Israeli air strikes kill more than 490 in Lebanon

Good morning. Right now we’re overlaying:

• The most recent transfer within the US crackdown on Chinese language EVs

• How Trump would reshape the US economic system

• A harmful period for China’s super-rich

However first, Israel launched a relentless wave of air strikes in opposition to what it stated have been Hizbollah targets yesterday, killing greater than 490 individuals 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 section” of the struggle.

The bombardment heightened issues about full-scale hostilities within the Center East and unfold panic throughout Lebanon, sending tens of 1000’s fleeing focused areas.

Yesterday’s dying toll was the best since Israel launched a floor offensive in opposition to Hizbollah in 2006, and got here regardless of the US warning Israel to not escalate its army marketing campaign in opposition to the Iranian-backed militant group. Here are more details on the attack.

Right here’s what else I’m holding tabs on at the moment:

• Financial knowledge: South Korea studies its August producer worth index. S&P International publishes flash manufacturing PMI for Japan.

• Financial coverage: The Reserve Financial institution of Australia is anticipated to keep rates steady when its coverage assembly concludes at the moment. (Reuters)

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

5 extra prime 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 will successfully ban Chinese language automobiles from the US market. The rule was prompted by issues from the Biden administration that Beijing may collect data on American drivers and hack internet-connected cars.

2. Australia’s client watchdog has sued the nation’s two largest grocery store chains Coles and Woolworths, alleging that they engaged in “deceptive” discounting on hundreds of products ranging from Tim Tam biscuits to cat food. The 2 supermarkets management about 65 per cent of Australia’s grocery market, in keeping with a Treasury report this 12 months.

3. The Minerals Safety Partnership, a coalition of 14 nations and the European Fee, has introduced a brand new financing community to assist vital minerals tasks, in a drive to break 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 metallic.

4. The person suspected of plotting to kill Donald Trump in Florida wrote a letter describing his “assassination try” months earlier than the incident, in keeping with a courtroom submitting submitted by federal prosecutors yesterday. Prosecutors stated Ryan Wesley Routh dropped the handwritten letter off at an unnamed witness’s house a number of months in the past.

5. German Chancellor Olaf Scholz has come out in opposition to a UniCredit takeover of Commerzbank after the Italian lender stated 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 in opposition to a cross-border tie-up. Here’s what’s driving the uproar in Germany.

The Large Learn

Donald Trump has developed a populist financial coverage agenda designed to current him as a defender of employees’ 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 cause huge damage to the economy.

We’re additionally studying . . . 

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

• Chinese language propaganda lessons: Hours of political training are supposed to strengthen loyalty however younger individuals struggle to stay 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 easy answers, 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 latest ranking of auto groups’ digital performance from consultancy Gartner. Legacy carmakers together with Toyota, Volkswagen and Basic Motors have struggled to maintain tempo as the main target 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, successful gold medals in each the boys’s and ladies’s competitions. Our chess columnist Leonard Barden writes that the country’s superiority was reminiscent of the legendary USSR teams of the Nineteen Fifties and Nineteen Sixties, which not often misplaced a recreation, not to mention a match.

Extra contributions from Tee Zhuo and David Hindley