At present’s prime tales

• France suspended high-speed rail providers throughout a lot of the nation after the community was hit by sabotage assaults hours earlier than the Olympic Video games opening ceremony. Brasseries, outlets and different small companies in Paris are struggling a sharp drop in gross sales as footfall dwindles earlier than the Video games get underneath means.

• US inflation fell to 2.5 per cent within the 12 months to June, in keeping with the Federal Reserve’s most popular measure of inflation, retaining the central financial institution heading in the right direction for at the very least one rate of interest reduce this 12 months. 

• UK chancellor Rachel Reeves is anticipated on Monday to disclose a £20bn gap within the public funds because of what she says is a failure of the earlier administration to correctly run the federal government funds. 

For up-to-the-minute information updates, go to our reside weblog

Good night.

It’s been one other momentous week in US politics. 

It started with Democrats downcast as President Joe Biden give up his bid for re-election whereas his rival Donald Trump rode excessive within the polls after surviving an assassination try. It ended with Biden’s substitute Kamala Harris re-energising the get together and getting a bump within the polls in addition. However what would a Harris presidency imply for the economic system and enterprise?

As Biden’s vice-president, Harris has been a robust supporter of his efforts to deliver down inflation and has stated bringing down the worth of petrol and different day by day prices was a “prime precedence”.

She has additionally championed Biden’s efforts to spice up infrastructure funding and pace up the transition to greener vitality. She has centered notably on the care economic system, pushing entry to reasonably priced childcare and a greater deal for the aged. She additionally backed tax credit for individuals on decrease incomes and better taxes on the rich.

On commerce Harris has insisted she’s “not a protectionist Democrat” however has come out towards offers such because the Trans-Pacific Partnership due to an absence of environmental protections. She is nevertheless strongly against Trump’s plans to impose across-the-board tariffs, arguing that the levies would damage shoppers.

Amongst her senior financial advisers are Mike Pyle, previously of BlackRock and a key participant in industrial coverage, and Deanne Millison from Ford, an advocate for small enterprise. (You possibly can learn extra in our Who’s Who on Group Kamala).

Harris has loads of backers on Wall Avenue, together with veteran dealmaker Blair Effron and Blackstone president Jonathan Grey, whereas tech allies embody Microsoft’s Brad Smith and Sheryl Sandberg, previously of Meta. She additionally has loads of help in Hollywood (in addition to being a California native, her husband Doug Emhoff is a well-regarded leisure lawyer).

Dealmakers in the meantime have been adjusting their bets since JD Vance was confirmed as Republican vice-president candidate and Harris because the Democrat nominee. 

In addition to being the continuity candidate, many choose Harris for her thought-about strategy over the anti-corporate, populist and isolationist rhetoric voiced by Vance. Some even suppose she might exchange Lina Khan as Federal Commerce Fee chief for somebody extra deal-friendly, notably relating to antitrust points.

Harris’s assured begin has given her a lift within the polls, and whereas she continues to gather endorsements, together with as we speak’s belated backing from the Obamas, she nonetheless faces an uphill wrestle to defeat Donald Trump, in keeping with new evaluation from the FT’s John Burn-Murdoch.

“Harris is a a lot stronger candidate than Biden was, however in an election held as we speak, she would nonetheless lose,” he writes. “To win in November she should stroll the tightrope to win over the remaining undecideds with out alienating others alongside the way in which.”

Harris’s subsequent huge transfer is her decide for operating mate. The favourites are a trio of governors: Pennsylvania’s Josh Shapiro, Michigan’s Gretchen Whitmer and Kentucky’s Andy Beshear. US nationwide editor Edward Luce in as we speak’s Swamp Notes publication (for Premium subscribers) argues nevertheless that the sensible selection could be Pete Buttigieg, Biden’s transportation secretary.

Have to know: UK and Europe economic system

The brand new UK authorities unveiled a partnership between the state-owned GB Vitality and the Crown Property, which manages the monarch’s legacy portfolio of land and seabed, to speed up the constructing of offshore wind generators.

Our newest Massive Learn examines Russia’s booming shopper economic system. Heavy state spending and labour shortages have led to hovering actual wages however economists suppose the get together may quickly be over.

Separate surveys in France and Germany urged enterprise confidence has fallen sharply, elevating fears that the Eurozone’s two largest economies are heading for a downturn.

Have to know: International economic system

The US economic system grew at a significantly better than anticipated 2.8 per cent within the second quarter, a big bounce from the 1.4 per cent within the earlier three months.

China’s younger are seething at a proposal to increase the retirement age.

Bangladesh’s clothes business is in chaos after authorities imposed a curfew and communications blackout as a part of a crackdown on pupil protesters, forcing factories to close and disrupting shipments from the world’s second-largest clothes exporter.

Indonesia is attempting to scale back Chinese language funding in new nickel tasks to assist its business qualify for tax breaks within the US. The nation has develop into the world’s greatest provider because of an enormous inflow of Chinese language capital.

Do Taylor Swift’s live performance excursions actually add tons of of thousands and thousands to a rustic’s economic system? The misunderstanding highlights our tendency to worth what we see, over what’s hidden, writes FT chief author Tej Parikh.

Have to know: Enterprise

The EU’s drug regulator rejected a breakthrough Alzheimer’s therapy by drugmakers Eisai and Biogen, warning about uncommon mind swelling side-effects.

OpenAI launched SearchGPT in a problem to Google’s $175bn a 12 months search enterprise. It was developed with suggestions from publishers that OpenAI has not too long ago signed offers with, together with Information Corp and the Monetary Instances.

The European Central Financial institution discovered “shortcomings” in banks’ skill to stand up to cyber assaults in its first overview of their resilience.

Falls in earnings at Stellantis and Nissan, two of the most important automotive producers, fuelled fears that the worldwide business was heading for a downturn. Each blamed more and more cut-throat competitors within the US and slowing gross sales of electrical automobiles.

A bitter authorized warfare has damaged out among the many Murdochs after media baron Rupert Murdoch moved to hand management of his household belief to his eldest son, Lachlan.

American and Southwest Airways grew to become the newest carriers to slash revenue forecasts. Throughout the business, ticket value falls pushed by surplus capability have added to fears that the “revenge journey” period is drawing to a detailed.

Science round-up

The variety of staff affected by the “silent killer” of excessive warmth in Europe and central Asia has increased by nearly a fifth since 2000, the UN stated because the world this week skilled its hottest days. The worldwide common floor temperature hit 17.16C on Monday.

The world’s oceans have absorbed 90 per cent of extra warmth and 1 / 4 of human-caused carbon dioxide emitted in the course of the industrial period. A Massive Learn discusses whether or not they might be reaching their limits of their important position of defending the planet.

Ocean ground metals coveted by mining corporations can electrically produce “darkish oxygen”, in keeping with new analysis that can stoke debate over the impression of seabed commercialisation.

Synthetic intelligence has helped ship a breakthrough in correct long-range climate and local weather predictions. A mannequin led by Google known as NeuralGCM efficiently harnesses AI to standard atmospheric physics fashions to trace decades-long local weather developments and excessive climate occasions.

AI breakthroughs are additionally creating new “brains” for superior robots that would remodel healthcare and manufacturing.

In additional discouraging AI information, new analysis highlights how the usage of computer-made “artificial information” to coach AI fashions may result in nonsensical outcomes.

GSK’s Shingrix vaccine for shingles is the newest drug to point out potential for concentrating on beforehand untreatable mind problems corresponding to dementia.

Some excellent news

A baby who needed to have her eye eliminated as the results of a uncommon most cancers has been fitted with a specifically designed prosthetic utilizing the newest 3D expertise by hospital specialists in Liverpool.