Good morning. Sebastien Lecornu will address parliament, the first time since he was reappointed as French prime minister. The rich are keeping their London homes despite leaving the UK. And LVMH sales figures are out today. Listen to the day’s top stories.
— Teo Chian Wei
Sebastien Lecornu will address parliament for the first time since being reappointed French prime minister, as his fledgling government tries to pass a budget and restore stability. Meanwhile, Nicolas Sarkozy is next week set to become the first former French president in the modern era to go to jail.
Residential properties in the Kensington and Chelsea district in London. Photographer: Jason Alden/Bloomberg
Ultra-rich individuals leaving London due to tougher wealth taxes are keeping their homes with the view of returning once the policy environment changes, according to Sotheby's UK property arm. While Labour’s decision to abolish a two-century-old tax break for non-domiciled residents was “dumb,” it had not led to well-heeled foreigners selling their London homes, said Chairman George Azar.
What to watch. Silver surged to an all-time high. LVMH’s quarterly organic sales at its key fashion and leather goods unit probably fell. Samsung Electronics posted its biggest quarterly profit in more than three years. Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets.
Madagascar’s President Andry Rajoelina said he sought sanctuary in a “secure location” because of a threat to his life following weeks of anti-government demonstrations.
Trade latest: China threatened further retaliatory measures against US curbs on its shipping sector after sanctioning American entities of a South Korean shipbuilder. Global trade flows are shifting as countries seek new alliances to avoid high US levies. Bloomberg Economics expects the global economy to take a $1.4 trillion hit by the end of 2027 due to tariffs.
“The problem in Europe and in France is: You are too slow,” Nvidia CEO Jensen Huang told guests at a dinner hosted by President Emmanuel Macron in June. “It’s like your wine. You wait for it to age, to be perfect.”
Many European leaders are now working to prove Huang wrong. Europe’s scarce tech giants, SAP and ASML, have in recent weeks committed billions of euros to homegrown AI startups and services tailored to the bloc. Governments have made splashy pledges to invest in massive data centers.
There are fears that a failure to invest heavily in AI locally will mean losing talent and abandoning yet another tech revolution to Silicon Valley, according to interviews with more than two dozen policymakers and technology executives.
Arrogant and unresponsive political leadership is to blame for the so-called Gen Z riots that have spread across the globe, Justice Malala writes. If politicians continue to ignore the lessons before them and ignore youth, it seems inevitable that the uprisings will flare up again—and that they will spread to other similarly economically and politically stressed countries.
Photographer: Justin Sullivan/Getty Images North America
If driving is heaven, commuting is hell. Luckily Waymo’s self-driving cars are a delight, offering privacy and safety in Los Angeles, Hannah Elliott writes. She predicts they will become a welcome complement to modern life, first as part of ride-sharing platforms and then as privately owned transport.
