Good morning. A European central banker sees little need for further easing. A $50,000-a-night resort showcases Africa’s luxury travel boom. And the Underground is broiling City commuters. Listen to the day’s top stories.

There’s little reason for the European Central Bank to lower interest rates further unless the economy suffers a major blow, according to Governing Council member Martins Kazaks. With inflation at 2% and the euro zone largely performing in line with the ECB’s latest forecasts, the grounds for a cut in September aren’t obvious, the Latvian central-bank chief said in an interview. “There is value in holding rates at the current levels and the time of no-brainer moves to hike or cut is over,” Kazaks said.

Donald Trump said he didn’t see the need to fire Federal Reserve chief Jerome Powell, making it clear he saw cutting rates as a more pressing concern. The two traded barbs over the central bank’s renovation cost overruns during their tour of the project. The Fed chair is smack in the middle of one of the president’s preferred attack strategies—flooding the zone.

Corporate roundup: LVMH sales fell as shoppers reined in purchases of Louis Vuitton bags and Dior jackets. Puma slashed its earnings forecast amid strikingly weak demand for its sports and athleisure products. And Intel’s shares slid after the CEO sparked concerns that he’s more focused on cost cutting than restoring the chipmaker’s technological edge.

Cautious British households are more inclined to save money than at any point since the run-up to the global financial crisis, according to a survey of consumer sentiment. And, in case you missed it, the latest UK purchasing managers’ index pointed to a loss in momentum and more job cuts in July.

The Aquarium of Rome wanted to open this year to show the millions of tourists flocking to the Italian capital that there’s more on offer than ancient history and old churches. Instead, the decades-old endeavor is a study in exactly what can go wrong when trying to finance modern construction projects.

Deep Dive: Luxury Travel in Africa

Source: Jumeirah Thanda Island

A private island off the coast of Tanzania, where guests pay around $50,000 a night for an exclusive-use villa, catamaran and helicopter transfers, is the latest frontier in Africa’s booming luxury hospitality market.

• Part of the Dubai ruler’s business empire, the island resort within a protected marine reserve reflects a broader surge of global investor interest in African hospitality.
• From vineyard stays to luxury safaris and gorilla trekking, billionaires, tech moguls and Middle Eastern investors are pouring capital into the continent, seen as one of the last underpenetrated markets for luxury travel.
• While some investors are focused on long-term returns or legacy assets for future generations, others are chasing what Trevor Ward, managing director of W Hospitality Group, calls “return on ego.”

The Big Take

The Big Take Podcast: Oil-Rich University of Texas Turns to Renewable Energy

Opinion

The rational response to the intense heat, high prices and overcrowding that blight the Mediterranean in July and August is to visit in the spring or fall, Chris Bryant writes. The trend to travel in the so-called “shoulder season” could help ameliorate overtourism—but this rebalancing won’t happen without a coordinated industry effort.

Before You Go

Bank Station during a heat wave in London. Photographer: Jose Sarmento Matos/Bloomberg

Sweltering. A popular weekday journey from the financial center on London’s Central line has stayed within heat wave conditions every day this summer, according to a Bloomberg heat index. Temperatures can climb quickly, routinely reaching 31C for several days in a row. And even when the weather shifts, the Underground is slow to cool.

The next time a banker pitches an investment to GIC, one of the world’s biggest sovereign wealth funds, their deal might get picked apart by its latest AI tools—a Virtual Investment Committee and a “Devil’s Advocate” chatbot designed to ask tough questions.

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