Former basic Prabowo takes workplace in Indonesia

In at the moment’s e-newsletter:

• Indonesia’s new president takes workplace

• Israel assaults Hizbollah-linked monetary establishments

• Crypto has designs on actual property

Good morning. Prabowo Subianto was sworn in as Indonesia’s president yesterday with formidable plans to spice up progress whereas claiming a much bigger worldwide function for south-east Asia’s largest financial system.

The previous army basic takes over from Joko Widodo eight months after a landslide victory in February’s presidential election. His swearing-in ceremony was attended by leaders and senior officers from greater than 30 nations, together with Singapore’s Prime Minister Lawrence Wong, Philippine President Ferdinand Marcos Jr and Chinese language vice-president Han Zheng.

The inauguration caps a outstanding turnaround for Prabowo. The previous commander of the nation’s feared particular forces was dismissed from the army and as soon as banned by the US for the alleged kidnapping of democracy activists. He has all the time denied the accusations.

Prabowo gained over tens of millions of Indonesians with the backing of the extremely well-liked Widodo and by promising coverage continuity in addition to free college lunches, a large programme anticipated to value $28bn.

However he has already indicated a departure from his predecessor in the whole lot from authorities spending to international coverage. Right here’s what to know concerning the Prabowo presidency.

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

• Financial information: Malaysia reviews advance third-quarter GDP.

• Financial coverage: China’s central financial institution declares its one-year mortgage prime charge resolution.

• Vitality transition: Singapore Worldwide Vitality Week begins with audio system together with business executives and vitality ministers from Tanzania, Cambodia, Laos, Australia and New Zealand, discussing vitality safety and transition plans.

• Samoa: The 2024 Commonwealth heads of presidency assembly begins in Apia, Samoa, the primary to happen on a creating Pacific Island.

5 extra prime tales

1. Companies and households in main economies are struggling to bounce again from the period of excessive inflation as precarious progress prospects and political uncertainty weigh on their confidence. Though financial exercise stays comparatively agency, confidence indicators have slid sharply or stay caught in detrimental territory, in line with analysis for the FT.

2. Israel has launched a wave of air strikes throughout Lebanon after its army stated it might goal Hizbollah-affiliated monetary establishments. The assaults will additional heighten Lebanese fears that Israel is increasing its offensive in opposition to the Iranian-backed militant group past army infrastructure.

3. Elon Musk’s pledge to dole out cash to registered voters who signal his petition backing free speech and the appropriate to bear arms has garnered scrutiny for doubtlessly violating election guidelines. The billionaire entrepreneur, who has turn out to be considered one of Donald Trump’s largest company backers, awarded a $1mn cheque on Saturday to an viewers member at a rally in Harrisburg, and one other at an occasion in Pittsburgh yesterday, as he campaigned in Pennsylvania.

• Trump’s vulgar rally: The Republican candidate fuelled additional questions on his way of thinking on Saturday by delivering off-colour remarks throughout an occasion in Pennsylvania.

• Extra US election protection: Is Kamala Harris losing assist amongst Black males? Trump has made inroads with a historically Democratic demographic that will likely be essential within the election.

4. Shares in nuclear vitality firms surged to document highs final week after Amazon and Google struck landmark offers to deploy the primary small modular reactors (SMRs) within the US. Traders regarded the agreements as proof {that a} nuclear renaissance is gathering tempo, after a hunch following the Fukushima accident in Japan in 2011.

5. Members of Boeing’s largest labour union will vote on Wednesday whether or not to finish a expensive strike that has crippled manufacturing for greater than a month. The vote will happen on the identical day that the stricken US airplane maker is because of report its outcomes for the third quarter. Right here’s extra on Boeing’s crucial week.

Home & Residence

Shopping for blockchain-listed “slices” of properties is slowly gaining reputation amongst crypto followers as excessive home costs in massive cities like London and New York make shopping for actual property unaffordable for a lot of. However there are a number of points. Not least, buyers complain, difficulties promoting tokens and issues arising from tenant points. Can this nascent however troubled market discover its ft past the crypto crowd?

We’re additionally studying . . . 

• Nikon: The Japanese firm’s chipmaking tools has escaped US export restrictions to China, however the state of affairs is unstable. “The rules [on export controls] could get changed tomorrow,” president Muneaki Tokunari informed the FT.

• ‘If you cough, you’re off’: Pilita Clark wonders why it’s so arduous to observe this primary rule of flu season workplace etiquette.

• Synthetic intelligence: Right here’s how AI firms are infusing their chatbots with extra persona.

Chart of the day

The Japanese yen has fallen sharply in latest weeks, hitting ranges not seen since earlier than a sudden surge in the summertime that reverberated throughout world markets. Right here’s what’s driving the Japanese foreign money’s slide.

Take a break from the information

Meet China’s most well-known foreigner: Canadian comic Mark Rowswell, higher recognized by his Chinese language identify Dashan. Rowswell rose to prominence doing stand-up in excellent Mandarin, and is now touring the nation in a Chinese language-language manufacturing of The Shawshank Redemption. “His almost mythological status, like many myths, is tied up in the soul of a nation,” writes Shanghai correspondent Thomas Hale on this must-read profile.