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Good morning and welcome to this week’s remaining version of FirstFT. Immediately’s agenda contains:
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Powell below assault over redevelopment mission
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Trump guarantees “main assertion” on Russia
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WPP’s “Kodak second”
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And the rise and rise of air-con
The White Home has accused Jay Powell of “grossly” mismanaging an “ostentatious” refurbishment of the Federal Reserve’s headquarters, opening a brand new entrance in its assault in opposition to the US central financial institution.
What are the small print? Russell Vought, director of the Workplace of Administration and Funds, stated in a post on X that the Fed chair, had “grossly mismanaged the Fed”. Vought, a Trump ally, accused Powell of presiding over a renovation of its headquarters that was $700mn over funds. He claimed the $2.5bn refurbishment of Washington’s Marriner Eccles Constructing value nearly as a lot because the Palace of Versailles in present {dollars}.
Why it issues: Vought’s criticism marks a recent tactic within the Trump administration’s battle with the financial institution and its chair. The president incessantly assaults Powell over the central financial institution’s refusal to chop rates of interest, calling him “a cussed mule” and “a numbskull” however Vought’s feedback mark the primary direct assault from an in depth ally of Trump. Powell has described media studies relating to the excesses of the rebuild as “inaccurate”. Read the full story.
Right here’s what else we’re maintaining tabs on as we speak and over the weekend:
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Air India crash: Authorities are as we speak anticipated to launch a preliminary report into India’s worst airline crash in a long time.
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US-China relations: US secretary of state Marco Rubio will meet Chinese language overseas minister Wang Yi in Kuala Lumpur as we speak.
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Texas floods: Donald Trump and his spouse Melania are anticipated to journey to the scene of final weekend’s devastating floods and meet among the households affected.
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Ovidio Guzmán trial: The son of infamous Sinaloa cartel founder Joaquín “El Chapo” Guzmán is expected to plead guilty in a Chicago federal courtroom later as we speak.
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Firms: American pharmacy chain Walgreens Boots Alliance holds a particular shareholders’ assembly to vote on the proposed acquisition of the corporate by non-public fairness group Sycamore Companions.
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Wimbledon tennis: The boys’s semi-finals happen as we speak to find out the line-up for Sunday’s remaining, in the meantime within the girls’s draw, American Amanda Anisimova faces off in opposition to Poland’s Iga Świątek in tomorrow’s remaining.
How nicely did you retain up with the information this week? Take our quiz.
Be a part of the FT’s books editors Frederick Studemann and Maria Crawford as we speak at 1pm BST for a digital Q&A that will help you discover the proper summer time books. Leave a comment here to receive expert recommendations.
5 extra prime tales
1. Donald Trump stated he plans to make a “main assertion” on Russia subsequent week, as he signalled the US would promote extra weapons to allies to ship to Ukraine, together with Patriot missile programs. The US president stated he had reached what he known as a new deal for sending weapons to Ukraine, by means of purchases made by Nato allies.
2. Trump additionally stated the US would impose a 35 per cent tariff on Canada at the beginning of August as he launched a recent salvo in opposition to one of many nation’s largest buying and selling companions. The US president despatched a letter to Canada late yesterday, heaping pressure on prime minister Mark Carney.
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Go deeper: Trump’s menace to Canada comes on the finish of every week Donald Trump revived his global trade war after a three-month pause.
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Q&A: Canada correspondent Ilya Gridneff will probably be answering readers’ questions on US-Canada relations in a particular version of FirstFT. Electronic mail your inquiries to firstft@ft.com or hit reply on this e mail.
3. Unique: Google will closely low cost cloud computing providers for the US authorities, because the Trump administration pressures know-how teams to slash costs on long-standing, profitable contracts. The settlement comes after Oracle final week lower a cope with the federal government, together with a 75 per cent low cost on some software program contracts. Find out which other companies are expected to follow soon.
4. Two of Boston Consulting Group’s senior executives will depart their management roles within the wake of revelations concerning the agency’s work in Gaza, based on folks conversant in the matter. The 2 males had been named final week by the Monetary Occasions as having been concerned in discussions about BCG’s increasing work associated to Gaza. Read the full story.
5. JPMorgan Chase chief government Jamie Dimon warned European leaders yesterday that they’ve a competitiveness downside and that they’re at present “shedding” the battle to rival the US and China. The comments from Dimon, one of the vital influential voices in international finance, underscore the challenges going through the EU because it battles to invigorate its economic system.
Immediately’s huge learn
Cindy Rose, a prime Microsoft government, agreed this week agreed to take the reins at British promoting group WPP because it scraps with stronger international rivals for a shrinking pool of mandates. Past the day-to-day difficulties, the existential menace of AI — know-how that threatens to chop businesses out of the artistic course of fully — is looming ever nearer into view. “This is WPP’s ‘Kodak moment’,” said one observer.
We’re additionally studying . . .
Chart of the day
This month marks a decade for the reason that turning level within the Greek monetary disaster, a drama that gripped international monetary markets for years and threatened to blow aside the financial and financial union that’s the EU’s singular achievement. Within the 10 years since, Greece has staged a remarkable rebound.
Take a break from the information
On February 12 2022, the Odesa Philharmonic Orchestra performed its final live performance earlier than Putin’s full-scale invasion, with an encore that was “essentially the most Ukrainian, patriotic factor you will get”. The overture to Mykola Lysenko’s opera Taras Bulba was met with a roar of applause because the viewers rose to their ft. Greater than three years on, the orchestra’s chief conductor speaks to the FT about how they withstood Russian missiles to bring music to the city.
