This text is an on-site model of our FirstFT publication. Subscribers can signal as much as our Asia, Europe/Africa or Americas version to obtain the publication each weekday. Discover all of our newsletters here
Good morning. We have now unique tales at the moment about upheaval at Swedish fintech Klarna’s board and worries over China’s debt market.
However first, we flip to Washington, the place Donald Trump’s authorized woes have been thrust again into the highlight simply two months earlier than the presidential election.
Particular counsel Jack Smith has simply filed a revised set of prices towards Trump over his alleged makes an attempt to overturn the outcomes of the 2020 election. The superseding indictment is an try to adjust to a Supreme Courtroom determination that recognised broad immunity from prison prosecution for presidents.
It incorporates the identical 4 core prices that Smith filed towards the previous president final 12 months in reference to the aftermath of the 2020 election and the lead-up to the January 6 2021 assault on the US Capitol. Here’s what’s been taken out.
-
Robert F Kennedy Jr: Trump has tapped his onetime marketing campaign rival to serve on his presidential transition team, along with fellow ex-Democrat Tulsi Gabbard.
Between turmoil within the markets and a relentless US election cycle, it has been an unusually busy summer time for the Monetary Occasions newsroom. When you’ve got any questions on our current protection, reply to this e mail and embody your identify and the place you’re writing from. We’ll reply them in a particular weekend version of FirstFT (P.S. I’d additionally love to listen to your questions on this text. – Tee)
And right here’s what I’m conserving tabs on at the moment:
-
Pavel Durov: The authorized restrict for the Telegram CEO’s detention expires tonight. Learn our evaluation of how the billionaire’s miscalculated neutrality backfired.
-
Outcomes: Nvidia is anticipated to report quarterly gross sales more than doubled, whereas CrowdStrike releases its first earnings because the botched software update that sparked a world IT outage. Different firms reporting embody Prudential, HP and Salesforce.
-
Paris Paralympics: The summer time Video games for athletes with disabilities open within the French capital.
The annual FT Weekend Pageant is right here, that includes audio system similar to Wes Streeting, Lesley Sharp and FT specialists. Be a part of us on September 7 in London and on-line for a Saturday stuffed with debates, tastings, masterclasses and extra. FirstFT readers get a particular low cost — register here now.
5 extra prime tales
1. Unique: Klarna’s board is weighing the elimination of a vital ally of one of many firm’s co-founders forward of its deliberate blockbuster itemizing. A choice on whether or not to oust Mikael Walther, a confidant of founding accomplice Victor Jacobsson, may very well be reached at a board meeting scheduled for today.
-
Extra on Klarna: The CEO of the Swedish purchase now, pay later group informed the Monetary Occasions that it deliberate to halve its workforce in an AI-driven cost-cutting drive.
2. An oil tanker set ablaze by a Houthi missile assault final week now seems to be leaking crude into the Pink Sea, the US warned yesterday. That is the primary critical environmental injury because of the marketing campaign waged by the Iran-backed Yemeni rebels since November. Right here’s extra on what the Pentagon has known as a “potential environmental catastrophe”.
3. Unique: China’s plans to subject billions of {dollars} of presidency bonds may burst a “bubble” within the nation’s treasury market, folks near the central financial institution have warned. Months of frenzied shopping for have pushed up costs and pushed yields beneath 2.2 per cent, resulting in the excessive risk of a “significant reversal”.
-
Debt divide: Beijing’s reluctance to tackle extra duty for spending whereas cracking down on debt-laden native governments lies on the coronary heart of China’s economic challenges, writes Robin Harding.
4. Unique: Half of European Funding Financial institution workers concern reprisals in the event that they communicate up about misconduct, in keeping with the findings of its first survey on whistleblowing mechanisms. The outcomes replicate widespread and long-standing disquiet on the world’s largest multilateral lender, whose former president is under investigation on suspicion of corruption and misuse of funds.
5. The Nationwide Soccer League will enable the non-public fairness business to put money into groups for the primary time after approving sweeping modifications to its possession insurance policies. Every authorised investor has dedicated to speculate no less than $2bn and might divide that throughout a number of groups, with the whole set to succeed in $12bn. Here are the buyout firms named as preferred buyers.
The Huge Learn
In Saudi Arabia this 12 months, 1,301 pilgrims died after strolling in practically 50C climate in the course of the hajj. In India, authorities have reported greater than 40,000 instances of suspected heatstroke throughout a protracted heatwave and no less than 110 deaths. Whereas cities all over the world are pressured to adapt to hotter summers, particular person experiences of the searing warmth range in keeping with wealth, entrenching and exacerbating inequality.
We’re additionally studying . . .
-
Accounting: The struggle for audit high quality has turned nasty, writes Stephen Foley, as large corporations similar to PwC and BDO attempt to kill a rule requiring exterior oversight.
-
UK financial system: Companies and rich households are bracing for tax rises after Prime Minister Sir Keir Starmer’s speech a few “painful” October Budget.
-
Gaza disaster: The a number of wars which have troubled the Palestinian territory have made many kids orphans, however help officers say nothing has been on the scale of the present Israeli onslaught.
Graphic of the day
After Moscow launched its largest missile and drone strikes on Ukraine, Volodymyr Zelenskyy has stepped up appeals to carry restrictions on the usage of western weapons towards targets inside Russia, a difficulty that has divided Kyiv’s allies.
Take a break from the information
Opened in 1979, L’As du Fallafel serves Natalie Portman’s “favorite meal in Paris”. Ajesh Patalay tries their model of the favored chickpea snack to search out out: Is this the best falafel in Europe?
Extra contributions from Melody Abike Adebisi and Benjamin Wilhelm
