Macron breaks silence on Telegram CEO's arrest

Leading the agenda

^{Macron breaks silence over arrest of Telegram boss}

📍 Top line: President Emmanuel Macron has stated that the French government had no involvement in the arrest of Telegram founder and CEO Pavel Durov. 

Durov was detained on Saturday night after his private jet landed in Paris. His arrest is linked to an investigation involving charges such as complicity in child pornography, drug trafficking, and organized crime laundering, according to the Paris prosecutor's office.

🗣️ Macron’s quote: "The arrest of Telegram's president on French soil occurred as part of an ongoing judicial investigation. This is not a political decision; it is up to the judiciary to decide”

🔥 The backlash: Telegram responded to the arrest stating that its CEO, a Russian-born French-Emirati citizen, had "nothing to hide" and that the company follows EU law. The arrest has sparked criticism from tech industry figures and Russian officials. Russian senator Alexei Pushkov criticized France, calling it a "liberal dictatorship" that "does not tolerate those who value freedom," in a Telegram post. Elon Musk tweeted "#FreePavel," while Edward Snowden accused Macron of "taking hostages" to access private communications.

Business

^{Uber fined €324 million in data protection breach}

📍Top line: Uber has received a record €324 million fine for violating the European Union’s data protection laws by transferring drivers’ sensitive personal data to the US. The breach comes after the company was fined €11 million earlier this year for unlawful data retention.

Uber was found to have shared personal information including payment details and in some cases even medical records without necessary safeguards that would inhibit outsider access to the data.

🧑‍⚖️ Legal battle brewing? The investigation concluded that Uber’s malpractice had been occurring for two years but the company implemented adequate safeguards late in 2023. Uber told Bloomberg that the fine is “completely unjustified” and will file an appeal to have it overturned.

Elsewhere in business:

🇬🇧 Marks & Spencer is set to open its first-ever standalone clothing and beauty store at London's Battersea Power Station this autumn. This marks a strategic shift for the iconic British retailer, traditionally known for selling a mix of food, clothing, and household goods under one roof. The new store will focus on a curated selection of women’s and menswear, including premium lines and beauty products.

🐟 Fish and chips, a beloved British staple, has seen a dramatic price increase, with the average cost rising by over 50% in the last five years. In July 2023, a portion cost nearly £10, compared to £6.48 in July 2019. This surge outpaces other popular takeaways like kebabs and pizza, which saw smaller price hikes of 44% and 30%, respectively.

The price hikes are due to a "perfect storm" of rising costs, including soaring energy bills, tariffs on seafood imports due to the Ukraine war, and extreme weather impacting potato harvests.

Job of the day

👜 Luxury fashion brand Dior have launched their Retail Analyst Internship based in London, open to anyone who has graduated from a business school. The placement offers the opportunity to liaise between retail teams and Head Office, acting as a critical communicator between the two! Apply here now.

Economy

^{Retail prices see their first decline in nearly three years}

📍Top line: Prices in British shops have fallen for the first time in almost three years. In the first week of August 2024, prices fell by 0.3% compared to the same period last year. This marks a significant shift after a period of consistent increases, with the last occurrence of price deflation dating back to October 2021.

🔎 Inside the story: The drop was primarily driven by heavy discounting on non-food items, as retailers worked to move unsold summer stock following a challenging season marked by poor weather and cautious consumer spending. 

📉 What fell? Clothing, footwear, and electronics saw some of the most significant price reductions. Food inflation also showed signs of easing, particularly with fresh food prices, such as fruit, meat, and fish, experiencing their largest monthly decrease since December 2020.

Elsewhere in the economy:

🚆 Sir Keir Starmer is considering the possibility of reviving parts of the HS2 rail project that were previously scrapped by Rishi Sunak’s government, according to The Telegraph. This follows a report by Juergen Maier, the former Siemens UK boss, which recommended a comprehensive infrastructure investment plan. While not officially adopted by Labour, the report is expected to influence decision-making as the current government reviews its rail projects.

🏠 A growing number of Londoners are opting to purchase homes further away from the capital in search of more affordable options. According to a recent report by Hamptons International, the average distance for those moving out of London has reached a record 39 miles in the first half of 2024, up from 33 miles in 2019.

On this day

Michael Jackson's Birthday (1958): Michael Jackson, the "King of Pop," was born on August 29, 1958, in Gary, Indiana. He became one of the most influential and best-selling music artists of all time, with a career that spanned several decades.

Tech

^{Apple to unveil iPhone 16, Watch, and AirPods at live launch event}

📍Top line: Apple has officially announced a product launch event on September 9, 2024, where it will unveil details about the iPhone 16 and other new devices. The event, themed "It’s Glowtime", will be held at the Steve Jobs Theater in Cupertino, California. 

The launch is highly anticipated, especially given Apple's strategic focus on introducing new AI-driven features, such as Apple Intelligence, which will be a key part of the iPhone 16 lineup.

🆕 What’s new? Apple is expected to reveal major updates to its smartwatch lineup and new AirPods models, emphasizing larger displays and noise-cancellation features for the mid-tier AirPods.

Elsewhere in tech:

💵 Mike Lynch’s family now faces the potential of a $3bn fraud battle with tech giant Hewlett Packard. Following Lynch’s tragic death last week, the company’s long-standing claim against the British entrepreneur is set to be passed down to his estate. HPE has not ruled-out continuing the case in the wake of the business tycoon’s death.

🚀 Elon Musk’s space exploration company, SpaceX, is set to launch its first ever private spacewalk today. The crew will attempt to become the first non-government astronauts to enter space. Led by billionaire Jared Isaacman, the Polaris Dawn mission will send individuals further from the surface of Earth than any human has travelled for 50 years!

Beyond The Biz

👑 Ex-England manager, Sven Goran-Eriksson, has sadly passed away at the age of 76 after a battle with cancer. The Three Lion’s first ever foreign manager is best remembered as the man in charge of England’s “Golden Generation”. David Beckham and Wayne Rooney are among the players that have honoured Eriksson with tributes, lauding him as a “true gentleman” and a “special man”.

🎙️Oasis, one of the UK’s most prominent rock bands, have teased a reunion. The Machester-born band, formed by brothers Liam and Noel Gallagher, broke up in 2009 following a backstage brawl in Paris. Fans have pleaded with the pair to regroup to little avail although an Instagram post on the official Oasis account has spurred speculation of a revival.

🚨Win a £100 Amazon voucher 🚨