FirstFT: Hurricane Helene hits Florida

Good morning. As we speak we’re masking:

• The most important weekly positive factors for China’s inventory market since 2008

• The number of Japan’s new prime minister

• Burnout amongst Ukraine’s poorly educated new recruits

However we begin with an replace on Hurricane Helene, which made landfall in Florida last night and is shifting northwards into Georgia this morning.

The class 4 storm, with winds estimated at 140mph (225kph), battered Florida’s Gulf Coast final night time, resulting in energy outages for greater than 1.2mn properties and at the least one dying.

After making landfall within the Florida Huge Bend area, Helene handed by means of the Florida panhandle and into Georgia at about 1am in the present day, in keeping with the US Nationwide Hurricane Heart.

In its newest replace, the Nationwide Hurricane Heart stated the centre of the storm was anticipated to maneuver northwards in the present day over central and northern Georgia, with excessive winds and rain anticipated throughout a lot of the south-east of the nation.

It warned of a “life-threatening storm surge” in coastal areas and heavy rainfall that might lead to “catastrophic and probably life-threatening flash and concrete flooding” and “important landslides” throughout the southern Appalachians.

The twister danger would persist in the present day throughout the Carolinas and southern Virginia, it added. The Nationwide Hurricane Heart has dwell updates here.

Right here’s what else I’m retaining tabs on in the present day:

• Netanyahu addresses UN: The Israeli prime minister’s speech might be carefully watched following the escalation of assaults on Iran-backed Hizbollah in southern Lebanon this week. Here’s the latest from James Shotter in Jerusalem.

• Zelenskyy in New York: Ukraine’s president is ready to fulfill Donald Trump regardless of a Republican backlash to his lobbying efforts within the US this week.

• Eric Adams: The New York Metropolis mayor is predicted to be arraigned after being charged with fraud and bribery over an alleged long-running scheme to solicit money and luxurious journey from Turkish authorities officers and different rich overseas donors.

• Financial information: Mexico’s statistics company INEGI releases commerce figures relative to August whereas Brazil’s statistics company IBGE publishes unemployment figures for the June-August quarter. Argentina has second-quarter present account information due.

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5 extra high tales

1. Chinese language equities are on monitor for his or her greatest week since 2008 after Beijing launched an financial stimulus bundle, together with a $114bn warfare chest to spice up the inventory market. The CSI 300 index climbed 3.8 per cent in the present day, taking its positive factors for the week to nearly 15 per cent. Hong Kong’s Hold Seng index rose 2.8 per cent, up greater than 12 per cent since Monday — its greatest weekly achieve since August 2007. Here’s more on the rally.

• Extra China information: China’s most superior nuclear assault submarine sank in May earlier than going into service, in keeping with US intelligence officers.

2. Unique: Synthetic intelligence start-ups are making revenues extra shortly than earlier waves of software program corporations, in keeping with new information that implies the transformative expertise can also be producing robust companies at an unprecedented fee. Madhumita Murgia has the full analysis.

3. Shigeru Ishiba is ready to turn into the following prime minister of Japan after profitable the presidency of the ruling Liberal Democratic occasion in a carefully contested run-off vote. The previous defence and agriculture minister, who has challenged for the management of his occasion 5 instances, will succeed Fumio Kishida after a parliamentary vote on October 1.

4. Argentina’s poverty fee has surged to 52.9 per cent underneath its authorities’s austerity programme, in a warning signal for libertarian President Javier Milei as his reputation begins to falter. The speed, printed by the nationwide statistics company yesterday, is the worst in two decades.

5. KKR will give $75mn of the proceeds from its sale of GeoStabilization Worldwide to its blue-collar employees, with every of the engineering group’s 900 workers set to obtain between $10,000 and $325,000. The transfer is a part of a rising, industry-wide effort to assist non-public fairness soften its image as a bastion of elite privilege.

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Information in-depth

Outmanned and outgunned, Ukraine’s troops have valiantly defended their territory from Russia for greater than two years and proved they have been nonetheless able to seizing the initiative with the Kursk incursion. Regardless of these achievements, Ukrainian commanders are rising involved. Insufficient coaching, burnout and the rising age of troopers imply new recruits are being wounded or killed in combat at an alarming rate.

We’re additionally studying . . . 

Chart of the day

Knowledge suggests the deterioration of psychological well being amongst younger adults could be very actual and increasingly acting as an economic drag as extra flip to welfare advantages, writes John Burn-Murdoch.

Take a break from the information

Think about a nurse altering a dressing on a wound or a care employee serving to somebody with dementia by means of each day duties. The “Baumol impact” explains why it appears incorrect to demand that they work more durable or quicker for greater wages, writes Tim Harford: maybe they will’t, or shouldn’t. However it might be unwise to imagine nothing can be done to raise productivity.

Further contributions from Tee Zhuo and Benjamin Wilhelm