Israeli strike kills Hizbollah’s missiles chief in southern Beirut

At present’s agenda: FBI probes China-backed VC fund; VW chief below stress; Commerzbank’s new CEO; Uber vs Amazon; and the FT’s new US Election Recreation

We begin with Israel’s newest air strike on Lebanon, which Hizbollah has confirmed killed a prime commander, Ibrahim Qobeissi. Lebanese authorities stated six individuals died and 15 had been additionally injured within the assault which struck an house constructing in Ghobeiry, a densely populated southern suburb of Beirut the place the militant group has a dominant presence.

Who was Qobeissi? The Israel Protection Forces has named him as the pinnacle of Hizbollah’s missiles and rockets pressure, and stated he had deliberate and executed “quite a few terror assaults in opposition to Israeli civilians and troopers” since becoming a member of the Iranian-backed motion within the Nineteen Eighties. It additionally stated Qobeissi had “shut ties” to senior Hizbollah army leaders.

Worldwide response: World leaders on the UN Basic Meeting this week, together with US President Joe Biden, have referred to as for a halt to hostilities and warned the area was on the point of an all-out struggle. Lebanon’s overseas minister yesterday stated the US remained “the one nation that may actually make a distinction”. A number of airways have suspended flights to Beirut and Tel Aviv, whereas the US and UK have urged its residents to go away Lebanon. Learn the total story.

Greater than 550 individuals have been killed and practically 2,000 wounded since Israel started its intense bombardment of Lebanon, which it has stated it plans to proceed. Now we have extra perception into the IDF’s “Northern Arrows” operation:

• Classes from 2006: The stalemate in opposition to Hizbollah 18 years in the past resulted within the Israeli army growing its “victory doctrine”, centred on a financial institution of hundreds of vetted targets rigorously constructed utilizing deep intelligence.

• ‘Rope-a-dope’ ways: Benjamin Netanyahu’s dramatic escalation in Lebanon reveals how Israel’s prime minister has shifted goalposts and evaded Joe Biden’s makes an attempt to constrain him for practically a yr.

Right here’s what else I’m retaining tabs on as we speak:

• Financial knowledge: The OECD releases its interim financial outlook report. France has client confidence knowledge whereas the US publishes house gross sales figures.

• UN Basic Meeting: Sir Keir Starmer will vow to “recommit” Britain to internationalism because the prime minister seeks conferences with US presidential hopefuls Kamala Harris and Donald Trump. G20 overseas ministers may also meet in New York.

• Corporations: CEO Mark Zuckerberg is ready to talk at Meta’s developer convention on digital actuality. Micron Know-how reviews outcomes.

Thanks for studying FirstFT. What do you consider the brand new format for the highest story of the day? Let me know at [email protected], or just hit “Reply”. — Tee

5 extra prime tales

1. Unique: The FBI is investigating whether or not a US enterprise capital fund backed by Chinese language cash allowed Beijing to acquire commerce secrets and techniques. California-based Hone Capital, which launched in 2015, invested in 360 start-ups in lower than three years, together with driverless-car maker Cruise and funds group Stripe. Tabby Kinder has extra from San Francisco.

2. Oliver Blume is below stress to surrender his twin function as CEO of Porsche and dad or mum firm Volkswagen as Europe’s largest carmaker confronts its greatest disaster in many years. Stress from buyers has elevated as Blume faces a battle with VW’s works council over plans to chop hundreds of jobs and shut German factories. Right here’s what shareholders are saying.

• Automotive sector: The “Inexperienced Deal” EU ban on the sale of recent combustion engine vehicles after 2035 has created a “grave disaster” for European carmakers, Italy’s business minister stated.

3. Commerzbank’s new chief government is predicted to battle a doable takeover by Italy’s UniCredit after her appointment was introduced yesterday. Bettina Orlopp, at present chief monetary officer, will succeed CEO Manfred Knof “within the close to future”, the German financial institution stated. Right here’s why she is unlikely to assist a tie-up.

4. Unique: The “Can of Ham” skyscraper within the Metropolis of London has been put up on the market for £322mn by its proprietor Nuveen, the asset administration arm of US retirement supplier TIAA. The constructing at 70 St Mary Axe, named due to its distinctive rounded form, is a brand new check for the highest finish of the UK capital’s workplace market after an extended stoop in flagship gross sales.

5. Caroline Ellison has been sentenced to 2 years in jail for her function within the FTX fraud. A New York decide stated Ellison, who ran FTX-linked Alameda Analysis, had been “exploited” by the crypto change’s founder Sam Bankman-Fried however added that her early co-operation with prosecutors couldn’t be a “get out of jail free card”.

The Massive Learn

Within the years since its founding in 2009, Uber instigated a transport revolution, unfold its disruptive enterprise mannequin to a variety of sectors and have become one of many world’s most dear personal tech corporations. Seven months in the past, it reported its first working revenue. On prime of ride-sharing and takeaways, Uber’s couriers now ship items for retailers, placing it in ever extra direct competitors with Amazon. Is it attempting to do an excessive amount of?

We’re additionally studying . . . 

• 🕹️ The Election Recreation: Are you able to mastermind a US presidential marketing campaign? Compete in opposition to different readers in our newest sport.

• Nuclear energy: A latest pledge by huge banks to again nuclear energy will solely bear out after we know the “nitty gritty” of economic dangers, writes Nathalie Thomas.

• UK vitality: Britain has been nice at constructing renewables however not the batteries wanted to retailer and use inexperienced electrical energy successfully, writes Pilita Clark.

Chart of the day

Mario Draghi’s report on European competitiveness offers solutions that may require extra interventionist commerce and industrial insurance policies. Whereas intervention is each authorized and inevitable, intervening successfully is one other matter, writes Martin Wolf.

Take a break from the information

This yr’s BFI London Movie Competition begins on October 9 and is promoting out quick. From a John and Yoko documentary to a cartel musical thriller starring Zoe Saldaña, listed here are the tickets that had been nonetheless out there at press time.

Extra contributions from Gordon Smith and Benjamin Wilhelm