Israeli air strikes kill greater than 490 in Lebanon

Good morning. Immediately we’re overlaying:

• The newest 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 mentioned have been Hizbollah targets yesterday, killing greater than 490 folks in Lebanon’s deadliest day for many years.

Israeli warplanes struck tons 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 phase” of the battle.

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

Yesterday’s demise 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 maintaining tabs on at present:

• Financial knowledge: South Korea reviews its August producer value index. S&P World publishes flash manufacturing PMI for Japan.

• Financial coverage: The Reserve Financial institution of Australia is predicted to maintain charges regular when its coverage assembly concludes at present. (Reuters)

• United Nations: The UN Basic Meeting debate opens in New York.

5 extra high tales

1. The US Commerce Division yesterday proposed banning Chinese language software program and {hardware} for automobiles with a built-in web connection, in a transfer that might successfully ban Chinese language automobiles from the US market. The rule was prompted by issues from the Biden administration that Beijing might acquire knowledge on American drivers and hack internet-connected vehicles.

2. Australia’s shopper watchdog has sued the nation’s two largest grocery store chains Coles and Woolworths, alleging that they engaged in “misleading” discounting on tons 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 line 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 help vital minerals initiatives, in a drive to interrupt China’s chokehold over a sector that’s important for high-tech industries. The undertaking 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 attempt” months earlier than the incident, in line with a court docket submitting submitted by federal prosecutors yesterday. Prosecutors mentioned 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 mentioned it was elevating its stake from about 9 per cent to 21 per cent. The emergence of UniCredit as a serious shareholder has ignited political opposition in Berlin towards a cross-border tie-up. Right here’s what’s driving the uproar in Germany.

The Massive Learn

Donald Trump has developed a populist financial coverage agenda designed to current him as a defender of staff’ 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 an alternative trigger enormous harm to the financial system.

We’re additionally studying . . . 

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

• Chinese language propaganda lessons: Hours of political schooling are supposed to strengthen loyalty however younger folks battle 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 straightforward 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 Basic Motors have struggled to maintain tempo as the main focus has turned from the engine to computing energy within the electrical automobile period.

Take a break from the information

India dominated the Chess OIympiad in Budapest final Sunday, profitable gold medals in each the lads’s and ladies’s competitions. Our chess columnist Leonard Barden writes that the nation’s superiority was paying homage to the legendary USSR groups of the Nineteen Fifties and Sixties, which not often misplaced a recreation, not to mention a match.

Further contributions from Tee Zhuo and David Hindley