FirstFT: Former common Prabowo takes workplace in Indonesia

In in the present day’s e-newsletter:

• Indonesia’s new president takes workplace

• Israel assaults Hizbollah-linked monetary establishments

• Crypto has designs on actual property

Good morning. Prabowo Subianto was sworn in as Indonesia’s president yesterday with bold plans to spice up development whereas claiming an even bigger worldwide position for south-east Asia’s largest financial system.

The previous navy common was sworn-in yesterday, taking up from Joko Widodo eight months after a landslide victory in February’s presidential election.

The inauguration caps a outstanding turnaround for Prabowo. The previous commander of the nation’s feared particular forces was dismissed from the navy and as soon as banned by the US for the alleged kidnapping of democracy activists. He has all the time denied the accusations.

Prabowo received over tens of millions of Indonesians with the backing of the extremely in style Widodo and by promising coverage continuity in addition to free faculty lunches, a large programme anticipated to value $28bn.

However he has already indicated a departure from his predecessor in every little thing from authorities spending to international coverage. Right here’s what to know concerning the Prabowo presidency.

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

• Financial knowledge: Malaysia studies advance third-quarter GDP.

• Financial coverage: China’s central financial institution publicizes its one-year mortgage prime fee choice.

• Vitality transition: Singapore Worldwide Vitality Week begins with audio system together with trade executives and vitality ministers from Tanzania, Cambodia, Laos, Australia and New Zealand, discussing vitality safety and transition plans.

• Samoa: The Commonwealth heads of presidency assembly 2024 begins in Apia, Samoa, the primary to happen on a growing Pacific Island.

5 extra high tales

1. Companies and households in main economies are struggling to bounce again from the period of excessive inflation as precarious development prospects and political uncertainty weigh on their confidence. Though financial exercise stays comparatively agency, confidence indicators have slid sharply or stay caught in damaging territory, in response to analysis for the FT.

2. Israel has launched a wave of air strikes throughout Lebanon after its navy mentioned it might goal Hizbollah-affiliated monetary establishments. The assaults will additional heighten Lebanese fears that Israel is increasing its offensive towards the Iranian-backed militant group past navy infrastructure.

3. Elon Musk’s pledge to dole out cash to registered voters who signal his petition backing free speech and the precise to bear arms has garnered scrutiny for probably violating election guidelines. The billionaire entrepreneur, who has turn out to be one in every of Donald Trump’s largest company backers and loudest cheerleaders, awarded a $1mn cheque on Saturday to an viewers member at a rally in Harrisburg, and one other at an occasion in Pittsburgh yesterday, as he campaigned in Pennsylvania.

• Trump’s vulgar rally: The Republican candidate fuelled additional questions on his frame of mind on Saturday by delivering off-colour remarks throughout an occasion in Pennsylvania.

• Extra US election protection: Is Kamala Harris losing assist amongst Black males? Trump has made inroads with a historically Democratic demographic that might be essential within the election.

4. Shares in nuclear vitality corporations surged to file highs final week after Amazon and Google struck landmark offers to deploy the primary small modular reactors (SMRs) within the US. Traders regarded the agreements as proof {that a} nuclear renaissance is gathering tempo, after a droop following the Fukushima accident in Japan in 2011.

5. Members of Boeing’s largest labour union will vote on Wednesday whether or not to finish a pricey strike that has crippled manufacturing for greater than a month. The vote will happen on the identical day that the stricken US aircraft maker is because of report its outcomes for the third quarter. Right here’s extra on Boeing’s vital week.

Home & Residence

Shopping for blockchain-listed “slices” of properties is slowly gaining recognition amongst crypto followers as excessive home costs in massive cities like London and New York make shopping for actual property unaffordable for a lot of. However there are a number of points, not least, buyers complain, difficulties promoting tokens and issues arising from tenant points. Can this nascent however troubled market discover its ft past the crypto crowd?

We’re additionally studying . . . 

• Nikon: The Japanese firm’s chipmaking tools has escaped US export restrictions to China, however the state of affairs is risky. “The rules [on export controls] could get changed tomorrow,” president Muneaki Tokunari instructed the FT.

• ‘If you cough, you’re off’: Pilita Clark wonders why it’s so arduous to observe this primary rule of flu season workplace etiquette.

• Synthetic intelligence: Right here’s how synthetic intelligence corporations are infusing their chatbots with extra character.

Chart of the day

The Japanese yen has fallen sharply in current weeks, hitting ranges not seen since earlier than a sudden surge in the summertime that reverberated throughout world markets. Right here’s what’s driving the Japanese forex’s slide.

Take a break from the information

Meet China’s most well-known foreigner: Canadian comic Mark Rowswell, higher identified by his Chinese language identify Dashan. Rowswell rose to prominence doing stand-up in good Mandarin, and is now touring the nation in a Chinese language-language manufacturing of The Shawshank Redemption. “His almost mythological status, like many myths, is tied up in the soul of a nation,” writes Shanghai correspondent Thomas Hale on this must-read profile.