Global IT outage hits businesses across the world

Good morning. Immediately we’re overlaying:

• Trump’s acceptance speech

• A dramatic shift in US fairness markets

• How US competitors is shaking up London’s “magic circle” regulation corporations

However we begin with a worldwide IT outage that has affected companies the world over, inflicting vital disruption to a variety of providers and operations.

Australian companies had been the primary to warn of issues, with the operations of outlets together with Woolworths and 7-Eleven hit. European companies shortly adopted, with airways, airports and healthcare services warning of disruptions.

The US Federal Aviation Administration stated Delta, United and American Airways had requested to floor flights as a consequence of take off.

Based on a number of posts on social media, the outage has been blamed on an replace to safety software program from US group CrowdStrike, which brought on an issue with Microsoft’s Home windows. Here’s what we know so far about the investigation into the outage.

And that is what I’ll be maintaining a tally of in the present day and over the weekend:

• Corporations: American Categorical, Fifth Third Bancorp, Schlumberger and rival Halliburton report outcomes in the present day.

• Financial coverage: Atlanta Federal Reserve president Raphael Bostic will ship closing remarks at a convention in Dallas, Texas, whereas Federal Reserve Financial institution of New York president John Williams will take part in an occasion organised by the Central Reserve Financial institution of Peru.

• Harvey Weinstein: The previous Hollywood film mogul is scheduled to look in a New York court docket as prosecutors search to retry him following the reversal of his 2020 rape conviction by the state’s highest court docket.

Did you retain up with the information this week? Take our quiz.

5 extra high tales

1. Donald Trump stated he had been saved “by the grace of almighty God” as he vowed to crack down on immigration, slash taxes and renew commerce wars if given one other 4 years within the White Home. Listed here are the five key points from Donald Trump’s acceptance speech.

• Extra US politics: The stress on Joe Biden to desert his re-election marketing campaign is becoming “insurmountable”, in accordance with one senior Democrat in Washington who predicted the president could be “out by Monday”.

2. Netflix added 8mn new subscribers within the second quarter, due to hit reveals resembling Child Reindeer and Bridgerton, lifting the streaming service’s income and earnings previous Wall Avenue forecasts. However the firm warned that new subscriber additions within the present quarter could be decrease than a yr in the past. Here’s more details of the results.

3. One particular person was killed and a number of other others injured in a drone assault on central Tel Aviv within the early hours that was claimed by Houthi militants. An Israeli army official stated the long-range drone was not intercepted by Israel’s air defence programs as a result of “human error”.

4. Fb proprietor Meta has explored a multibillion-euro funding in eyewear group EssilorLuxottica, because the social media platform intensifies its push to develop smart glasses. Meta and rival Apple are vying to construct unintrusive augmented actuality glasses that might someday exchange the smartphone because the next-generation computing gadget.

• Extra tech information: OpenAI has been in talks with semiconductor designers together with Broadcom about developing a new chip, as the bogus intelligence firm appears to be like to ease its reliance on Nvidia. 

5. Beijing must implement extra “proactive” stimulus measures to distribute progress extra evenly amongst areas and industries, in accordance with a senior Communist celebration official on the finish of the quinquennial Communist celebration coverage assembly. Read more on Han Wenxiu’s comments.

The Large Learn

London was for a few years regarded by US regulation corporations as a jumping-off level to serve purchasers throughout Europe. However lately, a big enlargement of US personal fairness corporations within the metropolis has fuelled demand for authorized help, serving to the UK workplaces of American regulation corporations develop into powerhouses in their very own proper and changing the culture of Britain’s traditional “magic circle” law firms.

We’re additionally studying . . . 

• US politics: JD Vance’s imaginative and prescient affords the primary believable shot in many years of returning the Republican celebration to a durable governing majority, argues Oren Cass.

• Class results: New analysis reveals even having a PhD isn’t enough to clean away class-based disadvantages, writes Soumaya Keynes.

• Enterprise capital: An enormous overhang of ageing — and unsold — personal tech corporations is proving a problem for the enterprise capital business, writes Richard Waters.

Chart of the day

In a dramatic market shift sparked by falling inflation and inspired by an enhancing earnings outlook, the Russell 2000 small-cap index has jumped 7 per cent prior to now week as traders moved out of the megacaps which have pushed the market rally for years in favour of smaller corporations and different beforehand unloved sectors.

Take a break from the information

Breakdancing combines athletic strikes resembling again spins with stylised footwork and was tied to the rise of hip-hop within the Nineteen Eighties. It has been included within the Olympics for the primary time this yr and Josh Noble went to Budapest to watch the young hopefuls as they compete within the qualifying rounds for a spot within the Paris video games.

Further contributions from Tee Zhuo and Emily Goldberg