be crucial.

#FederalReserve #Inflation #JayPowell #KamalaHarris #RateCuts #Economy #LaborMarket #BidenAdministration #AugustJobsReport #Pce

https://www.ft.com/content/d349bd2e-c3a9-4d9d-b803-e51af9053b1a


Warren Buffett’s Berkshire Hathaway surges past $1tn market value
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Berkshire Hathaway's market value surpasses $1 trillion; Warren Buffett, turning 94 on Friday, has sold stocks, including half of Apple stake; proceeds invested in cash and short-term Treasuries; Berkshire's portfolio valued at $285 billion; includes Duracell, a $141 billion utility company, Dairy Queen, and Benjamin Moore; Greg Abel named as Buffett's heir apparent.

#BerkshireHathaway #WarrenBuffett #MarketValue #Investments #GregAbel #Apple #Treasuries #Business #Finance #Leadership

https://www.ft.com/content/d1901cda-615b-4f5d-b364-02453807958a


Investors wary as upcoming Nvidia earnings begin to rival US data for impact
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Investors are cautious ahead of Nvidia's second-quarter earnings report due after US markets close; Nvidia represents about 6% of the S&P 500 and has contributed over 25% to the index's 18% gains this year; S&P 500 and Nasdaq futures were flat in pre-market trading while Stoxx Europe 600 rose by 0.5%; the article highlights a shift in investor sentiment as Nvidia's performance is increasingly seen as impactful as US economic data.

#Nvidia #Investors #Earnings #S&p500 #StockMarket #Technology #Caution #HedgeFunds #AssetManagers #UsEconomy

https://www.ft.com/content/3d3be98a-a0cc-46a6-8cf5-1c643e44a430


Canada ends railway shutdown that could have disrupted US economy
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Canada's federal government ordered its two largest railways to enter binding arbitration with workers' union, ending a shutdown that business groups warned could have devastating economic consequences across North America; The shutdown was a significant concern for the US economy, highlighting the interconnectedness of Canadian and US supply chains.

#Canada #Railway #Shutdown #Economy #Arbitration #Us #Business #SupplyChain

https://www.ft.com/content/af2b7204-6b0f-409f-877e-a5e0a9997edf


Kamala Harris remembers the consumer cost of worker-centred tariffs
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Kamala Harris criticizes Donald Trump's tariff plans, highlighting their potential to increase costs for families by at least $3,900; Trump proposes a baseline 10% tariff on all imports and 60% on goods from China; Biden's administration aims for a 'worker-centred trade policy' while balancing inflation concerns; Academic estimates suggest Trump's tariffs have negatively impacted US consumers; Harris's recent price control plan contrasts with Trump's proposals, indicating a clear policy divide between Democrats and Republicans.

#KamalaHarris #DonaldTrump #Tariffs #TradePolicy #Biden #Inflation #ConsumerCosts #UsEconomy #2024Election #Politics

https://www.ft.com/content/ef9a1221-6ae1-4ea1-9b3c-07cbcbc6c72c


Fed’s Daly backs gradual interest rate cuts as inflation ‘confidence’ mounts
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Mary Daly, president of the San Francisco Fed, expressed increased confidence in inflation control, suggesting a potential adjustment of borrowing costs from 5.25% to 5.5%. Recent consumer price figures indicated inflation fell to 2.9% year-over-year in July, a three-year low. The core personal consumption expenditures price index rose at 2.6% annually in June, with headline PCE inflation at 2.5%. Atlanta Fed president Raphael Bostic warned against delaying rate cuts. A weak July jobs report raised recession concerns, but strong retail sales data alleviated some fears.

#FederalReserve #InterestRates #Inflation #Economy #MaryDaly #JayPowell #RaphaelBostic #RetailSales #ConsumerPrices #JacksonHole

https://www.ft.com/content/f3574817-0ac5-4e45-a36c-b227a782de03


What clues will Jackson Hole provide about the timing of US rate cuts?
==========

The next Federal Reserve interest rate decision is scheduled for September 18, 2024; markets anticipate three to four quarter-point cuts this year from the current range of 5.25% to 5.5%, the highest in 23 years; European Central Bank faces pressure to cut rates in September following a decline in the ZEW Indicator of Economic Sentiment; ECB will focus on services prices to gauge disinflation before making cuts; comments from analysts suggest the Fed may not signal larger cuts despite potential necessity.

#UsFederalReserve #InterestRates #JacksonHole #Ecb #GlobalEconomy #MarketExpectations #Disinflation #BondYields #EconomicSentiment

https://www.ft.com/content/f1f7107f-7679-46cd-b899-383e5c8e07ca


US banks may (or may not) be bracing for a hard landing
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US banks may or may not be preparing for a hard landing; The article discusses the potential impact of the Current Expected Credit Loss (CECL) accounting standard on US banks; CECL requires banks to estimate and set aside provisions for expected credit losses in advance; The article mentions that some banks have already started preparing for CECL, while others have not; JPMorgan Chase & Co is mentioned in the article; The article also mentions a reshuffle at JPMorgan that erodes the power base of Jamie Dimon's top deputy; The SEC is investigating Wall Street banks over lost interest payments; US regulators are seeking to limit asset managers' influence over big banks; JPMorgan is promoting an in-house chatbot as an AI-based research analyst

#UsBanks #Cecl #JpmorganChase&Co #AccountingStandard #FinancialRegulation

https://www.ft.com/content/a10723c0-2dac-4b5d-8c09-0e6abbfb6ee2


How Kamala Harris might still lose
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Hillary Clinton led Trump by a larger margin than Kamala Harris does now in 2016; Trump is in a better position than he was in 2012 and 2016; Americans are pessimistic about the economy despite GDP growth; Ill-feeling about the economy is widespread; Harris slightly edges Trump on economic trust, but it hinges on her breaking with her own administration; 60% of voters want Harris to dump or revise Bidenomics; Harris risks internal dissent if she breaks with Bidenomics; Harris risks regressing to low standing among voters if she doesn't break with Bidenomics

https://www.ft.com/content/74a9645c-bf47-4c99-8e30-829a93a9f0ba


FirstFT: Multinationals fret of weak demand in China
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Multinationals in the global consumer goods sector are concerned about weak demand in China, with L'Oréal CEO Nicolas Hieronimus noting that consumer confidence in China remains very low due to an unhealthy job market and the devaluation of real estate. The Australian wine industry is also facing a crisis as global consumers turn away from lower-priced brands. In US politics, a new FT Michigan Ross poll shows that Democratic presidential candidate Joe Biden is leading President Donald Trump on the economy. Ukrainian troops have advanced 30km inside Russia since the start of their operation, despite reinforcements from Russia. The Republican candidate's campaign claims that its internal emails have been hacked by Iran. The head of a global industry body warns that shipowners are concerned about the return of Trump's protectionism and an intensifying US-China trade war. Chinese wind turbine manufacturers are accused of benefiting from unfair state subsidies by some European rivals. Pakistan's military supports Islamabad's restructuring under a $7bn loan deal with the IMF. Restaurant critic Marina O'Loughlin writes about her love of plane food.

#China #ConsumerGoods #Economy #WineIndustry #UsPolitics #Ukraine #Iran #TradeWar #WindTechnology #Pakistan #RestaurantCritic

https://www.ft.com/content/18c0cf2b-c4e6-4a99-a2f8-8a89a5613c9e


Wall Street powers markets rebound
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US equities posted their strongest daily gain since November 2022 as a drop in US unemployment claims helped soothe fears about an imminent economic slowdown; The broad Topix index closed 1% higher on Friday, while the narrower exporter-heavy Nikkei 225 rose 0.6%; The yen nudged up to ¥147 against the dollar; On Thursday, the benchmark S&P 500 rose 2.3%, closing out its best day in almost 21 months, while the technology-heavy Nasdaq Composite added 2.9% — its biggest daily gain since February; The rally has helped retrace some of the losses suffered through this week’s steep sell-off

https://www.ft.com/content/cf098c19-ba4b-40d8-9334-8ee29a07a381


China’s leaders sweat over ‘difficult to heat’ economy at summer retreat
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China's leaders are holding their annual retreat at the seaside resort of Beidaihe; Experts are calling for China to stimulate consumption to increase household spending; Weak household spending has weighed on otherwise strong results from the industrial sector; President Xi Jinping emphasizes investment in high-tech industry and innovation to achieve his goal of doubling per capita income by 2035; Some economists worry that this emphasis is creating overcapacity at factories and distorting labor markets; Higher exports are increasing tensions with trade partners such as the US and EU; Beijing is not expected to launch any large unanticipated stimulus; China's central bank has been easing monetary policy but has been constrained by the wide interest rate spread with the US; Few expect Xi to radically change course and divert funds away from his strategy of turning China into a self-reliant technological superpower.

#China #Economy #HouseholdSpending #Investment #HightechIndustry #Innovation #Exports #TradeTensions #Stimulus #MonetaryPolicy

https://www.ft.com/content/e1a52fe0-8213-4cb5-b8b5-dab0a1b202b0


FirstFT: Harris presents Walz as champion of freedoms in first joint rally
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Vice-president Kamala Harris and Tim Walz made their first joint appearance at a Democratic party rally; Walz is a straight-talking progressive with a record of winning over rural voters in the Midwest; Asian shares edged higher in volatile early trading; The US has warned Turkey of "consequences" including chips and other parts vital to Moscow's war in Ukraine; China's export growth missed expectations last month but imports rose; India's tough line on China could starve it of the capital, components, and knowhow needed to become a major manufacturing power; Coca-Cola could owe $16bn in back taxes; Billions of dollars in payments between Apple and Google could be at risk after an antitrust verdict against the search giant; Rising rates of cancer among young people have profound public health implications; Problems with expensive insurance and spurious damage claims are prevalent with car rental companies.

#KamalaHarris #TimWalz #DemocraticParty #AsianMarkets #Turkey #Ukraine #China #India #Cocacola #BigTech #Cancer #CarRentalCompanies

https://www.ft.com/content/ee96143b-0d08-4f04-a503-f8aba9306c6e


Japanese stocks rebound 9% after global rout
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Japanese stocks surged 9% on Tuesday, leading markets higher across Asia in a reversal of the previous day’s global sell-off. South Korea’s Kospi was up 4.2% and the Taiwanese stock index closed 3.4% higher. Chipmaker TSMC climbed 8%. European markets and US futures also made modest gains.

#JapaneseStocks #GlobalSelloff #Asia #SouthKorea #Taiwan #Tsmc #EuropeanMarkets #UsFutures

https://www.ft.com/content/4afd94b8-5224-48c5-a0b0-65fc52cd238e


Federal Reserve officials move to reassure markets that US is not in recession
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Austan Goolsbee, the president of the Chicago Fed, reassures that the US is not in a recession; Goolsbee says the Fed will take action to fix any deterioration in the US economy; Weaker-than-expected labor market data on Friday leads to global fears of a sharp slowdown in the US economy; The Fed kept its main interest rate between 5.25% and 5.5% last week; The Fed signals that its first rate cut of the cycle could come as early as September

https://www.ft.com/content/91bc0acb-35f5-41cc-ac66-a597b82faad8


Global stock markets tumble as worries grow over US recession
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Global stock markets tumble as worries grow over US recession; Japan's Topix fell 12.2%, sharpest sell-off since 'Black Monday' in 1987; Futures on the Vix index jumped above 50 points, highest level since early stages of Covid-19 pandemic; Markets fell amid fears the Federal Reserve has been too slow to respond to signs of US economic weakening; Yen strengthened by about 13% since mid-July; Warren Buffett's Berkshire Hathaway halved its position in Apple in Q2; Berkshire Hathaway raised its cash position to a record $277bn and bought Treasuries

https://www.ft.com/content/ef7198e5-44b4-47a0-86f5-a7bf9a34d76b


FirstFT: Investors prepare for market volatility
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Investors are preparing for renewed volatility when global markets reopen today; Traders are fretting that the US Federal Reserve has been too slow to respond to signs the US economy is cooling and may be forced to play catch-up with rapid cuts to interest rates; A sell-off which started in richly valued big-tech stocks, many of which reported earnings last week, gained wider traction after the latest Fed decision and jobs data; The chorus of Wall Street strategists calling for the Fed to reduce rates by 0.5 percentage points at its next two meetings grew over the weekend; PMI data for China, EU, France, Germany, India, Italy, Japan, UK, US is due (S&P Global); Indonesia is set to release its Q2 GDP figures; The Bank of Japan will publish its latest monetary policy meeting minutes; Kamala Harris has said she will pick her running mate for the White House this week.

https://www.ft.com/content/90e8d964-9d05-4e8f-a37a-ab0895827024


Falling inflation, sturdy economy, happy Fed
==========

Recent GDP numbers and early news suggest solid growth; Nervousness about squishy survey data; US consumers show signs of flagging; Second-quarter earnings overall have been quite strong; Fed expected to keep interest rates steady but tee up September cut

#Inflation #Economy #FederalReserve #Gdp #ConsumerSentiment #Earnings

https://www.ft.com/content/7b8fd9b0-2b69-43f5-9d55-1d42776432cd


US economy grew at 2.8% rate in second quarter
==========

The US economy grew at a rate of 2.8% in the second quarter. The Federal Reserve is considering when to cut interest rates. Figures from earlier this month suggest that the labor market has started to soften, supporting the case for an imminent rate cut. Fed chair Jay Powell has indicated that the last three monthly inflation figures show a good pace of price growth. Despite the strong performance in the second quarter, there are concerns about the resilience of the US economy in the future.

https://www.ft.com/content/5698c615-7263-4e46-9997-93e93e129323


China’s Xi Jinping bets on high tech for ‘great rejuvenation’
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China's President Xi Jinping aligns himself with Deng Xiaoping's reforms; The Communist party's third plenum fails to reassure economists; Growth in the second quarter slipped to 4.7% year on year; Xi Jinping aims to boost self-sufficiency and high-tech industries; The document aims to reassure business and consumers worried about China's economy.

#China #XiJinping #HighTech #Economy #Reforms

https://www.ft.com/content/2e78ddde-0b32-40ca-8dc4-6bee73a1109e


Pakistan’s latest record-breaking, reality-denying IMF program
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Pakistan's latest IMF program is record-breaking and denies reality; According to the latest IMF DSA conducted in January, the government will need to start running a primary surplus this year and maintain it for years to come for Pakistan’s debt to be sustainable; The last time Pakistan ran a surplus was 20 years ago during the war on terror, when foreign grants were pouring in

https://www.ft.com/content/cd97e0d7-d93c-4ef5-a8f8-3d1bf2601326


FirstFT: Joe Biden drops out of US election and endorses Kamala Harris
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Joe Biden has dropped out of the US election and endorsed Kamala Harris; Several large donors, including Reid Hoffman and George Soros, have announced their support for Harris; The World Trade Organization's general council is meeting in Geneva; Secret Service director Kimberly Cheatle is in a US House oversight committee hearing on the assassination attempt on the former president; Phishing scams are expected to follow last week's global IT outage; Google co-founder Sergey Brin is funding the development of a hallucinogen derived from a rainforest shrub for use as a mental health treatment; Israel-Hamas war continues with Israeli evacuation orders forcing Palestinians in Gaza to search for shelter; Narendra Modi faces an early test to his third term as his new coalition partners make demands ahead of the prime minister's budget; Police are locking down large swaths of Paris ahead of the Olympics; Solar panel prices have been pummeled by a global supply glut over the past two years; The pound has been the best-performing major developed market currency this year; The Bootleg Beatles are a famous tribute act that has been performing since 1980.

https://www.ft.com/content/e47bf89a-ee27-47f2-a2f8-e170d042ce88


Number of UK businesses facing ‘significant’ financial distress rises sharply
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The number of UK businesses facing 'significant' financial distress has risen sharply; The increase is attributed to the impact of the COVID-19 pandemic and ongoing Brexit uncertainty; The data comes from a report by Begbies Traynor, a business recovery firm; The report shows that 723,000 UK businesses are now in 'significant' financial distress; This represents a 15% increase compared to the previous quarter; The sectors most affected include hospitality, retail, and construction; The report also highlights a rise in the number of businesses in critical distress, which increased by 9% to reach 93,000; The government's furlough scheme and other support measures have helped to prevent a larger increase in distress; However, experts warn that many businesses are still at risk of collapse; The situation is expected to worsen as government support measures are phased out; The report suggests that the true impact of the pandemic on UK businesses is yet to be fully realized.

https://www.ft.com/content/1613d792-dee3-4fc1-9055-e49487079b47


Start of the Paris Olympics and Netanyahu goes to Washington
==========

The opening ceremony of the 2024 Paris Olympic Games will be held on Friday; The Paris Olympics is part of the 'Grand Paris' project to make the city less elitist; Alphabet, Tesla, and Spotify will report their second-quarter results on Tuesday; Santander and Deutsche Bank will report their results on Wednesday; NatWest has interim results on Friday; AT&T will report earnings on Wednesday following a recent hack; Anglo American will report its interim results on Thursday; The G7 nations will announce an interest rate decision for Canada; Aston Martin Lagonda, BNP Paribas, Chipotle, and IBM will report their results on Wednesday; American Airlines, British American Tobacco, Centrica, and Lloyds Banking Group will report their results on Thursday; 3M, NatWest, Co-operative Bank, and Mercedes-Benz will report their results on Friday.

https://www.ft.com/content/4fc9b9c3-553c-45ea-ad22-686f0d965e26


Nippon Steel hires Mike Pompeo in lobbying push for $15bn US Steel bid
==========

Former US Secretary of State Mike Pompeo has been hired by Nippon Steel as an adviser in their lobbying efforts for a $15 billion bid to acquire US Steel. The move comes as Nippon Steel faces opposition to the deal from both former President Donald Trump and current President Joe Biden. Pompeo's role is to help the Japanese company overcome this opposition, particularly in the swing state of Pennsylvania. Nippon Steel remains confident in the deal and expects smoother discussions with unions after the presidential election.

#NipponSteel #MikePompeo #UsSteel #Lobbying #Bid #DonaldTrump #JoeBiden #Pennsylvania

https://www.ft.com/content/3519e48d-07d7-449b-a766-6b3ef74db84a


Live news: Argentina’s economy expands for first time under Milei
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Argentina’s economy expanded by 1.3% in May compared to April, marking the first expansion since libertarian president Javier Milei took office in December; The economy had fallen into a severe recession last year and activity continued to decline in 2024 due to public spending cuts; May's rebound was driven by increases in activity in exporting sectors like agriculture and mining, while sectors reliant on domestic consumer spending continued to contract.

#Argentina #Economy #Expansion #JavierMilei

https://www.ft.com/content/9457f44b-7b6e-473e-bbb6-8b1f381d458b


FirstFT: China’s second-quarter growth data misses expectations
==========

China's second-quarter growth data falls short of expectations, with GDP growth at 7.9% compared to the expected 8.1%. The slowdown is attributed to the impact of COVID-19 and supply chain disruptions. The data also reveals a decline in industrial production and retail sales growth. The Chinese government is expected to implement measures to support the economy, including targeted fiscal policies and monetary easing. The news comes amid concerns about the global economic recovery and the spread of the Delta variant. The article also mentions other topics such as the Israel-Hamas war, the Trump shooting incident, investment in America, and private equity firms slashing the use of risky debt tactics.

https://www.ft.com/content/c456a5c7-c52f-418d-bc93-b4a0562e618c


Bitcoin surges after Trump assassination attempt
==========

Bitcoin surges in value following an attempted assassination of Donald Trump at a rally in Pennsylvania. The motive of the shooter is still unclear. The Secret Service is facing pressure in the aftermath of the incident. The article also mentions other news topics such as the Israel-Hamas war, Nvidia's potential market cap, and Goldman Sachs challenging the Fed's capital requirements. The article is part of the FT's live news coverage.

https://www.ft.com/content/4e5ee308-ce72-49f9-a181-684618d78b12


China’s economic growth slows in second quarter
==========

China's economic growth slowed in the second quarter of the year. The country's GDP grew by 7.9% in the April-June period, down from 18.3% in the previous quarter. The slowdown was attributed to a combination of factors, including the impact of COVID-19 restrictions, supply chain disruptions, and a decline in consumer spending. Despite the slowdown, China's economy is still on track to achieve its growth target of over 6% for the year. The government has implemented various measures to support economic recovery, including fiscal stimulus and monetary easing. However, there are concerns about the sustainability of China's growth model and the impact of rising debt levels.

https://www.ft.com/content/d39f93d9-34b2-4710-9bc7-730c2c4c466d


Soaring olive oil prices hurt sales of ‘liquid gold’ in Mediterranean heartland
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The increase in the price of olive oil has affected the market for seed oils. The article discusses the impact of soaring olive oil prices on the Mediterranean heartland. It explores how the rise in prices has led to a decrease in sales and consumption of olive oil, as consumers switch to cheaper alternatives like seed oils. The article also mentions the effect on the olive oil industry, with farmers struggling to meet the demand due to weather conditions and pests. The supply and demand graph shows a decrease in the quantity demanded and an increase in the quantity supplied of olive oil. Two supply shifts in the olive oil market are identified: a decrease in supply due to weather conditions and pests, and an increase in supply due to the use of alternative oils. The article highlights the importance of olive oil to the Mediterranean region and the challenges faced by the industry due to rising prices.

#OliveOil #Mediterranean #PriceIncrease #SeedOils #SupplyAndDemand

https://www.ft.com/content/dfd2af23-d286-4703-8bc2-98764634fc8d


Live news: Ashmore suffers another $2bn of net outflows
==========

Ashmore, an investment management firm, has experienced $2 billion of net outflows. This comes after the company reported $1.5 billion of net outflows in the previous quarter. The outflows are attributed to investor concerns about emerging markets and the impact of rising interest rates. Ashmore's assets under management have decreased to $97.4 billion, down from $98.9 billion in the previous quarter. The company's shares have also fallen by 3.5% in response to the news.

https://www.ft.com/content/0074bb37-20a6-4e4c-9899-bcb285d944ed


US inflation falls to 3% in June
==========

US inflation fell to 3% in June, according to data released by the US government. This is a decrease from the 3.4% inflation rate in May. The drop in inflation was driven by a decline in the prices of used cars and trucks. However, economists warn that inflationary pressures are still present and could persist in the coming months. The Federal Reserve has stated that it expects inflation to be transitory and will continue to monitor the situation closely.

https://www.ft.com/content/696eb6b8-9002-4d07-816a-9642cd1634d4


Chinese social media sensation Xiaohongshu wins major foreign VC backing
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Chinese social media platform Xiaohongshu has secured significant investment from foreign venture capitalists. The platform, which combines social media and e-commerce, has gained popularity among young Chinese consumers. Xiaohongshu plans to use the funding to expand its user base and improve its technology infrastructure. The investment comes at a time when Chinese tech companies are facing increased scrutiny from regulators.

https://www.ft.com/content/2d5f515f-d341-41c8-ace5-16a16cb33e35


Live news: Hurricane Beryl leaves millions without power in Texas amid summer heat
==========

Hurricane Beryl has caused power outages in Texas, leaving millions without electricity. The hurricane struck during the summer heat, exacerbating the situation. The article provides updates on various topics including the Israel-Hamas war, recriminations in Marine Le Pen's party over the French election result, and the trade relationship between Narendra Modi and Vladimir Putin. It also discusses the world's largest oil company's bet on the enduring power of petrol, Dyson's plan to cut a quarter of its UK workforce, and Nike's struggles with turnaround efforts. The article covers a range of topics including politics, business, and global news.

https://www.ft.com/content/0a44763e-6a50-4797-bfce-99d6d7838730


FirstFT: US Supreme Court rules Donald Trump has immunity for ‘official’ acts
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The US Supreme Court has ruled that former President Donald Trump has immunity for 'official' acts while in office. The ruling came in response to a lawsuit filed by three protesters who were forcibly removed from a Trump campaign rally in 2016. The court's decision was based on the legal principle of absolute immunity, which shields presidents from civil lawsuits for actions taken in their official capacity. The ruling has significant implications for future lawsuits against former presidents and raises questions about accountability for presidential actions.

#UsSupremeCourt #DonaldTrump #Immunity #OfficialActs

https://www.ft.com/content/c4961ed6-2162-4904-8c9a-8adfe4161e14


Federal Reserve’s preferred inflation metric edges down to 2.6%
==========

The Federal Reserve's preferred inflation metric has edged down to 2.6%.

https://www.ft.com/content/300324e2-ad23-4677-908e-dafd95f23868


UK first quarter GDP growth revised up to 0.7%
==========

The UK's first quarter GDP growth has been revised up to 0.7%.

https://www.ft.com/content/b73b0ef4-3e1f-4bf7-90dd-6c1774277665


The US economy is benefiting from the higher-pressure effect
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The US economy is benefiting from the higher-pressure effect. Israel-Hamas war. French far-right leader Jordan Bardella vows ‘cultural battle’ and demands EU rebate. US in talks to send Israel’s Patriot systems to Ukraine. Israel’s push to create a ‘dead zone’ in Lebanon. Bulgaria and Romania fail economic tests to join euro. What happens if Joe Biden or Donald Trump drops out of the presidential race? Europe’s largest renewable producer scales back plans for wind and solar plants. Boeing rejects claims Nasa crew ‘stranded’ by spacecraft. New EY chief rules out reviving plan to split Big Four firm in two. How has private equity shaped the UK economy? US Supreme Court rejects plan to shield Sacklers in Purdue bankruptcy. News updates from June 27: EU leaders endorse von der Leyen for second term; IMF urges US to tackle fiscal burden. India set for billions of dollars of inflows as bonds join JPMorgan index. Top-rated European commercial mortgage bonds set for first losses since credit crisis. Macron’s presidency — a tragedy in four acts. The economic consequences of Mr Trump. Japan’s new banknotes might have come too late. Swastikas and jackboots: an emboldened far right visits Buchenwald. Why insurance companies want to be your best friends. ‘We’re like gears grinding until they break’: Chinese tech companies push staff to the limit. LinkedIn’s makeover lacks one thing: humour. Mining’s push for gender diversity threatened by ‘Andrew Tate’ effect. Should employers monitor more than mouse clicks of remote staff? The US economy is benefiting from the higher-pressure effect.

https://www.ft.com/content/59ef05e1-c711-4a34-a5c8-ea5e94789eb2


EU leaders endorse a second five-year term for von der Leyen
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EU leaders have endorsed a second five-year term for Ursula von der Leyen as President of the European Commission. The decision was made during a summit in Brussels. Von der Leyen, a German politician, has been in office since December 2019 and her current term is set to end in 2024. The endorsement by EU leaders paves the way for von der Leyen to continue leading the European Commission for another term.

https://www.ft.com/content/860552dd-6487-41c3-8621-707bdc6b0902


FirstFT: Advertisers prep plan-B, should TikTok be banned in US
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Advertisers are preparing contingency plans in case TikTok is banned in the US. The popular video-sharing app, owned by Chinese company ByteDance, is facing scrutiny from the Trump administration over concerns about data privacy and national security. Advertisers are concerned about losing access to TikTok's large and engaged user base, and are considering shifting their advertising budgets to other platforms such as Instagram and Snapchat. TikTok has been downloaded over 2 billion times globally and has around 100 million users in the US. The Trump administration has given TikTok until September 15 to sell its US operations to an American company or face a ban.

#Tiktok #Advertising #UschinaRelations

https://www.ft.com/content/c137d70c-3259-43b9-96bf-d7332467c381


Philippines secretly reinforces ship at centre of South China Sea dispute
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The Philippines has secretly reinforced a ship at the centre of the South China Sea dispute; The ship, BRP Sierra Madre, is a dilapidated World War II-era vessel that the Philippines intentionally ran aground in 1999 to assert its territorial claim in the disputed region; The reinforcement of the ship is seen as a move by the Philippines to strengthen its presence in the South China Sea amid tensions with China; The Philippines has been involved in a long-standing territorial dispute with China over the South China Sea; The reinforcement of the ship comes as China continues to assert its dominance in the region by building military installations on disputed islands and reefs; The Philippines' move to reinforce the ship is likely to further escalate tensions between the two countries.

https://www.ft.com/content/2d5751da-9588-406a-b5db-39b7911a429d