Tuesday, October 4, 2022
by Linda Noakes
Here’s what you need to know.
North Korea conducts its longest-range missile test yet, Musk and Zelenskiy have a Twitter showdown, and a weakened Truss faces a fight for credibility
Also, join us live for Reuters IMPACT – tackling climate change with businesses, scientists and thinkers
Today’s biggest stories
|Ukrainians ride an armored vehicle in Donesk region, October 3 2022. REUTERS/Zohra Bensemra|
|People walk across the plaza of the U.S. Supreme Court building on the first day of the court’s new term in Washington, October 3, 2022. REUTERS/Jonathan Ernst|
People walk past a news stand outside the Bank of England in the City of London financial district, October 3, 2022. REUTERS/Henry Nicholls
BUSINESS & MARKETS
Global stocks climbed for a second day, after Britain’s decision to ditch part of a controversial tax-cut plan and slightly paler expectations for aggressive central bank action returned some confidence to investors.
British Prime Minister Liz Truss has refused to rule out cutting benefit payments by less than soaring inflation to help fund her tax-cutting growth plan in what is likely to spark the next political rebellion over her economic plans.
Swiss lender Credit Suisse, battered by scandals and losses, is racing through a restructuring plan. Wild market swings and a social media storm are making that task increasingly difficult.
Sony’s gaming business is looking at fresh investment to bolster its push into PC and mobile, a senior executive said, as the PlayStation 5 maker competes for talent with deep-pocketed rivals and as industry dealmaking heats up.
Food giant Nestle pledged to spend over $1 billion by 2030 on efforts to source coffee sustainably, more than double its previous pledge, as challenges linked to climate change pose particular risks for the bean.
A new NFT trading craze where names are bought and sold for eye-popping sums is providing a multi-million-dollar lifeline for speculators shivering in the bleak crypto winter.
Read Hugo Dixon on how the end of cheap money reveals a global debt problem, Pierre Briancon on the tax U-turn that has left Liz Truss with a credibility gap, and Jennifer Saba on Kim Kardashian making an example out of the SEC.