Friday, 6 September 2024
The Mighty Headlines
Economics: China pledges $50 billion of financial support to Africa
Business: Volvo abandons target to make cars fully electric by 2030
Markets: US Steel shares fall as Biden set to block Nippon Steel’s takeover
Foreign Affairs: Michel Barnier appointed French prime minister
Security and intelligence: German police kill gunman near Israeli consulate
Domestic politics: UK signs international treaty on AI risks
The Mighty Stats
FTSE = 8,241.71 (down 0.34 per cent at Thursday close)
S&P500 = 5,503.41 (down 0.3 per cent at Thursday close)
Nasdaq = 17,127.66 (up 0.25 per cent at Thursday close)
Nikkei = 36,391.47 (down 0.72 per cent at Friday close)
CAC40 = 7,431.96 (down 0.92 per cent at Thursday close)
£1 = $1.32/ €1.19 / ¥187.70
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.5 / 48.3 per cent
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: China has pledged to give Africa $50 billion in financial support over the next three years. Speaking at the China-Africa Cooperation Forum in Beijing yesterday, President Xi said that “China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment.”
Business: Automaker Volvo has announced that it has dropped plans to make its cars fully electric by 2030. It now aims to ensure that electric cars – whether hybrid or fully electric – account for “90 to 100 per cent of its global sales volume” by 2030. Volvo CEO, Jim Rowan, said “the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption”.
Markets: US Steel shares fell 17 per cent yesterday on news that President Biden is set to block Nippon Steel’s takeover of the company. Presidential candidates Kamala Harris and Donald Trump have also said they would block the deal from going ahead. The CEO of US Steel has said that a factory would close and jobs would be lost if the deal did not go ahead.
Foreign Affairs: Michel Barnier has been appointed by President Macron as the new French Prime Minister. Barnier is a former foreign affairs minister and served as an MP from 1978 to 1995. He has also twice served as a European Commissioner and was most recently the EU’s Chief Brexit Negotiator. Barnier is from the centre-right Les Républicains party.
Security and intelligence: German police shot dead a suspected Islamist gunman near the Israeli consulate in Munich yesterday. The gunman was an 18-year-old Austrian national known to Austrian authorities. The incident happened on the anniversary of the 1972 Munich Olympics terrorist attack in which 11 Israeli athletes were murdered.
Domestic politics: The UK Government signed the world’s first international treaty addressing risks from Artificial Intelligence (AI) yesterday. The agreement, co-ordinated by the Council of Europe, will require countries to monitor AI developments and protect human rights, the rule of law and citizens’ personal data from AI risks.
The Mighty Calendar
What’s happening today?
Germany trade data (July)
Germany industrial production data (July)
France trade data (July)
China trade data (August)
Italy retail sales data (July)
Eurozone employment data (Q2 2024)
United States payroll and unemployment data (August)
Canada employment and unemployment data (August)
Lookahead to the weekend
Saturday:
US Open Women’s Final
FT Weekend Festival, Kenwood House, London
Goodwood Revival begins, West Sussex
Heritage Open Days, National
Belfast International Tattoo Music and Dance Festival begins
Sunday:
US Open Men’s Final
Goodwood Revival ends, West Sussex
Paralympic Games Closing Ceremony
Belfast International Tattoo Music and Dance Festival ends
The Mighty Finale
🌤️Weather today
Light showers probable for most of the day in London. High of 20oC and low of 13oC. Dry and sunny in Belfast. Overcast but dry in Edinburgh.
✏️Life coaching quote of the day
“The heights by great men reached and kept
Were not attained by sudden flight
But they, while their companions slept,
Were toiling upward in the night.”
– The Ladder of St Augustine by Henry Wadsworth Longfellow
Mighty takeaway: There is no substitution for hard work in reaching your goals. Find the time to commit to your project or aim. It may take effort but it shouldn’t be a struggle. If it is, you may have set yourself the wrong goal.
That’s it for today. Have a good weekend and we’ll see you again on Monday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team