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Right now’s agenda: Ukraine and Moldova’s EU membership; document megadeals; US shutdown; exodus from Elon Musk’s empire; and China’s inexperienced improvements
Good morning and welcome again. We start in Washington, the place Israeli Prime Minister Benjamin Netanyahu met Donald Trump yesterday and backed the US president’s plan to finish Israel’s warfare in opposition to Hamas in Gaza.
What to know: The plan requires a right away finish to the battle and the discharge of all remaining hostages in Gaza. It additionally contains Trump chairing a world supervisory physique to supply oversight of a Palestinian committee that will administer the territory. Different worldwide figures could be appointed to the board. Right here’s the total textual content of the US president’s proposal.
What occurs subsequent: An official briefed on talks stated Qatar’s prime minister and Egypt’s intelligence chief shared the plan with Hamas negotiators, who stated they might reply. Trump stated he would give Israel his “full backing” to remove the militant group if it doesn’t comply with the plan. Learn the total story.
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Tony Blair’s position: The previous UK prime minister welcomed Trump’s plan to finish the Israel-Hamas battle, underneath which he would serve on a world supervisory “board of peace”.
Right here’s what else we’re protecting tabs on in the present day:
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HSBC: Mark Tucker retires as chair and strikes to Asian insurer AIA Group, leaving Europe’s largest financial institution with a management vacuum.
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African tariffs: The Development and Alternative Act, which gives zero-tariff entry to US markets for 32 African nations, is about to run out in the present day, doubtlessly creating bother for a few of the continent’s most profitable manufacturing industries.
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Financial information: Germany publishes August labour information and September inflation figures. The UK releases quarterly nationwide accounts information and revised second-quarter GDP estimates. The US reviews on August job openings and labour turnover survey figures, plus The Convention Board Shopper Confidence Index.
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Outcomes: Boku, Shut Brothers, Lacroix and Nike report on earnings.
5 extra high tales
1. Unique: The EU is transferring to advance Ukraine and Moldova’s accession to the bloc regardless of Hungary’s resistance, in line with officers briefed on the method. Right here’s what it’s essential to know on the “technical work” being executed to sidestep a possible block from Budapest.
2. A document variety of megadeals has propelled the worth of world mergers and acquisitions exercise previous $1tn within the third quarter. Fourteen offers introduced globally have been valued in extra of $10bn, leading to a windfall for funding banks. Dealmakers now consider the much-heralded M&A growth underneath Trump may very well be coming to fruition.
3. US vice-president JD Vance warned the federal government was “headed to a shutdown” this week, after Trump and congressional leaders didn’t strike a deal in a gathering yesterday on the White Home. Lawmakers might want to hammer out an settlement by the tip of in the present day to keep away from a authorities shutdown starting at 12.01am tomorrow.
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Shutdown fallout: Public companies may very well be halted, tons of of hundreds of federal staff furloughed and key financial information delayed if lawmakers fail to interrupt a funding impasse.
4. Elon Musk’s enterprise empire has been hit by a wave of senior departures over the previous yr, because the billionaire’s relentless calls for and political activism speed up turnover amongst his high ranks. Learn extra on what’s behind the exodus of key members of Tesla, Optimus and xAI.
5. UK Prime Minister Keir Starmer is about to warn his Labour occasion to brace itself for selections which are “not cost-free or easy”, as hypothesis grows that chancellor Rachel Reeves will rip up the occasion’s manifesto pledge final yr to not increase tax charges. Right here’s what to anticipate on the occasion’s annual convention, held this yr in Liverpool.
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Extra from Liverpool: Business leaders had been left confused by Starmer’s message when he talked about his mission to get firms again on aspect after a tough first yr in authorities.
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UK store worth inflation: The indicator rose to its highest charge in 18 months as excessive beef and dairy costs continued to pressure family budgets.
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Inheritance tax: Greater than £1bn of artwork, buildings and land has been exempted from levies underneath a scheme for UK nationwide heritage belongings.
The Huge Learn
Nvidia’s chief govt is urging nations to ascertain their very own “sovereign” synthetic intelligence ecosystems — however ones that depend on the chipmaker’s know-how. Study extra about how Jensen Huang grew to become AI’s international salesman.
We’re additionally studying . . .
Chart of the day
Geothermal vitality provides lower than 0.5 per cent of world demand — largely for heating moderately than electrical energy, and often in components of the world with volcanic or seismic exercise. However curiosity is rising in fracking strategies pioneered by the oil and gasoline business that might make geothermal vitality extra broadly accessible.
Take a break from the information . . .
Driving on a wave of nostalgia, chocolate mousse is making a comeback on restaurant menus. For cooks, the dessert has turn into a method to attempt for excellence in simplicity, and to showcase the provenance of their substances.
