Wednesday, September 7, 2022
by Linda Noakes
Here’s what you need to know.
Liz Truss’s cabinet is Britain’s first without a white man in the top jobs, why Europe’s banks are dimming the lights, and what to expect from Apple’s ‘Far Out’ fall event
Today’s biggest stories
|Russian President Vladimir Putin delivers a speech at the 2022 Eastern Economic Forum in Vladivostok, Russia, September 7, 2022|
President Vladimir Putin said he wanted to discuss reopening a U.N.-brokered deal that allows Ukraine to export its grain via the Black Sea after accusing Kyiv and the West of using it to deceive developing countries and Russia. Here’s what you need to know about the Russia-Ukraine conflict right now.
Parts of Pakistan seemed “like a sea”, Prime Minister Shehbaz Sharif said, after visiting some of the flood-hit areas that cover as much as a third of the South Asian nation, where 18 more deaths took the toll from days of rain to 1,343. In India, the technology hub of Bengaluru was gearing up for more heavy rain after a brief respite from severe flooding.
More Chinese cities advised residents to avoid unnecessary trips for the upcoming holiday long weekend, adding to COVID policies that are keeping tens of millions of people under lockdown.
Tanks pounded targets and fighter jets roared overhead as Taiwan’s military carried out its latest combat drills after weeks of saber-rattling by giant neighbor China.
The new British Prime Minister Liz Truss has selected a cabinet where for the first time a white man will not hold one of the country’s four most important ministerial positions. Truss appointed Kwasi Kwarteng as Britain’s first Black finance minister while James Cleverly is the first Black foreign minister. Suella Braverman succeeds Priti Patel as the second ethnic minority home secretary.
|Fire retardant is dropped on the Fairview Fire burning near Hemet, California, September 6, 2022|
California’s grid operator projected record-breaking power demand and issued an emergency call for consumers and businesses to conserve energy for the seventh consecutive day to avoid blackouts. The run of record-breaking temperatures is projected to continue this week with highs reaching into the 110s Fahrenheit in interior parts of the state.
Democratic leadership in the U.S. Senate could add language protecting gay marriage rights to a stopgap measure to keep the federal government funded and running, in a bill that will need Republican support for passage, a Democratic source said.
The Senate Republican campaign chief denied that he is at odds with Senate Republican leader Mitch McConnell over the quality of party candidates in key swing states that could determine whether Republicans win control of the congressional chamber in the November 8 midterms. We explain what’s at stake in the elections.
A New Mexico county commissioner became the first public official to lose their job for participating in the riot at the Capitol when a state judge ruled that the Republican violated the U.S. Constitution by engaging in an insurrection.
Barack Obama and his wife, former first lady Michelle Obama, return to the White House today for the unveiling of their official portraits, some five years after the former president left office.
BUSINESS & MARKETS
European stock markets opened in the red after U.S. economic data prompted traders to ramp up Federal Reserve rate hikes bets, pushing the dollar to a 24-year high against the Japanese yen. The dollar will remain a force to reckon with over the remainder of this year and into the next, according to a Reuters poll.
The Bank of Canada is widely expected to announce another supersized interest rate increase today as it battles to curb inflation at a near-four-decade high, with all eyes on the statement for any change to its aggressive stance.
China’s exports and imports lost momentum in August with growth significantly missing forecasts as surging inflation crippled overseas demand and fresh COVID curbs and heatwaves disrupted output, reviving downside risks for the shaky economy.
Some of Europe’s biggest banks are preparing back-up generators and to dim the lights as they brace for potential power cuts and energy rationing that threaten the money system underpinning the region’s economy.
Apple is expected today to unveil a new range of iPhone 14 models and Apple Watches that will test how willing consumers are to upgrade gadgets in the face of inflation and economic gloom. Here’s what’s expected at Apple’s ‘Far Out’ fall event.