FirstFT: Liz Truss waives energy contingency tax

Good morning. This article is a local version of our FirstFT Newsletter. Subscribe to us Asia, Europe/Africa or America edition to receive it straight to your inbox every weekday morning

How well have you been following the news this week? take us quiz.

Foreign Secretary Liz Truss rejected contingency tax proposals on energy profits, despite British Gas Centrica’s owner claiming huge profits and calls for more support for UK households struggling with rising fuel bills.

Truss, who has led the polls in recent weeks for Tory leader and next prime minister, said the move would “send the wrong signal” to the world, adding that the government should encourage Shell and other companies to invest in the UK.

Speaking to Conservative members in Leeds yesterday during the first of 12 party clashes, Truss said that in the face of the global economic crisis and war in Ukraine, now is “no time for the status quo” as she laid out policies to spur growth. and curb the cost-of-living crisis.

“What I would do is create investment zones with low taxes, encouraging these companies to invest in our country,” she said.

Thank you for reading FirstFT Europe/Africa. I hope you have a relaxing weekend. See you next week – Jennifer

1. Apple achieves revenue growth Silicon Valley Giant revenue increased slightly to $83 billion thanks to sales of the iPhone and its services division, despite headwinds from supply chain shortages and factory closures in China.

  • Other big earnings: HEY told staff that he expected to report a record $45.4 billion in worldwide revenue. Amazon shares rose 10% after beating earnings expectations. Intelhowever, disappointed investors with an unexpected drop in earnings.

2. Xi Jinping warns Joe Biden against ‘playing with fire’ Presidents of China and the United States made a two hour call yesterday, for the first time since Beijing, they were outraged by the planned visit to Taiwan by Speaker of the House Nancy Pelosi. Her visit was urgent island war games.

3. British tycoon faces jail for keeping his ex-wife and legal fees Sir Frederick Barclay, 87 facing a possible short prison term after he was found in contempt of court by a judge yesterday for failing to pay his ex-wife alimony and legal fees totaling £245,000.

4. Strike threatens Britain’s largest container port Unite union members’ decision to leave because of pay could close Port Felixstowe next monthwhich will further disrupt the country’s transport network as negotiations over rail disputes remain deadlocked.

5. The US economy shrinks for the second quarter in a row US economy decreased by 0.9 percent on an annualized basis, marking a second quarter of contraction, one of the common criteria for a technical recession, and complicating the Federal Reserve’s efforts to contain skyrocketing inflation by aggressively raising interest rates.

  • More from across the Atlantic: Joe Biden is on the doorstep two legislative achievements ahead of the midterm elections after Congress passed Chip and Science Act and a Democratic senator dramatically changed the tax, climate, and social spending bill.

A line chart of percentage change in GDP (year-on-year) showing the US economy contracting for the second quarter in a row.

Thanks to everyone who took part in yesterday’s survey. 57% of respondents said they were not optimistic about Appointment of Ulrich Körner as Managing Director will change the fate of Credit Suisse.

Days ahead

Eurozone GDP Eurostat’s first estimate of gross domestic product for the second quarter today is expected to show 0.1% quarterly expansionwhich would be the weakest reading since the coronavirus surge pulled the bloc into a brief recession in early 2021.

  • More economic data: France publish preliminary GDP for the second quarter plus July consumer and producer price indices. Germany publishes operational GDP along with labor market data for July, while Italy publishes its July consumer price index. The US Employment Cost Index is projected to lightweight in the second quarter, while household spending is expected to rise in June. (FT, WSJ)

Corporate income Results published for Air France-KLM, AstraZeneca, BNP Paribas, Chevron, Colgate-Palmolive, ExxonMobil, NatWest, Procter & Gamble and Renault. Read Full list in our Week Ahead newsletter.

US-Japan EPCC meeting US Secretary of State Anthony Blinken and Commerce Secretary Gina Raimondo co-hosted the first meeting of the US-Japan Economic Policy Advisory Committee in Washington today.

UK strikes Communications union members hired by BT and Openreach will go on strike for 24 hours straight over wages today and again on Monday. Aslef train drivers from eight railway companies will go out tomorrow in a wage dispute expected to cause major disruptions that could affect travel to the Euro 2022 women’s final.

Senegal elections parliamentary elections decide 165 members of the National Assembly begins on Sunday.

What else do we read

Disney after “Don’t Say Gay” Since its inception, the entertainment giant has catered to the traditional nuclear family, but over the past 30 years it has also become a Mecca for LGBT+ people. Disney battling arguably the worst advertising crisis in its history due to leaders’ bumbling response to a Florida bill banning discussion of “sexual orientation or gender identity” in schools.

The cricket match that helped fund Imran Khan’s political rise Despite laws prohibiting foreign funding of Pakistani politics, documents show route from Oxfordshire through the United Arab Emirates to the treasury of the Khan’s party. The funds are at the center of an election commission investigation that has grown in importance as Khan, ousted in April, plots a political comeback.

Imran Khan and Arif Naqvi

Imran Khan and Arif Naqvi © Montage FT: Bloomberg/Reuters

Extreme heat is a wake-up call for infrastructure investors The heat wave in Europe has revealed clear infrastructure failures in extreme weather conditions. The trains moved more slowly. The runway at Luton airport caved in. Schools are closed. In a hotter world, infrastructure will have to adapt. All this creates opportunities for investorswrites Alice Ross.

The WFH debate should include what “home” really is. From affordable housing in the city center to commuting is a question where employees live important,” writes Emma Jacobs, “working in a stuffy apartment is a completely different matter than working in a spacious house. Employee decisions to leave work during the pandemic are causing tension.

In defense of the people who watch The activity for which London is specifically designed can be interpreted as a morally dubious pleasure, more like voyeurism. This is partly because looking is not always a neutral action. It depends on who is watching and what their intentions are. But Ana Kinsella claims that observing others can make us more empathetic.

Home home

Remote work available discovered the southwest of France.recently occupied by forest fires, to buyers who want more money.

Southwestern city of Bordeaux

Houses in Bordeaux are cheaper than in the French capital, which is a two-hour train ride away © Shutterstock / Nikolai Kachanovich

Thanks for reading and remember that you can add FirstFT to my ft. You can also choose to receive a FirstFT push notification every morning within the app. Send your recommendations and feedback to firstft@ft.com. Subscribe gentlemen.

shattered times – Documenting business and economic changes between Covid and conflict. Subscribe gentlemen

I’m working on it – Learn about the big ideas shaping the workplace today in this weekly newsletter from Jobs & Careers Editor Isabelle Berwick. Subscribe gentlemen