FirstFT: Iran warns of potential change in nuclear doctrine if Israel strikes services

In right this moment’s publication:

• Iran warns of potential change in its nuclear doctrine

• Lai’s Taiwan Nationwide Day speech

• South Korea’s Han Kang wins the Nobel literature prize

Good morning. A senior adviser to Iran’s supreme chief has warned Tehran may change its nuclear doctrine if Israel targets the Islamic republic’s atomic services.

As Iran and the broader Center East brace for the Israeli response to final week’s Iranian missile assault on Israel, Brigadier Normal Rasoul Sanaei-Rad advised Iranian information company Fars: “Striking nuclear sites could certainly have an impact on the calculations during and after the war.”

Iran fired a barrage of missiles at Israel in retaliation for the assassination of Hizbollah chief Hassan Nasrallah and different militant leaders. Afterward, distinguished right-wing Israelis referred to as on Prime Minister Benjamin Netanyahu’s authorities to focus on Iran’s nuclear programme.

However western diplomats have warned that will be essentially the most excessive retaliation. The US has urged Netanyahu towards concentrating on Iran’s nuclear websites or its oil infrastructure.

Right here’s what to learn about Iran’s nuclear programme — lengthy considered by Israel as its most critical strategic menace.

• Center East information: Israeli forces fired a tank shell on the UN peacekeepers’ headquarters in southern Lebanon yesterday, the UN mentioned, injuring two worldwide troops.

And right here’s what else I’m conserving tabs on right this moment and over the weekend:

• Financial information: Malaysia studies August manufacturing gross sales and the commercial manufacturing index. The US publishes September PPI inflation fee information for September.

• Financial coverage: South Korea broadcasts its rate of interest choice.

• Chinese language economic system: A press briefing on Saturday with China’s finance minister has fuelled investor expectations that the federal government will announce extra stimulus measures.

How properly did you retain up with the information this week? Take our quiz.

5 extra high tales

1. Taiwan’s President Lai Ching-te has urged Beijing to co-operate with Taipei and the worldwide group to take care of peace in his first Nationwide Day speech yesterday. Lai asserted that China had “no right to represent Taiwan” however mentioned he was keen to work with Beijing to guard peace and prosperity for folks on either side of the Taiwan Strait.

2. South Korean author Han Kang has received the 2024 Nobel Prize for literature. Han — the first Asian lady and South Korean author to win the award — was recognised for her “intense, poetic prose that confronts historical traumas and exposes the fragility of human life”, the Nobel committee mentioned.

3. Seven & i Holdings plans to separate its comfort retailer operations from non-core companies because the Japanese retail conglomerate faces an unsolicited $47bn buyout proposal from Alimentation Couche-Tard. The 7-Eleven proprietor mentioned it could separate 31 subsidiary companies — together with supermarkets reminiscent of Ito-Yokado — and put them in a brand new holding firm. Right here’s extra on the reorganisation.

4. US inflation fell to 2.4 per cent in September however nonetheless exceeded economists’ expectations, cementing the perception that the Federal Reserve will reduce rates of interest by 1 / 4 level at its subsequent assembly in November.

• Hurricane Milton: Rescue operations had been underneath approach in Florida yesterday as officers sought to assess the harm inflicted by the storm, which triggered widespread flooding and left hundreds of thousands with out energy.

5. Unique HSBC’s new chief government plans to focus on the lender’s costly layer of senior bankers in a cost-cutting transfer aimed toward saving as a lot as $300mn. Georges Elhedery is drawing up plans to merge HSBC’s business banking unit with its world banking and markets unit. Right here’s what else we all know.

The Massive Learn

Russia has created a “shadow fleet” of greater than 400 vessels transferring about 4mn barrels of oil a day, circumventing western sanctions to create billions of {dollars} a yr in extra income for its battle in Ukraine. The FT’s newest investigation reveals how complicated preparations involving a British accountant, a London-listed dealer and Dubai-based firms helped certainly one of Russia’s largest oil producers purchase ships whereas hiding its involvement.

We’re additionally studying . . . 

• Activist battle: A seemingly misfired e-mail has embroiled Pfizer chief government Albert Bourla and his firm in a high-stakes activist marketing campaign.

• Trump biopic: The Apprentice has been hit with authorized threats that scared off Hollywood studios. Screenwriter Gabriel Sherman reveals the wild inside story of his new movie.

• 80-hour weeks: Wall Road’s strikes to cap weekly hours for entry-level bankers are butting towards the truth of a aggressive trade.

Chart of the day

A scramble for Chinese language equities united the worldwide funding trade final month, simply as attitudes in direction of European and Japanese inventory markets grew to become closely bifurcated alongside geographical strains. Regardless of robust home enthusiasm, overseas change traded fund buyers turned their backs on European and Japanese inventory markets in September.

Take a break from the information

Earlier than he was Japan’s prime minister, Shigeru Ishiba was a Dragon Ball cosplayer. In 2018, he donned a purple cape and a hooded pink bodysuit at an occasion in his native Tottori, dressed as Majin Buu from the favored Japanese anime collection. Ishiba is a critical politician, and his wardrobe choice is simply bizarre in the event you (incorrectly) imagine his anime fandom is area of interest, writes Leo Lewis.

Extra contributions from Gordon Smith and Tee Zhuo