FirstFT: Former rivals again Trump as donations surge by $400mn

Good morning. Now we have a variety of unique tales for you at the moment, together with PwC China’s consumer exodus, a brand new $1bn AI start-up and Wall Avenue’s funding banking growth.

However first, some updates from the US presidential race because the Republican get together conference continues into its third day later this night. On the occasion yesterday, Donald Trump’s former main rivals together with former South Carolina governor Nikki Haley and Florida governor Ron DeSantis pledged their assist.

In the meantime, a Monetary Occasions evaluation exhibits that fundraising teams aligned with Trump raised greater than $400mn for his marketing campaign between April and June — a report second-quarter haul that nearly matches the sums raised throughout his complete 2016 marketing campaign.

The determine, which is prone to develop as extra of the political motion committees that assist fund campaigns report this weekend, is thrice the first-quarter whole and roughly double their contributions from the identical interval of the 2020 election. Right here’s extra from the FT evaluation of federal filings.

• Trump on the Fed: The previous president warned Jay Powell to not minimize rates of interest earlier than November’s vote, however stated that if elected, he would let the central financial institution chair serve out his time period, if he was “doing the right thing”.

• The place’s Melania?: Trump’s spouse has light into the background, a part of a marked shift throughout the former president’s household that has already begun to play out in public on the Republican conference.

• Biden ploughs on: In a bid to quash inside critics, the US president is seeking to formally lock up the Democratic nomination with a digital vote properly earlier than the get together conference subsequent month.

For normal updates on the White Home race, enroll for our US Election Countdown publication. And right here’s what else I’m retaining tabs on at the moment:

• Financial knowledge: The EU and UK have June inflation knowledge, whereas the US releases industrial manufacturing figures and the Federal Reserve publishes its Beige E-book on financial situations.

• King’s Speech: The UK’s monarch will announce greater than 35 payments from the brand new Labour authorities as he formally opens parliament.

• Outcomes: Dutch chip provider ASML studies.

5 extra high tales

1. HSBC has named its present finance chief Georges Elhedery because the financial institution’s subsequent chief govt, changing Noel Quinn from September 2. Elhedery, who joined HSBC in 2005, had been seen as a frontrunner to guide the lender after Quinn introduced in April that he would step down. Listed below are extra particulars from the announcement.

2. Unique: PwC’s China unit has misplaced about two-thirds of its accounting revenues from mainland-listed shoppers this yr, exposing the dimensions of the fallout from its audit of failed property big Evergrande. Greater than 20 such shoppers have switched corporations, forcing lay-offs and cost-cutting measures at PwC’s mainland unit. Learn the complete story.

3. The US was warned about an Iranian menace to Donald Trump’s life forward of his tried assassination, prompting the Secret Service to extend safety across the former president, in accordance with folks conversant in the matter. There aren’t any indications that the assassination try final weekend was linked to the Iranian plot, American officers stated. Felicia Schwartz has the complete story.

4. Unique: Stanford College’s high synthetic intelligence knowledgeable has quietly constructed a billion-dollar start-up in simply 4 months, in accordance with folks with data of the transfer. Dubbed the “godmother of AI”, Fei-Fei Li created World Labs in April and has already attracted funding from buyers comparable to Andreessen Horowitz. Right here’s how her firm might usher in AI’s subsequent breakthrough.

5. The UK’s marketplace for used electrical automobiles is booming after a collapse in costs made them as reasonably priced as conventional petrol vehicles. As early adopters of EVs shift to newer fashions, increasing the secondhand battery-car market, costs have fallen to the identical ranges as these for a variety of used petrol vehicles, in accordance with new knowledge. Listed below are extra particulars.

The Large Learn

For a number of a long time after the Apollo landings, Earth left the Moon alone. Now, Nasa is main a worldwide race to stay and work on the lunar floor, with consultants saying this might end in a everlasting human presence, tourism and entry to ample power and assets by 2050. However in addition they acknowledge that it might end in little greater than sporadic scientific missions. For all of the funding, there’s no assure of reward from going again to the Moon.

We’re additionally studying . . . 

• The Trump commerce: His potential second time period poses many contradictions that buyers are discovering arduous to take care of, writes Katie Martin.

• ‘Sick man’ of Europe: Within the face of financial headwinds, German hostility to debt is folly or worse, hypocrisy, writes Martin Wolf.

• Ozempic child growth: Feminine customers of weight reduction medication have begun sharing tales of surprising pregnancies, writes Anjana Ahuja. What’s occurring?

Chart of the day

Wall Avenue has posted its finest quarter for funding banking in additional than two years. The 5 largest funding banks collectively reported funding banking charges of $8.2bn within the second quarter, a 40 per cent enhance from a yr earlier and the best for the reason that begin of 2022.

Take a break from the information

From historical Greek klines to Victorian “fainting couches”, the indulgence of a mattress outdoors the bed room has lengthy had a particular enchantment. HTSI selects the finest new daybeds for a trendy siesta within the up to date house.

Further contributions from Benjamin Wilhelm and Gordon Smith