At present’s high tales

• Kamala Harris launched Tim Walz as her operating mate within the race for the White Home at a raucous Democratic occasion rally. Right here’s our explainer on why she plumped for the Minnesota governor.

• AP Møller-Maersk, the world’s second-largest transport group, mentioned firms had been bringing orders ahead amid fears of an intensifying commerce conflict between the US and China ought to Donald Trump regain the US presidency.

• The UK economic system got here out of the Covid-19 pandemic stronger than beforehand thought, in keeping with revised official information that offers extra prominence to the healthcare and vitality sectors. GDP for 2022 is now recorded as 4.8 per cent slightly than 4.3 per cent.

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

Good night.

As UK authorities brace for one more evening of far-right protests, the function of social media in fomenting unrest is again within the highlight, including to simmering tensions between Massive Tech and regulators.

UK residence secretary Yvette Cooper mentioned on Monday that social media platforms had put “rocket boosters” beneath misinformation that had inspired violence throughout the nation following the homicide of younger youngsters in Southport final week. That was adopted by a rare spat between the federal government and X proprietor Elon Musk, who used his personal web site to put up jibes at Prime Minister Keir Starmer and declare “civil conflict is inevitable” after the riots unfold.

Google, Meta and TikTok have been fast to reply by scrutinising and eradicating posts deemed damaging to nationwide safety however X has been much less responsive. The scenario could also be completely different subsequent yr when UK regulator Ofcom will acquire sweeping powers to police the tech giants for flouting guidelines concerning the sharing of dangerous content material.

X can also be beneath fireplace within the US the place it’s suing a advertising and marketing trade commerce physique and advertisers together with Unilever and Mars for an “unlawful boycott” over the proliferation of hate and poisonous materials on the platform.

The positioning previously generally known as Twitter isn’t alone in going through the wrath of regulators. 

US authorities are suing TikTok over “widespread violations” of kid privateness legal guidelines that prohibit web sites from accumulating, utilizing or disclosing private details about youngsters beneath the age of 13 with out their mother and father’ consent. The transfer follows approval within the Senate for the Youngsters On-line Security Act, which locations an obligation of care on platforms to higher defend youngsters on-line.

TikTok is in a separate row with Washington over nationwide safety considerations regarding its Chinese language possession. The US Division of Justice has alleged that among the platform’s US consumer information had been saved in China and the corporate was capable of acquire info based mostly on customers’ views on delicate points reminiscent of abortion.

In Turkey in the meantime it’s Instagram that’s feeling the warmth after authorities blocked the positioning for censoring posts on the assassination of Hamas political chief Ismail Haniyeh.

Nevertheless it’s not simply social media the place Massive Tech is within the crosshairs of world regulators.  

Within the US, Google this week misplaced a landmark antitrust case over its dominance in search after the Division of Justice mentioned the corporate was a “monopolist” and pointed to its anti-competitive offers with wi-fi carriers, browser builders and gadget producers reminiscent of Apple. 

And in Europe, Meta has hit out on the EU’s method to regulating synthetic intelligence, arguing it dangers reducing off the continent from accessing cutting-edge providers.

China nonetheless stays the clear winner with regards to tech clampdowns: new proposals may drastically lengthen authorities’ oversight over on-line behaviour, doubtlessly overlaying every thing from web procuring historical past to journey itineraries.

Must know: UK and Europe economic system

Chancellor Rachel Reeves desires to create a “Canadian-style” pension mannequin within the UK with large retirement funds investing in equities and infrastructure. If native authorities schemes had been consolidated right into a single fund it could rank among the many 10 largest on the earth.

The US warned Turkey of “penalties” until it stopped exports to Russia of US military-linked {hardware} that’s very important to Moscow’s conflict machine. 

Italy doubled its overseas “billionaires’ tax” in a blow to wealthy expats fleeing increased levies elsewhere in Europe. An inflow of the super-rich in cities reminiscent of Milan has been blamed for a pointy improve in property costs.

A bunch of upkeep works in the meantime has thrown Italy’s railways into chaos — a significant issue for enterprise in a rustic the place tourism accounts for 10 per cent of GDP.

Must know: World economic system

China’s exports fell quick of targets final month in what analysts say is an indication that policymakers’ heavy dependence on commerce to beat a weak home economic system could also be going through rising dangers.

FT commentator Chris Giles advises Kamala Harris to not marketing campaign on the Biden administration’s financial file within the race for the White Home: not as a result of it’s poor, however as a result of it’s difficult, he argues.

Nobel Peace Prize-winning economist Muhammad Yunus known as for “stability” and new elections in Bangladesh after agreeing to guide an interim authorities following the ousting of prime minister Sheikh Hasina.

Can India’s economic system thrive with out China’s assist? The nation’s restrictions on expertise and other people from its rival danger stifling its personal ambitions to turn out to be a producing superpower. A Massive Learn explains.

What’s the way forward for oil? The Worldwide Power Company thinks peak utilization will are available 2029, however oil firms have accused it of taking part in local weather politics. A Massive Learn explains.

Thailand might inform us a nice deal about the way forward for cash, says educational and creator Eswar Prasad. Its authorities is distributing money to low-income households via digital wallets, which it hopes will enhance family consumption and GDP.

Must know: Enterprise

Though world inventory markets have calmed considerably since Monday’s turmoil, buyers are bracing for extra volatility. Analysts mentioned the worldwide unwinding of the world’s largest “carry commerce” may trigger but extra injury as Japan’s resurgent foreign money forces speculators to shut down bets that might run into tons of of billions of {dollars}. Right here’s a take a look at the summer time storm in charts.

H2O Asset Administration, a former star of the European funding world, agreed to pay €250mn to buyers after the UK’s Monetary Conduct Authority discovered it had dedicated “severe breaches” in relation to illiquid investments. The regulator criticised “false” statements, lax due diligence and failing to declare hospitality together with using a superyacht.

Extra indicators of a slowdown in automotive manufacturing got here from Continental, one in every of Europe’s largest suppliers to the trade, which lower its gross sales forecast, shortly after asserting it was contemplating spinning off its core automotive division.

Journey-hailing app Uber waved away considerations on the energy of the US economic system because it reported a bounce in second-quarter income and a file quantity of journeys.

By the use of distinction, shares in Airbnb at this time fell 15 per cent after it warned of comfortable summer time journey demand. 

The World of Work

Labour confirmed it could scrap UK anti-strike legal guidelines in a brand new staff’ rights invoice in an industrial relations “reset”.

A visitor podcast from Harvard Enterprise Evaluation takes you inside real-life teaching classes with veteran management coach Muriel Wilkins.

Some excellent news

If antimicrobial resistance carries on spreading, it will likely be a serious risk to humankind. May semi-synthetic antibiotics generally known as macrolones be the reply?