Israeli air strikes kill greater than 490 in Lebanon

Good morning. Right this moment we’re masking:

• The most recent transfer within the US crackdown on Chinese language EVs

• How Trump would reshape the US financial system

• A harmful period for China’s super-rich

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

Israeli warplanes struck lots 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 section” of the warfare.

The bombardment heightened considerations about full-scale hostilities within the Center East and unfold panic throughout Lebanon, sending tens of 1000’s fleeing focused areas.

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

Right here’s what else I’m preserving tabs on right this moment:

• Financial knowledge: South Korea studies its August producer worth index. S&P World 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 right this moment. (Reuters)

• United Nations: The UN Normal 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 autos with a built-in web connection, in a transfer that may successfully ban Chinese language autos from the US market. The rule was prompted by considerations from the Biden administration that Beijing may accumulate 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 “deceptive” discounting on lots 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 accordance 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 assist vital minerals tasks, 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 steel.

4. The person suspected of plotting to kill Donald Trump in Florida wrote a letter describing his “assassination try” months earlier than the incident, in accordance with a court docket 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 towards 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 significant shareholder has ignited political opposition in Berlin towards 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 employees’ 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 harm to the financial system.

We’re additionally studying . . . 

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

• Chinese language propaganda courses: Hours of political schooling are supposed to bolster loyalty however younger folks 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 simple 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 Normal 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, profitable 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 not often misplaced a sport, not to mention a match.

Extra contributions from Tee Zhuo and David Hindley