FirstFT: Israeli air strikes kill greater than 490 in Lebanon

Good morning. At present we’re protecting:

• The newest transfer within the US crackdown on Chinese language EVs

• How Trump would reshape the US economic system

• A harmful period for China’s super-rich

However first, Israel launched a relentless wave of air strikes in opposition to what it stated had been Hizbollah targets yesterday, killing greater than 490 individuals in Lebanon’s deadliest day for many years.

Israeli warplanes struck tons of of targets throughout the nation, together with Beirut’s southern suburbs, as Benjamin Netanyahu’s authorities ramped up its assault on Hizbollah in a “new phase” of the struggle.

The bombardment heightened considerations about full-scale hostilities within the Center East and unfold panic throughout Lebanon, sending tens of hundreds fleeing focused areas.

Yesterday’s dying toll was the best since Israel launched a floor offensive in opposition to Hizbollah in 2006, and got here regardless of the US warning Israel to not escalate its navy marketing campaign in opposition to the Iranian-backed militant group. Listed below are extra particulars on the assault.

Right here’s what else I’m protecting tabs on at the moment:

• Financial knowledge: South Korea studies its August producer worth index. S&P International publishes flash manufacturing PMI for Japan.

• Financial coverage: The Reserve Financial institution of Australia is anticipated to maintain charges regular when its coverage assembly concludes at the moment. (Reuters)

• United Nations: The UN Common Meeting debate opens in New York.

5 extra prime tales

1. The US Commerce Division yesterday proposed banning Chinese language software program and {hardware} for automobiles with a built-in web connection, in a transfer that will successfully ban Chinese language automobiles from the US market. The rule was prompted by considerations from the Biden administration that Beijing may gather knowledge on American drivers and hack internet-connected automobiles.

2. Australia’s client watchdog has sued the nation’s two largest grocery store chains Coles and Woolworths, alleging that they engaged in “misleading” discounting on tons of of merchandise starting from Tim Tam biscuits to cat meals. The 2 supermarkets management about 65 per cent of Australia’s grocery market, in line with a Treasury report this yr.

3. The Minerals Safety Partnership, a coalition of 14 nations and the European Fee, has introduced a brand new financing community to help important minerals initiatives, in a drive to interrupt China’s chokehold over a sector that’s important for high-tech industries. The challenge is a problem to Chinese language-backed funding in Indonesia that has reshaped the nickel market, turning the south-east Asian nation into an efficient monopoly within the metallic.

4. The person suspected of plotting to kill Donald Trump in Florida wrote a letter describing his “assassination attempt” months earlier than the incident, in line with a courtroom submitting submitted by federal prosecutors yesterday. Prosecutors stated Ryan Wesley Routh dropped the handwritten letter off at an unnamed witness’s home a number of months in the past.

5. German Chancellor Olaf Scholz has come out in opposition to a UniCredit takeover of Commerzbank after the Italian lender stated it was elevating its stake from about 9 per cent to 21 per cent. The emergence of UniCredit as a serious shareholder has ignited political opposition in Berlin in opposition to a cross-border tie-up. Right here’s what’s driving the uproar in Germany.

The Large Learn

Donald Trump has developed a populist financial coverage agenda designed to current him as a defender of staff’ pursuits. “Maganomics” would come with extra aggressive tariffs on imports, particularly from China, and a draconian crackdown on immigration. Critics warn that the insurance policies wouldn’t assist the US compete with its rival and as a substitute trigger enormous injury to the economic system.

We’re additionally studying . . . 

• China’s rich: Opposite to Deng Xiaoping’s slogan, it’s now not “glorious” to get wealthy in Xi Jinping’s China, writes Ruchir Sharma. It’s harmful.

• Chinese language propaganda courses: Hours of political training are supposed to strengthen loyalty however younger individuals wrestle to remain awake, writes Kai Waluszewski.

• Nippon Metal: The Japanese group’s bid for US Metal isn’t just a easy matter of politics versus economics, however a proxy for a lot of tough questions with no straightforward solutions, writes Rana Foroohar.

Chart of the day

Nio, Xpeng and BYD from China and US start-ups together with Tesla, Rivian and Lucid dominate the newest rating of auto teams’ digital efficiency from consultancy Gartner. Legacy carmakers together with Toyota, Volkswagen and Common Motors have struggled to maintain tempo as the main target has turned from the engine to computing energy within the electrical car period.

Take a break from the information

India dominated the Chess OIympiad in Budapest final Sunday, successful gold medals in each the boys’s and girls’s competitions. Our chess columnist Leonard Barden writes that the nation’s superiority was paying homage to the legendary USSR groups of the Fifties and Sixties, which hardly ever misplaced a sport, not to mention a match.

Further contributions from Tee Zhuo and David Hindley