Live news: Philadelphia Fed president Patrick Harker expects one rate cut this year
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Philadelphia Fed president Patrick Harker expects one rate cut this year. Harker's statement comes amidst discussions about the possibility of the Federal Reserve reducing interest rates. The rate cut is expected to happen sometime this year. Harker's comments align with the views of other Fed officials who have expressed concerns about the economic impact of the COVID-19 pandemic. The article also mentions other news topics such as the Israel-Hamas war, Pakistan's record rice exports, Russia surpassing the US as a gas supplier to Europe, and Benjamin Netanyahu dissolving Israel's war cabinet.

https://www.ft.com/content/a99c9f56-8618-4d32-959e-a663abe6c26d


IMF warns of massive labour disruption from AI
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The International Monetary Fund (IMF) has issued a warning about the potential for massive labour disruption caused by artificial intelligence (AI). The IMF predicts that AI could lead to significant job displacement, particularly in low-skilled and routine tasks. The report suggests that policymakers should focus on supporting workers through retraining and social safety nets to mitigate the negative impacts of AI on employment. The IMF also emphasizes the need for international cooperation to address the challenges posed by AI. The warning comes as AI technology continues to advance rapidly and is increasingly being adopted across various industries.

https://www.ft.com/content/3d7d48c1-21a6-43dd-b077-1aafe0ca00e2


FTAV’s further reading
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The article provides a list of further reading recommendations from FTAV, covering a range of topics including the Israel-Hamas war, the world oil glut, US inflation, far-right politics in France, leadership changes at PwC and EY, Carlos Slim's stake in BT, Toyota's supply chain challenges with electric vehicles, and Legal & General's overhaul. The article also mentions the appeal of an American Caesar, the last best hope against populism, the impact of tariffs, silent lay-offs, virtual offices, and an insider's account of the AfD. Additionally, it highlights Ridley Scott's Provençal estate, the popularity of the Paloma drink, gamers sticking to old favorites, and dressing for the races at Ascot. The article concludes with subscription options for accessing FT journalism.

https://www.ft.com/content/486ee0f8-7012-41b0-9b5a-795c4f47bb3a


Donald Trump and Joe Biden campaigns set for duelling London fundraisers
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The campaigns of Donald Trump and Joe Biden are both planning fundraisers in London. Trump's campaign is organizing a black-tie dinner on December 1, 2024, with tickets priced at $10,000 per person. Biden's campaign is planning a separate event on the same day, with tickets priced at $5,000 per person. The duelling fundraisers reflect the importance of London as a fundraising hub for US presidential candidates. Both campaigns are targeting American expatriates and wealthy donors based in the UK. The events are expected to attract high-profile attendees and raise significant funds for the respective campaigns.

https://www.ft.com/content/966dc3d0-ff93-457c-935b-c4949ec52636


Hunter Biden convicted on criminal gun charges in US trial
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Hunter Biden has been convicted on criminal gun charges in a US trial. The trial concluded with the jury finding Biden guilty of false statement on a firearms application and possession of a firearm by an unlawful user of a controlled substance. The charges stem from an incident in which Biden allegedly lied on a background check form when purchasing a firearm and later discarded the firearm in a trash can near a school. The trial lasted for several days and included testimony from witnesses and evidence presented by the prosecution. Biden's defense argued that he did not intentionally lie on the form and that he was not aware of the firearm's location near the school. The conviction carries a potential sentence of up to 10 years in prison. The sentencing hearing is scheduled for a later date.

https://www.ft.com/content/03758e7c-8157-4c8f-b7c7-896470154fa9


Live news: Raspberry Pi valued at £540mn ahead of London listing
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Raspberry Pi, a British computer hardware and software company, is valued at £540mn ahead of its London listing. The company, known for its affordable single-board computers, plans to go public on the London Stock Exchange. The valuation of £540mn is based on the company's latest funding round in which it raised £38mn. Raspberry Pi's products are widely used in education, hobbyist projects, and industrial applications. The company's listing on the London Stock Exchange is expected to provide it with additional capital for expansion and development.

https://www.ft.com/content/ec1704db-7d44-4909-8514-65175d8b445f


China’s exports surge in May
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China's exports surged in May, indicating a strong recovery in global demand. The country's exports increased by 27.9% compared to the same period last year, beating expectations. The growth was driven by strong demand for Chinese goods in the US and Europe. Imports also rose by 51.1%, reflecting increased domestic consumption and higher commodity prices. The trade surplus for May stood at $45.53 billion. This surge in exports is a positive sign for China's economy and suggests a rebound from the impact of the COVID-19 pandemic.

#China #Exports #GlobalDemand #EconomicRecovery

https://www.ft.com/content/1d236b46-1a65-48b7-b3d6-faa0849d3d3f


US and allies say China is ‘aggressively recruiting’ their fighter pilots
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The US and its allies have accused China of aggressively recruiting their fighter pilots. The allegations come as tensions between China and the US continue to rise. The US has accused China of engaging in cyberattacks, intellectual property theft, and human rights abuses. China has denied the allegations and called them baseless. The US and its allies are concerned about China's growing military capabilities and its assertive behavior in the South China Sea. The US has been increasing its military presence in the region to counter China's influence. The recruitment of fighter pilots is seen as part of China's efforts to strengthen its military and challenge US dominance.

#China #Us #FighterPilots #Military #Tensions

https://www.ft.com/content/a080852e-df0b-4959-a1d4-45a30d99f0e9


China’s expat gap problem
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China is facing a problem with a shortage of expatriate workers; The shortage is due to the COVID-19 pandemic and travel restrictions; The lack of expat workers is affecting various industries, including technology and finance; Chinese companies are struggling to fill the gap with local talent; The shortage of expat workers is expected to continue until travel restrictions are lifted.

https://www.ft.com/content/dfd5c399-976f-4f0b-8a1b-fbac495100b6


Monetary Policy Radar | Financial Times
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The article discusses various topics including the Israel-Hamas war, the Indian election, the Trump campaign's fundraising, the ANC's coalition options in South Africa, the downgrade to French credit rating, the UK ambassador to Mexico being sacked, Baillie Gifford's crisis talks with UK book festivals, Labour infighting overshadowing Starmer, Nick Clegg bankrolling the Lib Dem fightback, Labour's energy plan for Scotland, Goldman considering internal bounties for wealth management, the Anglo chief admitting selling De Beers is a challenge, Peter Hargreaves blaming former management for Hargreaves Lansdown share slump, the collapse of the deal to buy Everton Football Club, hackers offering to sell stolen Santander customer and staff details, Nvidia's market cap jumping amid a 'gamma squeeze', Liz Truss's impact on markets, the potential to buy Japan, warnings of frothy markets in US penny stock trading, joining the party in copper, Germany's fractious coalition, the Whitby Woman as a target voter, the need for a new intergenerational contract, avoiding being a voice note bore, the harm caused by the Baillie Gifford boycott, Europe's start-up hubs, Illycaffè's Cristina Scocchia, night nannies as a work perk, employers facing a rising climate conundrum, Steven Chu's criticism of Wall Street analysts on climate, the shock of the old, life after manufacturing in Janesville, the great hospitality gripe list, the role of a lifetime for the great living Lears, the search for the best summer dress, US resilience requiring high rates for an extended period according to the Minneapolis Fed president, and Neel Kashkari warning of elevated housing inflation and still-strong labor demand pushing back easing.

https://www.ft.com/content/997a88f9-dddc-48b3-9025-b17becbcfa9e


Macron and Scholz: we must strengthen European sovereignty
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French President Emmanuel Macron and German Finance Minister Olaf Scholz have called for the strengthening of European sovereignty. They argue that Europe needs to be more independent and less reliant on the United States and China. Macron and Scholz believe that Europe should have its own digital infrastructure, military capabilities, and economic policies. They also emphasize the importance of European unity and cooperation in addressing global challenges. The leaders made these remarks during a joint press conference in Paris. The call for European sovereignty comes amid increasing geopolitical tensions and the need for Europe to assert itself on the global stage.

https://www.ft.com/content/853f0ba0-c6f8-4dd4-a599-6fc5a142e879?shareType=nongift


FirstFT: Russia sanctions ‘not really effective’ outside west, says Dubai trade hub chief
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The Dubai trade hub chief has stated that the sanctions imposed on Russia are not really effective outside of the West. The statement comes as Western businesses backtrack on their plans to exit Russia. The article also mentions the Israeli-Hamas war, Donald Trump's trial, Xi Jinping's call for quality jobs for youth, Toyota's challenge to Tesla with a new line of combustion engines, and Nick Train's apology for poor investment performance.

https://www.ft.com/content/5bd99fd8-9d1f-495f-8b5d-caf85dc988ac


Letter: ‘Second-lifers’ make a valuable contribution to the economy
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The article discusses the economic contributions of older individuals, referred to as 'second-lifers', to the economy. The author argues that these individuals, who are often retired or semi-retired, bring valuable skills, experience, and knowledge to the workforce. They contribute to economic growth, innovation, and productivity through entrepreneurship, mentorship, and volunteering. The author suggests that policies should be implemented to support and encourage the participation of 'second-lifers' in the economy. The article emphasizes the importance of recognizing and valuing the contributions of older individuals in society.

https://www.ft.com/content/1090e3b6-ce90-487b-bfe2-a6395a5c5e35


FirstFT: Lai Ching-te asks US lawmakers to help strengthen Taiwan’s defences
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Lai Ching-te, the former Taiwanese premier, has called on US lawmakers to help strengthen Taiwan's defences against China. Lai, who is visiting the US, urged Congress to pass legislation that would enhance Taiwan's military capabilities and deter Chinese aggression. He also emphasized the importance of maintaining peace and stability in the Taiwan Strait. Lai's visit comes amid increased tensions between Taiwan and China, with Beijing conducting military exercises near the island and increasing diplomatic pressure on countries to isolate Taiwan.

https://www.ft.com/content/033eaaa7-bec5-481d-b471-a7165bf74a19


Jet-setting Argentine President Javier Milei courts top US tech CEOs
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Argentine President Javier Milei is actively seeking meetings with top US tech CEOs to attract investment and promote economic growth in Argentina. Milei's goal is to position Argentina as a favorable destination for tech companies and startups, highlighting the country's skilled workforce and potential for innovation. He has already met with several CEOs, including those from Google, Facebook, and Amazon, to discuss investment opportunities and partnerships. Milei's efforts align with his broader economic agenda of liberalizing the Argentine economy and attracting foreign investment. He believes that by fostering a business-friendly environment and leveraging the country's technological capabilities, Argentina can become a major player in the global tech industry. However, some critics argue that Milei's focus on courting tech CEOs overlooks other pressing issues in Argentina, such as poverty and inequality.

https://www.ft.com/content/4ab30d78-aafc-47cc-8a4b-17f9a6f43bed


UK election latest: Nigel Farage decides not to stand
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Nigel Farage has announced that he will not be standing in the upcoming UK election. Farage, the leader of the Brexit Party, stated that he believes his party's goal of leaving the EU has been achieved and that he wants to focus on campaigning for a clean break from the EU. The decision comes after Farage previously stated that he would stand as a candidate in the election. The UK election is scheduled to take place on [date].

https://www.ft.com/content/c1977e82-9bed-4d5a-9f4c-2ded042c2ba5


Live news: US stocks hit record high as volatility hovers near pre-pandemic low
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US stocks hit a record high as volatility remains low. The Biden administration signals support for sanctions on the International Criminal Court (ICC). Donald Trump will not testify in the 'hush money' trial. Janet Yellen urges Europe to join the US in cracking down on Chinese exports. One person dies and dozens are injured after a flight from London to Singapore experiences turbulence. A top dealmaker is set to leave law firm Skadden Arps. Ivan Boesky, a convicted trader, passes away. Jamie Dimon says JPMorgan will choose a new CEO within 5 years. An activist investor builds a stake in Reckitt after a baby formula verdict. Toll Brothers raises its full-year outlook due to tight home inventory. Vanguard makes a surprising move in asset management. China is hesitant to make necessary shifts. The ICC's arrest warrants spark strong reactions from Israel and the White House. Netanyahu and Khamenei face increasing pressure. Visa rules impact foreign graduate recruitment. Apple's dominance is crushing. The FT offers subscription options for access to its content.

https://www.ft.com/content/b4fa017b-539b-4533-96dc-10d12aa43be9


Why economist forecasts of a US recession were so wrong
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Economist forecasts of a US recession were proven wrong due to several factors. One key factor was the difficulty in accurately predicting economic downturns. The article highlights that economists often rely on historical data and models that may not fully capture the complexity and unpredictability of the economy. Additionally, the article mentions that economists may have underestimated the resilience of the US economy and the effectiveness of government interventions. The timing of the forecasts is not specified in the article. The author of the article is not mentioned. The article is from the Financial Times and is written in English.

https://www.ft.com/content/9d96e0e1-0067-4a37-abcf-3f288116e04c


Geography class: Big rise in diseases linked to ageing and lifestyle increases healthcare burden
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The article discusses the increase in diseases linked to ageing and lifestyle, which is leading to a greater healthcare burden. It highlights the shift from communicable to non-communicable diseases as a major cause of death in the last 25 years. The forecast shows a significant increase in disability-adjusted life years (DALYs) by cause from 2022 to 2050. The greatest declines in disease burden have been observed in high-income regions, while low-income regions continue to face significant challenges. The article is part of the Financial Times free schools access programme.

#Healthcare #Diseases #Ageing #Lifestyle #CommunicableDiseases #NoncommunicableDiseases

https://www.ft.com/content/da38999c-a0cc-4c8c-810a-d717c2bce10b


Swamp Notes — Trading tariffs for votes
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President Joe Biden announced massive hikes in tariffs on a range of clean energy imports from China, including electric vehicles (EVs), chips, steel, and aluminium. The tariffs are aimed at protecting the US EV industry from cheaper Chinese imports and supporting domestic job growth. However, critics argue that the tariffs will raise costs for consumers, slow down the decarbonization of the US economy, and delay the affordability of EVs for average wage earners. The move is seen as a political strategy by Biden to gain backing from unions and voters in swing states ahead of the 2024 election. The impact of the tariffs is not expected to be felt before the election, but the signaling matters more than the reality. The tariffs also neutralize one of former President Donald Trump's advantages, which was his protectionist stance against China.

#UschinaTrade #Tariffs #ElectricVehicles #JoeBiden #DonaldTrump #UsPresidentialElection

https://www.ft.com/content/cee94f47-5710-44e5-a857-39e470fce1c3


FirstFT: China trade experts urge Xi Jinping to respond with caution to US tariffs
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China trade experts are urging Chinese President Xi Jinping to respond with caution to US tariffs. The experts warn that a strong retaliatory response could escalate tensions and harm China's economy. They suggest that China should focus on domestic economic reforms and seek to resolve trade disputes through negotiation and dialogue. The US tariffs, which were imposed by the Trump administration, have been a major point of contention between the two countries. China has already imposed retaliatory tariffs on US goods, and there are concerns that the trade dispute could escalate further. The experts argue that a measured and strategic approach is needed to protect China's interests and maintain stability in the global economy.

https://www.ft.com/content/f860d5fb-5073-4b2d-9700-1fc9f062f7e4


FirstFT: US urges Arab states to join peacekeeping force in postwar Gaza
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The US is urging Arab states to join a multinational peacekeeping force in postwar Gaza. The move comes as the conflict between Israel and Hamas continues to escalate. The US hopes that the involvement of Arab states in the peacekeeping force will help stabilize the situation and prevent further violence. The US is also sharply raising tariffs on Chinese electric vehicles and semiconductor imports. The increase in tariffs is part of the ongoing trade tensions between the US and China. In addition, Berlin is exploring tax breaks to incentivize Germans to work longer hours. The German government hopes that this measure will help address the country's labor shortage. Meanwhile, Vladimir Putin is revamping Russia's military capabilities. The Russian president is investing in modernizing and strengthening Russia's armed forces. Finally, Trump allies are rallying around him as Michael Cohen prepares to testify about 'hush money' payments.

#Us #ArabStates #PeacekeepingForce #Gaza #Israel #Hamas #Tariffs #China #ElectricVehicles #SemiconductorImports #Berlin #TaxBreaks #Germans #WorkLongerHours #VladimirPutin #Russia #Military #TrumpAllies #MichaelCohen

https://www.ft.com/content/63b9a544-4de1-4550-9e0f-184ff28b75c8


US ups the ante on Chinese EV imports
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The US is increasing pressure on Chinese electric vehicle (EV) imports. The Biden administration is considering imposing stricter regulations on EVs imported from China, including potential tariffs and stricter safety standards. The move comes as the US seeks to boost its domestic EV industry and reduce its dependence on Chinese imports. The US is also concerned about the security risks associated with Chinese-made EVs, particularly in relation to data privacy and potential cyber threats. The proposed measures could have significant implications for the global EV market and the US-China trade relationship.

#UschinaTrade #ElectricVehicles #BidenAdministration #Tariffs #SafetyStandards #DataPrivacy #CyberThreats

https://www.ft.com/content/71ae81e6-e133-4eac-97b9-d9aa27ae21d6


FT-Michigan Ross poll: Biden’s election hopes fall as prices rise again
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Support for Joe Biden’s economic policies wanes amid inflation fears, FT poll finds

https://www.ft.com/content/ee56a06d-c734-4fec-96fe-c53db3131255


Are US and euro inflation pressures parting ways?
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Inflation pressures in the US and the eurozone may be diverging. The US Federal Reserve is considering tapering its bond-buying program due to concerns about rising inflation, while the European Central Bank is expected to maintain its accommodative monetary policy. The US has seen higher inflation rates, with consumer prices rising 4.2% in April, the highest level in over a decade. In contrast, the eurozone has experienced lower inflation, with consumer prices increasing by 1.6% in April. The differing inflation pressures could impact the timing and pace of monetary policy adjustments in the two regions.

https://www.ft.com/content/036641a4-ef3e-4b51-bc9c-d1c60e23720d


Global trade growth set to more than double this year
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Global trade growth is expected to more than double this year, according to a report. The increase in trade is driven by the recovery from the COVID-19 pandemic and the easing of trade tensions between major economies. The report predicts that global trade will grow by 8.4% in 2021, up from a previous forecast of 4.1%. This growth is attributed to strong demand for goods, particularly in advanced economies. However, the report also highlights risks to trade growth, including the ongoing pandemic and potential disruptions to global supply chains.

https://www.ft.com/content/3451ba03-28fc-4300-8813-af66bb743bf4


A cooler jobs market may not be enough
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The article discusses the potential challenges of a cooler jobs market and its impact on the economy. It highlights that while a cooler jobs market may help to alleviate inflationary pressures, it may not be enough to address other economic issues. The article mentions that the US Federal Reserve is closely monitoring the labor market and its impact on inflation. It also mentions that the Biden administration is pushing for additional fiscal stimulus to support the economy. The article suggests that a comprehensive approach that includes both monetary and fiscal measures may be necessary to address the economic challenges.

https://www.ft.com/content/5be904bf-e1ef-410e-90e7-f361e06fa5ba


Jobs growth in the US economy slows
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The US economy experienced slower jobs growth than expected, with only 175,000 new jobs created. Turkey has halted trade with Israel due to the Gaza conflict. Italy has been granted the ability to seize an ancient statue in the US by a European court. Joe Biden has denounced violent campus protests after police stormed UCLA. Births in Germany have fallen to the lowest level in a decade. Gazprom has reported its worst loss in decades as sales to Europe collapse. A SocGen trader who was fired for 'unauthorised' bets blames the risk team and bosses. The SEC has shut down the auditor for Trump Media due to 'massive fraud'. Goldman Sachs has scrapped the bonus cap for UK bankers. Berkshire is facing risks after Warren Buffett's departure. Remote work is being questioned for its impact on women. Russia's new economy may prolong its war. Japan is concerned about returning to emerging-economy status. The article discusses how to differentiate good industrial policy from bad. The strange new economy of all-you-can-eat buffets is explored. Taiwan is engaged in a widespread conflict. Former Supreme Court justice Stephen Breyer believes there are two Donald Trumps. The lesson of Loki is to trade less. Foreign buyers are interested in Sweden's secluded island sanctuaries.

https://www.ft.com/content/e2e2b0ba-a809-410c-8f79-0281d55926f5


FirstFT: Fed to leave rates higher for even longer
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Federal Reserve chair Jay Powell signals interest rates will remain higher for longer

https://www.ft.com/content/281e7038-ede7-4034-bed2-53221fb3ecf6


French economy expands faster than expected in first quarter
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The French economy expanded faster than expected in the first quarter of the year. The country's GDP grew by 0.4% in the first three months of 2022, exceeding the forecasted growth of 0.3%. This growth was driven by increased consumer spending and a rebound in business investment. The French government expects the economy to continue to recover throughout the year, with GDP growth projected at 5.5% for 2022. However, there are concerns about rising inflation and the impact of the COVID-19 pandemic on the economy.

https://www.ft.com/content/a53166a5-8c62-43be-9ec7-6e95d0fc4338


A disappearance in Xinjiang
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The article discusses the disappearance of a Uighur woman named Gulbahar Jelilova in Xinjiang, China. Jelilova was detained by Chinese authorities in 2017 and held in a detention center where she was subjected to torture and abuse. She was released in 2019 and managed to escape to Kazakhstan. Jelilova's case highlights the human rights abuses and mass detention of Uighurs in Xinjiang. The Chinese government has been accused of carrying out a campaign of cultural assimilation and forced labor against the Uighur population. The international community has called for an investigation into the situation in Xinjiang and for China to be held accountable for its actions.

https://www.ft.com/content/ca036415-7ded-4384-ac2d-33825f1a82c3?sharetype=blocked


Live news: Yen plunges past ¥160 per dollar amid volatile trading on national holiday
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The yen has dropped below ¥160 per dollar in volatile trading on a national holiday. The plunge comes as investors react to the ongoing Israel-Hamas war, tensions between the US and China, and Russian GPS jamming that threatens air safety. Dutch efforts to kick-start European carbon capture initiatives are underway, while Elon Musk meets with China's premier to discuss Tesla's competition with local rivals. Paramount is expected to fire CEO Bob Bakish after a clash with Shari Redstone. Turkish officials are in talks with ExxonMobil over a multibillion-dollar LNG deal. Chinese regulators warn against a Silicon Valley Bank-style meltdown. The ban on non-compete agreements is causing shockwaves across Wall Street. Voyager 1 has come back online after being dormant. The yen's plunge is occurring on a national holiday.

https://www.ft.com/content/d4570074-7c69-4d8c-9abe-022a55d7876c


Jamie Dimon cautions over soft landing for ‘unbelievable’ US economy
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Jamie Dimon, CEO of JPMorgan Chase, warns of potential risks to the US economy despite its current strength. Dimon cautions that the economy's growth may not be sustainable and that a soft landing is unlikely. He points to factors such as inflation, rising interest rates, and geopolitical tensions as potential threats. Dimon also expresses concern about the impact of the COVID-19 pandemic on the economy and the potential for a market correction. Despite these concerns, Dimon remains optimistic about the long-term prospects of the US economy.

https://www.ft.com/content/8ab4520e-691a-4ff7-9c51-e59a9c0d742c


Investors price in growing chance of another Federal Reserve interest rate rise
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Traders have built up bets that the Federal Reserve could raise interest rates again, a once-unthinkable prospect that highlights a shift in market expectations after stronger than expected US economic data and hawkish comments from policymakers. Options markets now suggest a roughly one in five chance of a US rate increase within the next 12 months, up sharply from the start of the year. Traders’ central expectation is for one or two rate cuts of a quarter of a percentage point each this year, down from six or seven in January. Economists expect core personal consumption expenditures will come in at 2.7 per cent when data for March are released on Friday. Options pricing reflects a roughly 20 per cent chance of a rate rise this year. However, while investors are using options to hedge against — or profit from — the possibility of rate rises, a swift series of cuts also remains a possibility.

#FederalReserve #InterestRates #UsEconomy #UsInflation #OptionsMarket

https://www.ft.com/content/8c5da64b-766e-4993-86f5-aac95342432a


Opening arguments begin in Trump trial and Musk meets Modi
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Opening arguments have begun in the trial of former US President Donald Trump, who is charged with incitement of insurrection for his role in the January 6th Capitol riot. The trial is taking place in the Senate, with House impeachment managers presenting their case against Trump. Meanwhile, Tesla CEO Elon Musk has met with Indian Prime Minister Narendra Modi to discuss Tesla's plans to enter the Indian market. Musk expressed his enthusiasm for the Indian market and discussed the potential for Tesla to manufacture electric vehicles in India.

https://www.ft.com/content/a75340b6-c8db-4be7-aa80-80472ca2b110


Europe still fails to make enough of its size — here’s how to fix that
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Europe still fails to leverage its size effectively. The article discusses the need for Europe to take advantage of its economic potential and outlines several strategies to achieve this. The author emphasizes the importance of investing in innovation, technology, and infrastructure to foster economic growth. They also highlight the need for regulatory reforms and the removal of barriers to trade and entrepreneurship. Additionally, the article suggests that Europe should focus on developing its digital economy and promoting cross-border collaboration. The author argues that by implementing these measures, Europe can unlock its full economic potential and become a global leader.

https://www.ft.com/content/f6200dc5-e42b-4356-9951-70ca3a94cd0a


Joe Biden’s energy policies are fuelling Donald Trump’s campaign in Pennsylvania
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Joe Biden's energy policies are becoming a focal point of Donald Trump's campaign in Pennsylvania. Trump is criticizing Biden's stance on fracking and the Green New Deal, claiming that they will lead to job losses in the state. Biden has stated that he does not support a nationwide ban on fracking, but Trump and his supporters argue that his policies will still have a negative impact on the industry. Pennsylvania is a key battleground state in the upcoming presidential election, and energy policy is a major issue for voters in the state. Trump is using Biden's energy policies to appeal to voters in Pennsylvania and highlight what he sees as a threat to jobs and the economy.

https://www.ft.com/content/72c7e548-fc96-4e32-8f87-a36f274b1aab


Investors raise bets on euro falling to parity with dollar
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Investors are increasing their bets on the euro falling to parity with the dollar. The euro has been weakening against the dollar, and investors are taking advantage of this trend by placing more bets on the euro's decline. This comes as the dollar has been strengthening due to expectations of higher interest rates in the US. The euro has also been weighed down by concerns over the economic impact of the Omicron variant. Some investors believe that the euro could reach parity with the dollar in the near future.

https://www.ft.com/content/700f0282-e939-4441-8093-6e012c39f4bd


US seeks alliance with Abu Dhabi on artificial intelligence
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The US is seeking an alliance with Abu Dhabi on artificial intelligence. The move comes as part of the US government's efforts to counter China's influence in the field of AI. The US is concerned about China's rapid advancements in AI technology and its potential military applications. Abu Dhabi is seen as a key partner due to its investments in AI research and development. The alliance would involve collaboration on AI research, development, and standards, as well as sharing of data and expertise. The US hopes that such an alliance would help maintain its technological edge and ensure that AI is used in a responsible and ethical manner.

https://www.ft.com/content/843796a6-191c-4828-8bc9-d6648e4b460e


Relief pervades Tehran after limited Israeli strike
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Tehran is experiencing relief after a limited Israeli strike. The strike was a calibrated retaliatory action by Israel against Iran. The situation between Israel and Iran had escalated but both countries have now pulled back from the brink. The article discusses the relief felt in Tehran and the de-escalation of tensions between Israel and Iran.

https://www.ft.com/content/b0ff931b-ca5e-40ac-9ca0-f007465967ad


OJ Simpson and the paradox of American power
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The article discusses the paradox of American power through the lens of OJ Simpson's trial and its cultural impact. It explores how Simpson's case highlighted racial tensions, media sensationalism, and the influence of celebrity in the American justice system. The article also examines the broader implications of the trial on American society and the perception of American power globally. It argues that the Simpson trial revealed the contradictions and complexities of American power, showcasing both its strengths and weaknesses.

https://www.ft.com/content/bee38713-0dfc-4a50-8cdc-54857dbb09ed


Swamp Notes — How do you win Pennsylvania?
==========

Pennsylvania is a critical swing state in US elections, with 19 electoral college votes. Both Joe Biden and Donald Trump are focused on winning over key demographics in the state, such as blue-collar workers and voters in major metropolitan areas like Philadelphia and Pittsburgh. Biden is targeting these voters with messages about tax policy and protecting working-class families, while Trump is focusing on energy and natural gas production. The state's diverse population and key industries make it a microcosm of the country, providing insights into the challenges faced by both candidates nationwide. The proposed renaming of Dulles Airport after Donald Trump is seen as a bad move that could associate his name with a poorly regarded airport.

#Pennsylvania #UsElections #JoeBiden #DonaldTrump #SwingState #BluecollarWorkers #MetropolitanAreas #Philadelphia #Pittsburgh #TaxPolicy #WorkingclassFamilies #Energy #NaturalGasProduction #DullesAirport #Renaming

https://www.ft.com/content/30ed95eb-d311-488e-9fa2-a812fb16a487


Subsidy race with US and China would harm Europe’s ailing economy, IMF warns
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The International Monetary Fund (IMF) has warned that a subsidy race between the US and China would harm Europe's struggling economy. The IMF stated that the competition between the two superpowers to provide subsidies to their domestic industries could lead to distortions in global trade and investment flows. The IMF urged European policymakers to take action to protect their economies and ensure fair competition. The warning comes as Europe continues to grapple with the economic fallout from the COVID-19 pandemic.

https://www.ft.com/content/0ee289a9-8414-40bb-ac3b-ab6f04bd1f4f


US stocks notch first 4-day losing streak since start of January
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US stocks have experienced their first four-day losing streak since the beginning of January. This comes as small stocks face significant challenges, and high-speed trader Jane Street generated $4.4 billion at the start of 2024. The Vix 'fear gauge' has soared due to tensions in the Middle East and a shift in interest rates. The global economy is being impacted by the shadow of war. US stocks are experiencing a downturn, and the US deficit poses significant risks to the global economy, according to the IMF. Donald Trump is falling $75 million behind Joe Biden in the money race as his donor base shrinks. Jay Powell, the chair of the Federal Reserve, has stated that US inflation is taking longer than expected to hit its target. Royal Mail's owner has rejected a £4.5 billion takeover bid from Czech billionaire Daniel Křetínský. Mining billionaire Gina Rinehart is building rare-earth stakes in an effort to secure non-Chinese supply. Tesla is asking shareholders to approve a move to Texas and ratify Elon Musk's pay. Peter Mandelson's advisory firm has been valued at £30 million in a deal with an ex-Obama aide. Sex workers in the UK are denouncing banks for waging a 'war' on their jobs. US Republicans are not skilled at nationalism. Gordon Brown expresses disappointment in the backward progress the UK has made. ChatGPT essay cheats are causing problems. The rise of the chief AI officer is being observed. The FT recommends business books to read. Video games are potentially threatening the novel. US grandmaster duo surge in chess as the Candidates tournament nears its finish. Marathons have become the new 'fashion weeks' for runners. Nine brides who said yes to the very big dress. Professor Tim Spector is rethinking the way we eat.

#UsStocks #SmallStocks #HighspeedTrading #Vix #GlobalEconomy #UsDeficit #JoeBiden #DonaldTrump #JayPowell #FederalReserve #RoyalMail #DanielKřetínský #GinaRinehart #Tesla #ElonMusk #PeterMandelson #UkSexWorkers #UsRepublicans #GordonBrown #Chatgpt #ChiefAiOfficer #BusinessBooks #VideoGames #Chess #Marathons #Brides #ProfessorTimSpector

https://www.ft.com/content/d53fc2e5-66f4-476a-a4dc-4a2ddfbdee07


FirstFT: China’s economy grew by forecast-beating 5.3% in first quarter
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China's economy grew by 5.3% in the first quarter, beating forecasts. The growth rate indicates a strong recovery from the impact of the COVID-19 pandemic. The data was released by China's National Bureau of Statistics. The country's industrial output also increased by 24.5% in March compared to the same period last year. China's retail sales rose by 34.2% in March, exceeding expectations. The strong economic performance is attributed to increased domestic consumption and a rebound in exports. The IMF predicts that the US will grow at double the rate of its G7 peers this year. The Biden administration is expected to unveil a $1.5 trillion infrastructure plan this week. The plan aims to boost economic growth and create jobs. The US Federal Reserve has indicated that it will maintain its accommodative monetary policy to support the economic recovery. However, concerns about inflation and rising bond yields persist. The global financial system faces overlooked threats, including cyberattacks, climate change, and geopolitical tensions. Israel is calling for tightened sanctions on Iran following an attack on an Israeli-owned ship. Israel is considering its options for a military strike against Iran. The situation poses a dilemma for the Biden administration, which is seeking to revive the Iran nuclear deal. The article is from the Financial Times.

https://www.ft.com/content/11a72bc3-75c8-44d7-87de-973b0d795a3b


Jay Powell says US inflation ‘taking longer than expected’ to hit target
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Jay Powell, the chairman of the US Federal Reserve, has stated that US inflation is 'taking longer than expected' to hit the target. Powell's comments come as the US and Europe seek to dissuade Israel from striking back against Iran. The IMF predicts that the US will grow at double the rate of its G7 peers this year. Donald Trump's 'hush money' trial has seen dozens of potential jurors dismissed. Raiffeisen Bank has announced plans for growth in Russia. LVMH's succession plans are accelerating as the Arnault children step up. German watchdog finds EY's Wirecard audits grossly negligent. Lagarde says ECB will cut rates 'in short order' barring 'major shocks'. US retail sales have shaken bond and currency markets. Gold is back and has a message for us. The article also includes various other topics and sections unrelated to the main news.

https://www.ft.com/content/3d0ddbe1-4637-4262-ba40-934015606166


The shadow of war darkens on the global economy
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The global economy is facing the darkening shadow of war as tensions rise in the Middle East. The US and Europe are seeking to dissuade Israel from striking back against Iran after an attack on Israel. Israel is calling for tightened sanctions on Iran as the government debates its response to the attack. Meanwhile, China's economic growth has hit 5.3%. In other news, dozens of potential jurors have been dismissed from Donald Trump's 'hush money' trial, and Raiffeisen Bank is promoting its growth plans in Russia through job ads. Tesla is planning to cut 10% of its global workforce. The article also mentions the overlooked threats to the global financial system, blowout US retail sales shaking bond and currency markets, and the fall of US housing starts to a 7-month low. The Biden administration is facing a dilemma on Israel, and there are concerns about a dangerous turning point in the Middle East. Gordon Brown expresses concern about the state of the world, and there is a rise in the role of chief AI officers in companies. The article also discusses the issue of essay cheats using ChatGPT and the importance of starting executive careers in parish councils. Finally, the article mentions the availability of business books to read and highlights various topics in the arts and culture section.

https://www.ft.com/content/31158ec7-433b-4c0e-9f2e-8a13e8dd4750


US to grow at double the rate of G7 peers this year, says IMF
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The International Monetary Fund (IMF) predicts that the US will grow at double the rate of its G7 peers this year. The IMF forecasts a growth rate of 7% for the US, compared to an average of 3.6% for the G7 countries. This projection reflects the strong recovery of the US economy from the COVID-19 pandemic, driven by fiscal stimulus measures and successful vaccination efforts. The IMF also expects China's economic growth to reach 5.3% this year. The article highlights the potential impact of the US growth on global financial markets, including bond and currency markets. It also mentions other news topics such as the Israel-Hamas war, Donald Trump's 'hush money' trial, and Tesla's plan to cut 10% of its global workforce.

https://www.ft.com/content/3b819571-662d-4185-9ca5-c7e682b55700


The overlooked threats to the global financial system
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Since the financial crisis of 2007-08, regulators have attempted to de-risk the global financial system, but instability and flawed risk management persist. Recent episodes of turbulence in the US Treasury market and the UK government bond market highlight the vulnerabilities of the system. The rise of non-bank financial institutions, such as hedge funds and money market funds, has increased the opacity and risk in the financial system. The decline in public equity and the surge in private markets have also changed the structure of the financial system. The growing dependence on debt to drive economic growth, both domestically and internationally, raises concerns about debt sustainability. The accumulation of debt used to finance consumption depresses aggregate demand and hampers economic growth. The reliance on constant debt issuance to generate demand makes the economy susceptible to disruptions in financial markets. The notion of sovereign bonds as "safe" assets is challenged by rising default risk, fiscal profligacy, and high volatility. The US, as the provider of "safe" assets and the manager of the world's pre-eminent reserve currency, faces challenges in sustaining its financial hegemony. The financial system continues to act as a temporary solution to address imbalances and crises, as short-term fiscal and monetary remedies are applied instead of structural reforms.

#GlobalFinancialSystem #Debt #RiskManagement #NonbankFinancialInstitutions #PrivateMarkets #PublicEquity #SovereignBonds #UsTreasuryMarket #UkGovernmentBondMarket

https://www.ft.com/content/0b78c68b-c65c-4080-b779-17041c290eaa


‘Blowout’ US retail sales shake bond and currency markets
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US retail sales have had a significant impact on bond and currency markets. The blowout sales figures have caused concern among investors, leading to a sell-off in bonds and a strengthening of the US dollar. The retail sales data showed a 9.8% increase in March, far surpassing expectations. This surge in consumer spending has raised concerns about inflation and the potential for the Federal Reserve to tighten monetary policy sooner than expected. The impact of these retail sales on the bond and currency markets highlights the importance of economic data in shaping market sentiment.

https://www.ft.com/content/c2879370-192c-438b-ba01-7a99788f459a


Policymakers gather in Washington as Middle East tensions swell
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Policymakers are gathering in Washington as tensions in the Middle East escalate. Joe Biden has urged restraint from Israel after Iran's drone and missile attack. Iran's attack on Israel is seen as a message to the international community. Israel's war cabinet is meeting as western leaders call for restraint. The article also mentions other topics such as the LVMH succession plans, the decline of the EU without market reform, and the rise of the chief AI officer.

https://www.ft.com/content/ccafba30-004b-4178-8eb0-24d9cd9f8440


Oil and equity markets shrug off fears of wider war after Iranian strike on Israel
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Oil and equity markets remain unaffected by fears of a wider war following an Iranian strike on Israel. Joe Biden urges Israel to exercise restraint after the attack. China's coastguard blocks Philippine vessels amid growing maritime tension. German companies' dependence on China is expected to last for decades. LVMH succession plans accelerate as Arnault children take on more responsibilities. China's capital markets activity hits multi-decade lows. The article discusses the impact of the Iranian strike on oil and equity markets, as well as other geopolitical developments.

https://www.ft.com/content/3bbeb6b5-b9b6-4474-a858-cc8a23c448ba


Psychology class: Scientists use brain-like tissue in advance for ‘biocomputing’ research
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Scientists at Johns Hopkins University have grown a 'brain organoid' from stem cells, which could be used for 'biocomputing' research. Stem cells are a possible way to help the brain recover from trauma. The researchers' technology could identify Japanese vowel sounds and may simulate the auditory cortex of the brain. The possible applications, benefits, and risks of this research include understanding brain function, developing new therapies for brain disorders, and potential ethical concerns. The article is part of the Financial Times free schools access programme.

#Biocomputing #BrainlikeTissue #StemCells #BrainOrganoid #Research #JohnsHopkinsUniversity

https://www.ft.com/content/9cb6ff8c-2e40-40d1-a2b1-c7e4c2b86366


US High School Economics class: ECB to rely more on bank lending as it shrinks balance sheet
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The European Central Bank (ECB) is moving away from its reliance on asset purchases as it shrinks its balance sheet. Instead, the ECB is looking to implement new tools, such as bank lending, to implement monetary policy. The ECB's new approach involves the use of a corridor, with a floor and a ceiling. The floor represents the interest rate on deposits, while the ceiling represents the interest rate on loans. The ECB's actions affect the corridor by adjusting the interest rates. This approach differs from the approaches of the US Federal Reserve and the Bank of England.

#EuropeanCentralBank #MonetaryPolicy #BankLending #BalanceSheet #InterestRates

https://www.ft.com/content/d9b713a5-d5fb-4cc3-a3f0-eab6d03b49a8


US faces Liz Truss-style market shock as debt soars, warns watchdog
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The US is facing a market shock similar to the one experienced by Liz Truss as its debt soars, according to a watchdog. At the end of last year, the US debt pile was larger than its GDP. The projected debt-to-GDP ratio for 2029 is expected to be higher than during WWII. The US debt situation is compared to a Liz Truss market shock because of the potential impact it could have on the economy. Remedies to address the situation include reducing spending, increasing taxes, or a combination of both. The most likely remedy is unclear.

#UsDebt #MarketShock #LizTruss

https://www.ft.com/content/0e1c969f-a199-4888-a840-943b0c846c42


US High School Economics class: Zimbabwe launches ‘gold-backed’ currency to replace collapsing dollar
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Zimbabwe has launched a new 'gold-backed' currency to replace the collapsing dollar. This is the latest currency introduction in Zimbabwe, which has had multiple currencies in the last decade. The new currency is backed by gold in an attempt to restore confidence in the country's monetary system. Zimbabweans prefer 'mattress banking' over traditional banking due to a lack of trust in the banking system. The hyperinflation experienced in 2008 has had a lasting impact on government officials and citizens, influencing their decisions today.

#Zimbabwe #Currency #Goldbacked #Dollar #MonetarySystem #Banking #Hyperinflation

https://www.ft.com/content/b650ea2d-f26f-4b33-9340-090c514ac81c


US High School Economics class: Wall Street turns to ‘solar grazing’ sheep in its push to go green
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Wall Street is using 'solar grazing' sheep to meet its green energy goals. The demand for solar panels has increased the demand for sheep, as they are used to graze on the grass beneath the panels, keeping it trimmed and preventing the growth of weeds. This has led to an increase in the price and quantity of sheep in the market. The article mentions the externalities of reduced maintenance costs and increased biodiversity resulting from the use of sheep. The relationship between the sheep and solar farmers is consistent with the predictions of the Coase theorem, as they are able to negotiate and reach mutually beneficial agreements.

#SolarGrazing #Sheep #GreenEnergy #Demand #Market #Externalities #CoaseTheorem

https://www.ft.com/content/61b9bd7b-ec47-4e20-8f69-67690892e40f


US High School Economics class: America’s robust national economy hides its weak spots
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The article discusses the state of the American economy post-pandemic compared to other G7 nations. President Joe Biden highlighted several economic indicators in his State of the Union address. There is a disconnect between the national economic data and Americans' faith in handling the economy, as suggested by surveys. The growing divide between urban and non-urban areas in the US economy is attributed to factors such as automation, globalization, and the decline of manufacturing jobs. America's geographic income inequality has increased between 1980 and 2021. The cost of living varies across different states, affecting voters' perceptions of the economy. Consumer spending has shown a trend of recovery, but credit delinquency remains a concern. It is important to look beyond aggregate data to understand the true state of the US economy. GDP per capita provides a more accurate measure of economic well-being than total GDP. GDP does not provide information about inequality. The limitations of using GDP as an indicator of a country's overall well-being in relation to environmental sustainability can be seen in examples such as high pollution levels in a country with a high GDP. The "shadow economy" can affect how we understand a country's economy using GDP. The article suggests that while America's national economy may appear strong based on numbers like GDP, not all areas and people in the country are doing well.

#UsEconomy #EconomicIndicators #IncomeInequality #Gdp

https://www.ft.com/content/c136a06c-55b2-49c2-ac09-02107f51d5aa


FirstFT: South Korea’s ‘Luke Skywalker’ deals resounding defeat to President Yoon
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South Korean President Yoon Suk-yeol suffers a major defeat as his party loses the majority in parliamentary elections. The opposition party, led by Lee Jae-myung, known as 'Luke Skywalker', emerges victorious. The defeat is seen as a referendum on Yoon's handling of the economy and the COVID-19 pandemic. Yoon's party had been plagued by corruption scandals and public dissatisfaction. The election results are expected to impact the upcoming presidential election in 2022. Yoon's defeat is a blow to his political ambitions and may lead to a reshuffling of power in South Korea.

#SouthKorea #ParliamentaryElections #PresidentYoonSukyeol #LeeJaemyung #LukeSkywalker #Covid19Pandemic #CorruptionScandals #PresidentialElection

https://www.ft.com/content/991178bd-d71f-4803-ae04-cfa29ae12ecd


Resurgent inflation looms again over Joe Biden’s White House bid
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Resurgent inflation is becoming a concern for Joe Biden's White House bid. US inflation has risen to 3.5%, causing markets to slash bets on rate cuts. The article discusses the impact of inflation on the economy and the potential consequences for Biden's presidency. It also mentions other topics such as the Israel-Hamas war, European ports turning into 'car parks' due to vehicle imports piling up, and fines imposed on KPMG for a cheating scandal. The article provides a range of news updates and opinions on various topics.

https://www.ft.com/content/d8520a33-f202-4679-b6f7-99fe9e4fb3ae


EU court removes Mikhail Fridman and Petr Aven from Russian sanctions list
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The EU court has removed Mikhail Fridman and Petr Aven from the Russian sanctions list. The decision comes after Fridman and Aven challenged their inclusion on the list, arguing that it was based on incorrect information. The court found that the EU had not provided sufficient evidence to support the inclusion of Fridman and Aven on the sanctions list. The ruling is a blow to the EU's efforts to impose sanctions on individuals and entities involved in the conflict in Ukraine. The EU has accused Fridman and Aven of providing financial support to pro-Russian separatists in eastern Ukraine. The court's decision could have implications for other individuals and entities on the sanctions list, as it sets a precedent for challenging the inclusion of names on the list.

https://www.ft.com/content/d997149f-582b-4733-b134-94ab3dae352e


OpenAI and Meta ready new AI models capable of ‘reasoning’
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The advancements in artificial intelligence has been made by OpenAI and Meta. Both companies are on the verge of releasing new AI models that possess the capability of reasoning and planning, which are essential steps towards achieving artificial general intelligence, akin to human-level cognition. OpenAI, backed by Microsoft, is preparing to launch what is expected to be called GPT-5 soon, while Meta is set to roll out Llama 3 in the upcoming weeks. These models are designed to tackle more complex tasks and exhibit a form of memory, moving beyond the current AI's capability, which is mostly limited to small, one-off tasks. Joelle Pineau from Meta emphasized the importance of these models not just talking but also reasoning, planning, and remembering. Yann LeCun, Meta's chief AI scientist, pointed out the current limitations of AI in handling complex queries and retaining information, which the new models aim to overcome by introducing reasoning and planning capabilities. Furthermore, Meta plans to integrate its new AI model into applications like WhatsApp and its Ray-Ban smart glasses, suggesting practical, everyday uses for these advanced AI capabilities. OpenAI's Brad Lightcap and Meta's Chris Cox discussed the potential applications of these AI models, such as assisting in complex tasks and providing real-time help, indicating a future where AI plays a more integral role in our daily activities.

https://www.ft.com/content/78834fd4-c4d1-4bab-bc40-a64ad9d65e0d


Fitch cuts China credit outlook to negative on ‘uncertain economic prospects’
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Fitch Ratings has downgraded China's credit outlook to negative due to 'uncertain economic prospects'. The rating agency cited concerns over China's high debt levels, slowing economic growth, and the impact of the US-China trade war. Fitch also noted that the Chinese government's efforts to stimulate the economy could lead to a further increase in debt. The downgrade comes as China's economy faces challenges such as rising inflation, a property market slowdown, and a crackdown on tech companies. Fitch's negative outlook indicates a higher likelihood of a credit rating downgrade in the future.

https://www.ft.com/content/f0fa0b49-c8e9-4a83-9750-b32a07c1dfe1


Big investors buy European bonds over US as economies diverge
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Big investors are purchasing European bonds instead of US bonds as the economies of the two regions diverge. This shift in investment is driven by the expectation that the European economy will outperform the US economy in the coming months. The divergence is attributed to factors such as the pace of COVID-19 vaccination, fiscal stimulus measures, and the European Central Bank's commitment to maintaining accommodative monetary policy. The European bond market has seen increased demand, leading to lower yields, while the US bond market has experienced a sell-off, resulting in higher yields. The trend of buying European bonds over US bonds reflects the changing sentiment among big investors and their assessment of the economic outlook for each region.

https://www.ft.com/content/40530e13-3f73-4dfb-b6ca-7130ee539238


Investors lose hope of rapid US interest rate cuts this year
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Investors are losing hope of rapid interest rate cuts in the US this year. The article discusses how the market mood has shifted and how US banks are warning that the cost of dismissing traders will harm financial hub ambitions in Paris. Jamie Dimon, CEO of JPMorgan Chase, warns that rates could stay high. The article also mentions Wirecard shareholders suing EY over alleged asset stripping in Germany. The article highlights the drop in food inflation across rich nations to pre-Ukraine war levels. It also mentions the ongoing Israeli-Hamas war and the threat of Brazil regulating social media after a clash with Elon Musk. The article briefly touches on the Russian quarterly budget revenues rising amid high oil prices. The article concludes by mentioning the beauty queens of Croydon and Cillian Murphy's enjoyment of the moment.

https://www.ft.com/content/3dacd0e1-9cab-4106-b1b1-b64420eec52e


Janet Yellen says US-China relations on ‘stronger footing’
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Janet Yellen, former US Treasury Secretary, has stated that US-China relations are on a 'stronger footing'. Yellen made the comments during a panel discussion at the China Development Forum. She highlighted the importance of cooperation between the two countries on issues such as climate change and the COVID-19 pandemic. Yellen also expressed hope for progress on trade and investment issues, but acknowledged that there are still significant challenges in the relationship. The panel discussion took place amid ongoing tensions between the US and China over various issues, including human rights and technology.

https://www.ft.com/content/27f72b5c-d47e-456b-b468-3096aab1b494


Biden to warn Beijing against meddling in South China Sea
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US President Joe Biden will warn Beijing against interfering in the South China Sea; The warning comes as tensions rise between China and Taiwan; The US has expressed support for Taiwan and has increased military presence in the region; China claims sovereignty over the South China Sea and has been involved in territorial disputes with neighboring countries; The US is concerned about China's aggressive actions in the region and wants to maintain freedom of navigation; Biden's warning is part of the US strategy to counter China's influence in the Indo-Pacific region

https://www.ft.com/content/be5f840a-28f7-4bb0-91f9-1aedd3d10d9e


China now a rival rather than boon for South Korean exporters, warns minister
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South Korean exporters are now viewing China as a rival rather than a boon, according to a warning from a minister. The article highlights that China's rapid economic growth and technological advancements have allowed it to become a competitor in industries that were once dominated by South Korea. The minister also mentions that China's increasing protectionism and trade barriers have made it more difficult for South Korean exporters to access the Chinese market. This shift in perception has significant implications for South Korea's export-dependent economy and its trade relationship with China.

https://www.ft.com/content/49a7a751-febe-4db1-9d24-a5b99eb694dc


The great American transport crisis tells us something
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The article discusses the ongoing transport crisis in the United States and its implications. It highlights the challenges faced by the transportation industry, including supply chain disruptions, labor shortages, and rising costs. The crisis is attributed to various factors such as the COVID-19 pandemic, increased demand, and infrastructure issues. The article emphasizes the need for investment in transportation infrastructure and policy changes to address the crisis. It also mentions the impact of the crisis on various sectors, including manufacturing, retail, and agriculture. The article concludes by stating that the transport crisis serves as a reminder of the importance of a resilient and efficient transportation system.

https://www.ft.com/content/387717ad-5d65-4ecb-ab02-ffbb787ae53e


Live news: UK construction industry returns to growth
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The UK construction industry has returned to growth, according to live news. After a decline in activity in February due to bad weather, construction output rebounded in March. The IHS Markit/CIPS UK Construction Purchasing Managers' Index (PMI) rose to 61.7 in March, up from 53.3 in February. This is the highest reading since September 2014. The increase in activity was driven by a surge in new orders, with residential construction being the strongest performing sector. The construction industry's recovery is seen as a positive sign for the UK economy as it emerges from the COVID-19 pandemic.

https://www.ft.com/content/83aa6474-6362-4bbb-b920-64ef01ab643f


The US economy is normal again
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The US economy is back to normal, with signs of recovery and growth. The article discusses the positive economic indicators, such as job growth, rising consumer spending, and increased business investments. It also mentions the impact of government policies, such as stimulus packages and infrastructure spending, on the economy. The author highlights the resilience of the US economy and its ability to bounce back from crises. The article emphasizes the importance of continued support and investment in key sectors to sustain the economic recovery. The US Presidential Election in 2024 is mentioned as a potential factor that could shape the future of the economy. Overall, the article presents a positive outlook for the US economy and its prospects for growth.

https://www.ft.com/content/718cb338-a985-46e3-a518-fa999a490391


Will eurozone inflation continue to slow?
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Eurozone inflation is expected to continue slowing down. Inflation in the eurozone fell to 1.2% in May, down from 1.6% in April. This is the lowest level since February 2021. The European Central Bank (ECB) has a target inflation rate of 2%. The slowdown in inflation is attributed to lower energy prices and a decline in the cost of services. The ECB is expected to maintain its accommodative monetary policy to support economic recovery. However, there are concerns that persistent low inflation could hinder the eurozone's economic growth and recovery.

https://www.ft.com/content/6e7acd07-0f57-4d67-a4e7-5773adf4969a


Xi Jinping tells US business leaders that China’s economy has not ‘peaked’
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Chinese President Xi Jinping assured US business leaders that China's economy has not 'peaked' during a virtual meeting. Xi emphasized that China's growth prospects remain 'bright' and that the country will continue to pursue high-quality development. The meeting comes as China faces economic challenges, including a slowdown in growth and rising debt levels. Xi's comments aim to reassure foreign investors and maintain confidence in China's economy.

#XiJinping #China #UsBusinessLeaders #Economy #GrowthProspects

https://www.ft.com/content/9f324c88-4f9a-4d07-be5f-b83b71c7e4f9


Making sense of a wrong-way bet on the yen
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The Japanese yen has lost the most against the dollar this year among developed-market currencies, weakening nearly 7%. Analysts expected the yen to appreciate in 2024, but it has fallen further instead. The yen's weakness is due to factors beyond Japan, including US monetary policy and global investor sentiment. The historical relationship between US economic conditions and monetary policy did not hold true this time, as rising interest rates had a limited impact on the US economy. The yen is frequently used as a funding currency, and its depreciation is influenced by carry trades and global macro outlook. Currency forecasters should consider how the world is evolving and question their assumptions.

#JapaneseYen #CurrencyForecast #UsMonetaryPolicy #GlobalInvestorSentiment

https://www.ft.com/content/19d75d3e-194d-4775-a098-106f13c51ae2


Luiz Inácio Lula da Silva steps up interventions in Brazil’s largest companies
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Luiz Inácio Lula da Silva is increasing his interventions in Brazil's largest companies. Lula, the former president of Brazil, has been targeting companies such as Petrobras and Eletrobras, advocating for greater state control and criticizing privatization efforts. Lula's interventions are seen as a way to gain political influence and appeal to his base ahead of the 2022 presidential election. However, critics argue that his interventions could harm the economy and deter foreign investment. Lula's increased involvement in the business sector comes as he seeks to regain political power and challenge President Jair Bolsonaro's administration.

https://www.ft.com/content/0826a3ab-a5d0-444d-84ca-48606b682876


Made in Europe faces mixed fortunes
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Europe's ability to produce goods at globally competitive prices has been hindered by recent crises such as Covid-19, higher inflation, rising interest rates, and soaring energy prices. Germany, where manufacturing accounts for a fifth of the country's overall economic output, has been particularly affected. The German Chamber of Commerce and Industry reported that nearly a third of domestic industrial companies last year had plans to boost production outside Germany due to concerns over the country's future without Russian gas. However, some companies have been able to navigate the economic shocks and find opportunities for growth. For example, Vuba, a flooring manufacturer, experienced significant growth during the pandemic as people shifted spending to home improvement. The Italian Sea Group, a superyacht maker, has not felt the impact of the cost of living crisis due to its niche customer base of ultra-high-net-worth individuals. Overall, the manufacturing sector in Europe faces mixed fortunes.

#Manufacturing #Europe #Crises #Germany #EconomicOutput #Growth #Covid19 #Inflation #InterestRates #EnergyPrices

https://www.ft.com/content/aa3c6425-6c79-4676-9b9c-e2919eefc9c6


The Fed should resist messing with success
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The article discusses the Federal Reserve's potential plans to taper its bond-buying program and argues that the Fed should resist making changes that could disrupt the current economic success. The author highlights the strong economic recovery in the US, with low unemployment rates and high GDP growth. They caution that prematurely tapering the bond-buying program could lead to market volatility and hinder the ongoing economic expansion. The article also mentions the potential impact on inflation and the need for the Fed to carefully consider the timing and pace of any policy changes. Overall, the author advocates for a cautious approach by the Fed to maintain the current economic momentum.

https://www.ft.com/content/59827415-c1e8-4e8c-b43c-f78411443fad


US High School Economics class: Why Swifties, holidaymakers and the hygienic should cheer for surge pricing
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The article discusses the concept of dynamic pricing and its benefits in various industries. It provides examples of surge pricing and peak pricing, and explains how these strategies can affect consumers and businesses. The article argues that dynamic pricing can improve resource allocation, incentivize efficient behavior, and increase overall economic efficiency. It also highlights potential benefits of dynamic pricing in supermarkets and the electricity market. The article concludes by emphasizing the role of dynamic pricing in society and its potential to create a more efficient and fair market.

#DynamicPricing #SurgePricing #PeakPricing #ResourceAllocation #Efficiency #Supermarkets #ElectricityMarket

https://www.ft.com/content/4c41e1e5-2efe-4dbc-8ac0-e8247cd3f721


Europe is making trade conditional on production methods
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Europe is making trade conditional on production methods. The European Union is planning to introduce a carbon border tax by 2023, which would require importers to pay for the carbon emissions generated during the production of goods. This move is aimed at protecting European industries that have to comply with strict environmental regulations. The carbon border tax is part of the EU's broader efforts to achieve its climate goals and promote sustainable production. The proposal has faced criticism from some countries, including China and Russia, who argue that it could be used as a tool for protectionism. However, supporters argue that it is necessary to level the playing field and prevent carbon leakage. The European Commission is expected to present a detailed plan for the carbon border tax in June 2021.

https://www.ft.com/content/98975933-128a-4fbf-8df1-04c800bf75ea


US senators reach deal on $1.2tn spending bill to avert government shutdown
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US senators have reached a deal on a $1.2tn spending bill to avert a government shutdown. The bill includes funding for various government programs and agencies. The deal comes after weeks of negotiations and will need to be passed by both the Senate and the House of Representatives before it can be signed into law. If passed, the bill will provide funding for the government through the end of the fiscal year. The bill also includes provisions for infrastructure spending, healthcare, and education. The agreement comes just days before the current funding deadline and aims to prevent a repeat of the 2018 government shutdown.

https://www.ft.com/content/f690097e-7b91-4b02-a61f-bd75cc588c8b


UK’s ‘staggeringly cheap’ stocks trade at record discount to US
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UK stocks are trading at a record discount to US stocks, with some investors calling them 'staggeringly cheap'. The discount is attributed to concerns over Brexit, political uncertainty, and the underperformance of UK companies compared to their US counterparts. The FTSE 100 index has underperformed the S&P 500 index by around 40% since the Brexit referendum in 2016. However, some investors see this as an opportunity to invest in undervalued UK stocks, especially in sectors such as financials, industrials, and energy. The article also mentions the potential $3.5 billion windfall for Donald Trump from a Spac deal and the move by Republican Marjorie Taylor Greene to oust US House Speaker.

https://www.ft.com/content/be46c2c3-1f1f-42e3-912b-b75624dedcbd


Torsten Slok: the Fed won’t cut this year
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Torsten Slok, the chief economist at Deutsche Bank Securities, predicts that the Federal Reserve will not cut interest rates this year. Slok believes that the US economy is strong enough to withstand any potential headwinds and does not require further monetary stimulus. He points to the robust labor market, low unemployment rate, and solid economic growth as evidence of the economy's resilience. Slok's prediction goes against market expectations, as many investors anticipate at least one rate cut in 2022. However, Slok argues that the Fed's focus will shift towards tightening monetary policy and addressing inflation concerns.

https://www.ft.com/content/c32813ca-aee2-4273-8d37-b254fc1dded8


US inflation rise to 3.2% highlights ‘last mile’ challenge for Federal Reserve
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The rise in US inflation to 3.2% highlights the 'last mile' challenge for the Federal Reserve. The inflation rate exceeded the Fed's target of 2% and raised concerns about the central bank's ability to control inflation. The increase in inflation was driven by rising energy and food prices, as well as supply chain disruptions. The Fed is facing pressure to tighten monetary policy and raise interest rates to curb inflation, but it must also consider the potential impact on the economy and employment. The central bank is expected to take a gradual approach to tightening and monitor economic data closely. The rise in inflation comes as the US economy continues to recover from the impact of the COVID-19 pandemic.

https://www.ft.com/content/46ca8249-8b81-4f25-a852-4bf9f9852085


In Hong Kong, companies do not know what to worry about or why
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Companies in Hong Kong are uncertain about what to worry about and why due to the changing political and regulatory landscape. The national security law imposed by China has created a climate of fear and uncertainty, leading to concerns about the erosion of Hong Kong's autonomy and the potential impact on businesses. The law has resulted in increased scrutiny and pressure on companies, with some facing investigations and others choosing to relocate their operations. The lack of clarity and transparency surrounding the law has made it difficult for companies to navigate the risks and make informed decisions. Additionally, the ongoing protests and social unrest in Hong Kong have further contributed to the uncertainty and instability. Companies are grappling with the challenges of balancing their business interests with the need to comply with the law and maintain their reputation. The situation has also raised concerns about the future of Hong Kong as a global financial hub and its attractiveness to international businesses. Overall, the article highlights the complex and evolving landscape in Hong Kong, which has left companies unsure about what to worry about and why.

https://www.ft.com/content/d6b09e2f-e982-4e28-a667-a7d14678daf6


Joe Biden to propose big tax rises for billionaires and corporate America
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Joe Biden is set to propose significant tax increases for billionaires and corporate America. The tax hikes are part of Biden's plan to fund his infrastructure and social spending proposals. The proposed tax increases include raising the top income tax rate for individuals to 39.6% and increasing the capital gains tax rate for individuals earning more than $1 million. Biden also plans to increase the corporate tax rate from 21% to 28%. The tax proposals are expected to face opposition from Republicans and some business groups.

https://www.ft.com/content/65b77e89-6c4f-4820-b697-5c3852909ada


America’s most powerful union leaders don’t want what you think
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During a roundtable discussion with the FT, top union leaders in the US discussed the changing landscape of labor unions and their goals for the future. The past year has seen a surge in strike action, with the number of US workers protesting tripling from the previous year. Union leaders are fighting not only for better pay and benefits but also for more financial power in companies and control over the use of new technologies. Despite rising public support, union membership remains low, and a new Supreme Court challenge poses a major threat to the current system. The leaders emphasized the need for solidarity and collective action among unions and the importance of leveraging their financial power and market influence to advance their goals.

#Unions #Labor #Workers #CollectiveBargaining #Technology #Membership

https://www.ft.com/content/0151b496-a5c2-4dd5-bdc3-09f94524ff0e


Joe Biden set to lay out the choice facing US voters in race for the White House
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Joe Biden will try to reset electoral agenda in State of the Union address to Congress. The speech will cover issues ranging from immigration to the war in Gaza and domestic inflation. Biden's address will meet a hostile reception from Republicans. Some Democrats express concern about Biden's ability to beat his opponent. Biden is expected to call for higher taxes on big businesses and the wealthy. He will push Congress to back a $95bn package of security aid for Ukraine, Israel, and Taiwan. Biden will criticize Israel for not allowing enough humanitarian aid into the Gaza Strip. He will touch on reproductive rights and the threat following the Supreme Court's ruling on abortion. Relations between Biden and Israeli Prime Minister Benjamin Netanyahu are at a low point.

#JoeBiden #StateOfTheUnion #UsVoters #Election #Immigration #Gaza #Inflation #Republicans #Democrats #Taxes #SecurityAid #Ukraine #Israel #Taiwan #ReproductiveRights #SupremeCourt #BenjaminNetanyahu

https://www.ft.com/content/2d24477d-e3e2-4936-bca9-928e4b255b62


Is time up for the luxury watch boom?
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The luxury watch market is experiencing a slowdown in demand and a decline in resale prices after a pandemic-era boom. Watches of Switzerland issued a profit warning, and Swatch Group missed profit forecasts. The boom in demand for high-end watches during the pandemic has come to an end, according to Watchfinder CEO Arjen van de Vall. Resale prices for luxury watches have fallen for seven straight quarters, with values slumping more than 20% in the fourth quarter of 2022. The sector is now entering a 'battle of the wrist,' with a polarisation of players and a slowdown in luxury demand. Rolex, the dominant player in the market, is also impacted as shoppers consider purchases more carefully. However, watches are expected to remain resilient as a store of value.

#LuxuryWatches #ResalePrices #Demand #Pandemic #WatchesOfSwitzerland #SwatchGroup #Watchfinder #Rolex

https://www.ft.com/content/6e42f202-8fd3-4d74-bec2-75ed02b94d0e


FirstFT: Nvidia declares AI ‘tipping point’ as results beat expectations
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Nvidia declares AI ‘tipping point’ as results beat expectations. Donald Trump’s donor numbers fall by 200,000 compared with 2019. HSBC shares fall most since 2020 after profits plummet 80%. Sequoia abandons effort to oust Michael Moritz from Klarna board. Nvidia-linked stocks drew big bets days before filing sparked rally.

https://www.ft.com/content/9deb5fd1-77ce-4f60-b076-e8c13a14665d


IB TOK class: What the world gets wrong about ‘civilisation’
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The article discusses the concept of 'civilisation' and how it is often misunderstood and misused. It explores the meaning of the term and what characterizes a civilization. The author highlights how those in power use the idea of civilization to consolidate their position and how the term has been shaped by the Harvard academic Samuel P Huntington. The article argues that the concept of civilization is an invented 'modern confection' and that viewing the world as interconnected refutes 'civilisational thinking'. It emphasizes the importance of understanding history effectively and avoiding being misled by those with an agenda. The article is part of the Financial Times free schools access program and is recommended for IB Theory of Knowledge (TOK) classes.

#Civilization #Misunderstanding #Power #History #Interconnectedness

https://www.ft.com/content/08841a01-a8da-4ba1-84c6-3d00cc785472


Philosophy class: We need to act on online disinformation now
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The article discusses the need to take action against online disinformation. It highlights the tensions between freedom of expression and protecting people from harm. Disinformation poses a threat to the democratic process. The article suggests reflecting on Aristotle and virtue epistemology to develop virtues that can help young people navigate online content.

#OnlineDisinformation #FreedomOfExpression #DemocraticProcess #Aristotle #VirtueEpistemology

https://www.ft.com/content/f9f0d695-5982-419a-8f94-4bdf22944c7a


Georgia governor says Biden subsidies are hurting US state’s booming economy
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Georgia Governor Brian Kemp claims that the subsidies implemented by President Joe Biden are negatively impacting the booming economy of the state. He argues that the enhanced unemployment benefits are discouraging individuals from seeking employment, leading to labor shortages in various industries. Kemp also criticizes the federal government's handling of the COVID-19 pandemic, stating that the restrictions and mandates have hindered economic growth. He calls for a reduction in government intervention and a focus on free-market principles to support Georgia's economy.

#Georgia #GovernorBrianKemp #JoeBiden #Subsidies #Economy #UnemploymentBenefits #LaborShortages #Covid-19Pandemic #GovernmentIntervention #Free-marketPrinciples

https://www.ft.com/content/a74b625c-0a49-43e7-a982-5584df64f6c7


The US economy is not as hot as you probably think it is
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The US economy is not performing as well as it may seem. Despite the perception of a strong economy, there are several indicators that suggest otherwise. The article highlights the following points: 1) The US economy grew at an annualized rate of 2.1% in the fourth quarter of 2019, which is lower than the previous quarter's growth rate of 2.3%. 2) The manufacturing sector is experiencing a slowdown, with the Institute for Supply Management's manufacturing index falling to its lowest level since 2009. 3) Business investment has also declined, with companies cutting back on spending due to uncertainty surrounding trade tensions and global economic growth. 4) The labor market, while still strong, has shown signs of weakening, with job growth slowing down and wage growth remaining stagnant. 5) Consumer spending, which has been a key driver of economic growth, is also showing signs of slowing down. Overall, these indicators suggest that the US economy is not as robust as it may appear.

https://www.ft.com/content/99d36d90-5d08-49e1-84f5-6981f44dd6ee


Investors scale back bets of May rate cut on strong US inflation figures
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Investors are reducing their expectations of a rate cut in May following strong US inflation figures. The article discusses how the US Federal Reserve has been closely monitoring inflation data to determine whether a rate cut is necessary. However, the recent inflation figures, which showed a higher-than-expected increase, have led investors to scale back their bets on a rate cut. The article also mentions that the US Federal Reserve has been under pressure from President Donald Trump to lower interest rates. The timing of the rate cut decision is uncertain, but the article suggests that it may not happen in May as previously anticipated.

https://www.ft.com/content/de014155-5d85-4f45-9bcf-46f1619ceef9


US and UK gig workers plan Valentine’s Day strike over pay
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US and UK gig workers are planning a strike on Valentine's Day to protest against low pay. The strike is organized by the App Drivers & Couriers Union (ADCU) and the Independent Workers' Union of Great Britain (IWGB). The workers are demanding fair pay, employment rights, and an end to unfair dismissals. The strike is expected to take place in major cities across the US and UK, including London, New York, Los Angeles, and San Francisco. The gig workers argue that they are essential workers who have been undervalued and exploited by gig economy platforms. They are calling for better wages, benefits, and job security. The strike is part of a larger movement to improve working conditions for gig workers and hold gig economy platforms accountable for their treatment of workers.

#GigWorkers #Strike #Pay #EmploymentRights #AppDrivers&CouriersUnion #IndependentWorkers'UnionOfGreatBritain #GigEconomy

https://www.ft.com/content/6475013a-41e2-4578-a633-c576fabfe249


Stocks and bonds diverge as investors worry less about inflation
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Investors are showing less concern about inflation, leading to a divergence between stocks and bonds. This is reflected in the market as private equity chiefs enjoy a $40bn gain in share value as assets surge. However, Total boss warns governments risk mis-selling energy transition. Meanwhile, Diamondback Energy agrees to buy Endeavor in a $26bn US oil deal. Additionally, investors are paying higher hedge fund fees for the first time in a decade, and the US biotech fundraising boom ends a 2-year deal drought. Overall, the market is experiencing a shift in investor sentiment regarding inflation and its impact on different asset classes.

https://www.ft.com/content/3eef5002-9070-44a7-9644-aa80f89fdd0c


US senator vows to fight on against Saudi influence over golf
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A US senator has vowed to continue fighting against Saudi influence over golf. The senator's comments come in response to recent reports that Saudi Arabia is seeking to invest in a major golf tournament in the US. The senator argues that allowing Saudi Arabia to have a significant role in the tournament would be a form of 'sports-washing' and would legitimize the country's human rights abuses. The senator plans to introduce legislation to prevent Saudi Arabia from gaining influence over the tournament.

https://www.ft.com/content/f5d754e3-e8f2-428a-8cb1-b4b62a0ce17d


There are lessons from Russia’s GDP growth — but not the ones Putin thinks
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The article discusses the lessons to be learned from Russia's GDP growth, contrasting them with the views of President Putin. It highlights that while Putin attributes the growth to his economic policies, experts argue that it is primarily due to external factors such as high oil prices and a global economic recovery. The article also mentions that Russia's GDP growth has not translated into improved living standards for its citizens, with high levels of poverty and inequality persisting. Furthermore, it discusses the challenges Russia faces in sustaining its economic growth, including demographic decline, corruption, and lack of diversification. The article concludes by emphasizing the need for Russia to address these underlying issues in order to achieve sustainable and inclusive economic growth.

https://www.ft.com/content/9518bcd8-547e-4a41-b518-265ad0451c9b


US banking profits plunged 45% in final months of 2023
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US banking profits plunged 45% in the final months of 2023, according to a report. The decline in profits was attributed to increased loan losses and lower interest income. The report also highlighted that banks' net interest margins fell to their lowest level in five years. The drop in profits was seen across both large and small banks. The decline in profits is a concern for the banking industry as it faces challenges from low interest rates and increased competition from fintech companies.

https://www.ft.com/content/f102d5f5-d6ff-440b-ac47-2b7420f15842


Hedge funds ditch bearish dollar bets as US ‘exceptionalism’ fuels rally
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Hedge funds are abandoning their bearish bets on the US dollar as the concept of 'US exceptionalism' drives a rally. The dollar has been strengthening against other major currencies, with hedge funds reversing their positions and becoming more bullish on the currency. This shift is attributed to the belief that the US economy will outperform other economies due to factors such as strong economic growth, higher interest rates, and the successful rollout of COVID-19 vaccines. The trend is also driven by the expectation of tighter monetary policy from the Federal Reserve. The article mentions the decline of the star stockpicker, with investors pulling $150 billion from equity hedge funds. It also highlights the rejection of Hamas ceasefire terms by Benjamin Netanyahu, the apology from Lionel Messi for his Hong Kong no-show, and the warnings from McKinsey and BCG that staff could face jail if they reveal Saudi work.

https://www.ft.com/content/71b7f155-fe02-432b-9d28-fb0ea5a65c6d


Live news: Polls open in Pakistan amid violence and suspended telephone services
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Polls have opened in Pakistan amid violence and suspended telephone services. The elections are being held in the backdrop of a surge in violence, with at least 30 people killed in attacks on political candidates and party workers. Telephone services have been suspended in several areas to prevent the use of remote-controlled bombs. The main contenders in the election are the ruling Pakistan Tehreek-e-Insaf (PTI) party led by Prime Minister Imran Khan and the Pakistan Muslim League-Nawaz (PML-N) party led by former Prime Minister Nawaz Sharif's daughter, Maryam Nawaz. The elections are seen as a test for Khan's government, which has faced criticism for its handling of the economy and the COVID-19 pandemic. The results of the elections are expected to be announced in the coming days.

https://www.ft.com/content/a1617d57-8d68-4abe-8f8c-e3bc5ef8f5ba


We are too obsessed with monetary policy
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The article discusses the excessive focus on monetary policy and argues that it is detrimental to the overall economic well-being. It highlights the need for a more balanced approach that considers other factors such as fiscal policy and structural reforms. The author criticizes the reliance on central banks to solve economic problems and calls for a broader perspective that takes into account the limitations of monetary policy. The article mentions the Israel-Hamas war, the US Supreme Court's election test, Joe Biden blaming Donald Trump for sinking the US deal to fund Ukraine war effort, Lionel Messi apologizing for Hong Kong no-show, Democrats seeking to salvage Ukraine aid after a failed Senate vote, Uber recording its first annual profits, investors pulling $150bn from equity hedge funds, and the decline of star stockpickers. The author argues that these events highlight the need to shift the focus away from monetary policy and address other pressing issues. The article concludes by emphasizing the importance of a comprehensive approach to economic policy that goes beyond monetary measures.

https://www.ft.com/content/f65aa789-664b-43e7-99d1-68896723a0ec


The US can lead on trade despite storms of criticism over Gaza
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Despite facing criticism over its stance on Gaza, the US has the potential to lead on trade. The article discusses the ongoing conflict between Israel and Hamas, with Benjamin Netanyahu rejecting Hamas' terms for a hostage deal. It also mentions Donald Trump's impact on the US Supreme Court and Joe Biden blaming Trump for sinking a deal to fund Ukraine's war effort. The article touches on various topics such as Lionel Messi's apology for a Hong Kong no-show, Democrats seeking to salvage Ukraine aid, Uber recording its first annual profits, and the decline of equity hedge funds. It also mentions the challenges of EU air traffic control, the importance of diversity in the Post Office scandal, and the need for reputation management in the West. The article concludes by highlighting the potential for the US to lead on trade despite the criticism it faces over its stance on Gaza.

https://www.ft.com/content/1a280b2b-df05-410a-87ef-656f95c32d18


China on cusp of next-generation chip production despite US curbs
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China is on the verge of achieving next-generation chip production despite US restrictions. The country's Semiconductor Manufacturing International Corporation (SMIC) is set to begin mass production of chips using its advanced 7nm process technology. This development comes despite the US imposing export controls on SMIC last year, which limited its access to American technology. SMIC's progress in chip production is seen as a significant step towards China's goal of achieving self-sufficiency in semiconductor manufacturing.

#China #ChipProduction #Smic #SemiconductorManufacturing #UsRestrictions

https://www.ft.com/content/b5e0dba3-689f-4d0e-88f6-673ff4452977


German opposition to reforming EU fund risks delaying arms to Ukraine
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German opposition to reforming the EU fund could lead to delays in providing arms to Ukraine. The opposition is centered around concerns about the fund being used to finance military activities. The EU fund was established to support Ukraine's defense capabilities and provide financial assistance for the purchase of weapons and equipment. However, Germany is pushing for stricter conditions and oversight to prevent misuse of the funds. The delay in reforming the fund could impact Ukraine's ability to acquire necessary arms in a timely manner. The opposition is causing tension within the EU and could potentially hinder efforts to support Ukraine in its conflict with Russia.

https://www.ft.com/content/9b7202e8-efc7-41ec-bbf9-7f44c42ec9e1


Jay Powell says Fed expects to make three rate cuts this year
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Jay Powell, the chairman of the Federal Reserve, has stated that the Fed expects to make three rate cuts this year. Powell's comments come amid concerns about slowing economic growth and trade tensions. The rate cuts are intended to provide support to the economy and mitigate the impact of these challenges. The timing of the rate cuts is not specified, but Powell's statement suggests that they will occur over the course of the year.

https://www.ft.com/content/4c78d236-5af7-40ad-9188-6f37a6223f36


Live news: Spotify renews podcast deal with controversial commentator Joe Rogan
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Spotify has renewed its podcast deal with controversial commentator Joe Rogan. The deal, which was originally signed in 2020, has been extended for an undisclosed amount of time. Rogan's podcast, The Joe Rogan Experience, is one of the most popular podcasts in the world, with millions of listeners. However, Rogan has faced criticism for his controversial views and statements on various topics. Spotify's decision to renew the deal has sparked debate and raised questions about the platform's stance on controversial content.

https://www.ft.com/content/f9d0da8a-ac43-4f0d-8af5-d597d1f13bb8


US High School Economics class: How Taylor Swift rules the live music economy
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This article discusses how Taylor Swift has become a dominant force in the live music economy. It explores her strategy of communicating directly with fans through social media and how it has affected her brand. The article also highlights her transition from a country music artist to a pop icon and how her collaborations with artists from different genres have expanded her audience. The concept of a 'power law' in the music business is explained, and it is used to describe Taylor Swift's success. The article analyzes the impact of post-pandemic changes in consumer behavior on the live music industry, using Taylor Swift's concerts as an example. It also discusses the 'winner-takes-all' effect of Taylor Swift's global popularity and its impact on ticket demand. The price elasticity of demand for Taylor Swift's concert tickets is examined, and it is determined that her concerts exhibit high demand and fan dedication. A supply and demand graph is used to illustrate the shift in demand curve when the Eras Tour was announced. The article concludes by considering the supply curve and how the fixed number of concert venues and dates affects the equilibrium price.

#TaylorSwift #LiveMusicEconomy #SupplyAndDemand #Branding #Popularity #Post-pandemic #ConsumerBehavior #PowerLaw #TicketDemand #PriceElasticityOfDemand #EquilibriumPrice

https://www.ft.com/content/b4e49c37-31c8-4e8d-b752-4a59574581f5


Falling inflation boosts hope of early ECB rate cut
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The European Central Bank (ECB) may consider an early rate cut due to falling inflation. This comes as inflation in the Eurozone dropped to 2.2% in January, down from 2.7% in December. The ECB's target inflation rate is 2%. The decline in inflation has raised hopes that the ECB will take action to stimulate the economy. However, some analysts believe that the ECB may wait until its next policy meeting in March before making any decisions. The ECB has been under pressure to address the economic slowdown in the Eurozone, and a rate cut could be one of the measures taken to boost growth.

https://www.ft.com/content/62120777-6722-46ec-818e-41fbcf7c01c5