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Good morning and welcome to FirstFT Asia. In at present’s publication:
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Tehran’s message for Israel in negotiations
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Trump’s opening remarks at G7 summit
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Millennium in talks to promote minority stake
We begin within the Center East, with the newest updates on the battle between Israel and Iran.
The most recent: Israeli missiles hit the headquarters of Iran’s state tv throughout a dwell broadcast on Monday. Footage reveals the programme’s host leaving the studio because it stuffed with smoke. “4 bombs” struck the constructing and efforts are underneath option to extinguish the fireplace, in keeping with a neighborhood TV reporter. Earlier within the day, the IDF had referred to as on civilians to go away the world the place the TV studio is positioned.
What might come subsequent: Tehran’s message in discussions to finish the struggle and resume nuclear programme talks is “very clear” — that it would not negotiate while under attack. “If the Israelis cease, they are going to cease, that’s the messaging we’re getting,” a diplomat mentioned. US President Donald Trump has mentioned he would favor to achieve an settlement to resolve the nuclear stand-off, however has additionally threatened navy motion if diplomacy failed.
Financial shock: The Federal Reserve and Financial institution of England will meet within the coming days as Israel’s assault on Iran provides to a collection of geopolitical shocks. The tensions will test their appetite for rate cuts, however central bankers are cautious of showing too tolerant of overshooting their inflation targets, economists say.
We’ll convey you real-time updates on the struggle and its influence at our live blog. Right here’s extra on the scenario:
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Iran’s existential take a look at: Forty years after its struggle with Iraq, the stakes for the Islamic republic are existential in Ayatollah Ali Khamenei’s “most significant moment”.
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Opinion: If Iran is dropping a traditional battle, there’s a hazard that it’s going to resort to unconventional means of retaliation, writes Gideon Rachman.
Right here’s what else I’m retaining tabs on at present:
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G7 summit: Greater than a dozen leaders will conclude talks in Canada underneath the shadow of a quickly escalating Israel-Iran battle.
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Financial information: Japan makes an rate of interest resolution because the nation’s inflation climbed final month to its fastest rate in more than two years.
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IEA: The Worldwide Vitality Company will concern its oil market report.
5 extra prime tales
1. Trump mentioned it was a “large mistake” to exclude Russia and “not a foul concept” to incorporate China in G7 summits. The US president’s opening remarks in Canada had been delivered subsequent to Mark Carney, marking a clumsy begin to this yr’s summit. Whereas China and Russia are a part of the G20, a wider group that features the world’s largest economies, Trump has lengthy mentioned he wish to see the G7 return to a G8 format.
2. Unique: One of many world’s largest hedge funds is in talks to promote a minority stake to exterior traders at a $14bn valuation. Millennium Administration, which has greater than $75bn in belongings, may have a proper valuation for the primary time, which might secure it one of the top valuations of any hedge fund manager, in keeping with folks aware of the scenario.
3. China’s industrial output progress slowed in Could however shopper spending picked up, in keeping with official information, highlighting uncertainty for the world’s second-largest economic system because it navigates a commerce struggle with the US. The onset of a full-blown commerce struggle with the US has added to pressures on China’s economy.
4. Unique: JPMorgan’s European chief plans to relocate from London to New York, whereas retaining his function working the financial institution’s Europe, Center East and Africa enterprise. The transfer by Filippo Gori, who can be the lender’s co-head of worldwide banking, is the newest in a string of examples of senior bankers overseeing UK-based operations from the US.
5. The person accused of assassinating a US lawmaker and her husband has been charged with homicide. The suspect allegedly travelled to the homes of at least four public officials on Saturday, in a case federal officers are describing because the “stuff of nightmares”.
At this time’s large learn
The itemizing of Brazil’s JBS on the New York Inventory Alternate on Friday caps one of the vital dramatic enterprise comebacks in current historical past. Nearly eight years in the past, Wesley and Joesley Batista had been in jail, engulfed in a corruption scandal that almost toppled a president and stained the identify of their world meat empire. The FT spoke with a few dozen individuals who have labored for, or know, the billionaire beef barons. Yet questions remain about the divisive figures.
We’re additionally studying . . .
Chart of the day
Abu Dhabi’s nationwide oil firm is providing to take over Santos, main a consortium to bid for certainly one of Australia’s largest vitality firms. Santos mentioned its board would advocate the supply, topic to phrases being agreed. If the deal closes, the $22bn deal would be the largest takeover of an Australian company, primarily based on the money paid and complete deal dimension together with debt.
Take a break from the information
Are you uninterested in seeing the solar peak by your convention room blinds? Caroline Binham writes that we will choose up the tempo of conferences by taking them exterior. Apart from a greater surroundings, leaders just like the late Steve Jobs had been staunch advocates of the strolling assembly. Is it the time to try moving from al desko to alfresco?
