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- Cyberattack delays Trump-Musk interview
Cyberattack delays Trump-Musk interview
FTSE 100 bosses earnings revealed!
Good morning, this is It’s The Business, the premium finance, business and tech newsletter that keeps you informed so you can get ahead in your work, life and ventures.
In today’s edition:
1️⃣ Musk/Trump interview hit by cyber attack | 2️⃣ Astonishing pay of FTSE 100 bosses revealed | 3️⃣ Apple vs Google: Phone wars |
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Leading the agenda
🚨Elon Musk’s chat with Donald Trump ‘struck by cyberattack’
📍Top line: Elon Musks’s interview with Republican presidential candidate Donald Trump on X (formerly Twitter) faced significant technical issues, which the tech billionaire attributed to a cyber attack.
The stream’s launch was delayed by over 40 minutes and soon after the conversation began, Musk used the attack as evidence that some people in the US refuse to hear what Trump has to say.
🗣️ What was discussed: The two hour long chat touched on a variety of issues, from the assassination attempt last month to Trump’s stance on immigration.
Surprisingly, Trump also expressed an interest in granting the US States power over education, previously a federally coordinated issue. Education has been a contentious issue in the US for some time given the broad spectrum of political opinions within state governance across the nation.
Towards the end of the interview Musk endorsed Trump, encouraging moderate Republicans to vote for him in the upcoming election. Read more here.
Leading the agenda
🛰️ Liquid water found on Mars
Your new home?
📍Top line: Scientists have confirmed the presence of water on Mars, a discovery that could significantly impact our understanding of the planet and the potential for future exploration.
A NASA lander, using its suite of instruments, detected evidence of water beneath the planet's surface. This suggests Mars has reservoirs of water ice that could be crucial for sustaining human missions.
🏖️When can I go? Unsurprisingly this doesn’t mean you can book your one-way flight to Mars and live your dream alternative Martian lifestyle.
Mars is still inhospitable for humans and will remain so for the foreseeable future, although the discovery of liquid water will speed up the inevitable manned mission to the Red Planet.
Read more here.
Economy
🇨🇳 Overseas investors move $15 billion away from China
The COVID-19 pandemic continues to hinder China’s economy
📍Top line: Investors pulled $15 billion out of China in the second quarter of the year as fears over the stability of their economy rise. As the US economy also rests on a precipice, could the two economic superpowers be entering periods of financial instability?
🏘️ What's gone wrong? This capital flight was driven by several factors, including slowing economic growth, increased regulation, and geopolitical tensions, particularly with the United States. The pullback highlights global investors' cautious stance towards China as they reassess risks in light of the country's uneven recovery from the pandemic and challenges in key sectors like real estate. Read more here
Elsewhere in the economy:
🇬🇧 The UK’s inflation rate is set to rise again after the Bank of England cut interest rates. Exact figures are yet to be released but City analysts believe that it increased from a steady 2% to 2.3% in July. Read more here.
🇪🇺 The Olympics brought 11.3 million tourists to Paris, with the Paralympics expected to deliver a further 4 million in September. Though business is clearly booming, the increased localised demand has spiked inflation in Europe. Read more here.
On this day
In 1961: Construction of the Berlin Wall, one of the most powerful symbols of the Cold War, commenced.
Business
🚨Average pay for FTSE bosses hits a whopping £4.2m
📍 Top line: Average pay for FTSE 100 bosses rose to £4.2m last year as shareholders agreed to bigger payouts. The six female FTSE 100 CEOs received an average pay award of £2.7m whilst the average pay for male CEOs was significantly higher at £4.2m.
💷 The big earners: AstraZeneca’s Pascal Soriot was the highest paid CEO, taking home an astonishing £16.85 million last year. He was followed by Erik Engstrom of RELX, who earned £13.64 million, and Tufan Erginbilgic of Rolls-Royce who was on £13.61 million.
Read more here.
Elsewhere in business:
🇬🇧The threat of further rioting in the UK last Wednesday caused a nationwide 10% drop in sales, UK Hospitality says. Many pubs, restaurants and shops closed in anticipation and some locations saw footfall decline up to 75%! Read more here
🗞️ Boris Johnson is being considered for the position of global editor-in-chief of The Telegraph. The former Prime Minister was previously a columnist for the paper and currently writes for the Daily Mail. Read more here.
Graduate job of the day
🏭 Blenheim Chalcot, the digital venture builder, are hiring for their 2024 graduate programme. The exciting firm build businesses across FinTech, EdTech, Marketing and HealthTech. London based. Apply here.
Tech
📱Google to get jump on Apple in new phone release
Why iPhone if you could be taking AI-assisted selfies?
📍Top line: Google will today take the fight to Apple in the smartphone market and launch the Pixel 9 series. They had scheduled their announcement for October but catapulted it forwards to August to disrupt Apple’s annual September announcement.
👀 What’s new? Though unlikely to impact the diehard Apple fans, some of the features of the new Pixel are completely novel and the market now roughly has a month to get to grips with them before the iPhone 16 is released. The lineup, expected to include the Pixel 9, 9 Pro, and 9 Pro XL, will feature advanced AI capabilities, a new Tensor G4 chip, and significant camera upgrades. Read more here.
Elsewhere in tech:
📱TikTok has been distributing misleading and inaccurate news-style alerts to users, such as a false claim about Taylor Swift and an outdated disaster warning, sparking concerns about the spread of misinformation on the platform. Read more here.
🪪 Polish billionaire Rafael Brzoska is planning to sue Meta over fake advertising featuring his face and misinformation about his wife being spread on the social media platform. Read more here.
Beyond The Biz
🔭 Tonight is your last chance to watch the annual Perseid meteor shower light up UK skies with a spectacular display of shooting stars. If you’ve missed the previous two evenings, get out and watch the light-show!
☀️The UK experienced its hottest temperature since August 2022 yesterday, a sweltering 34.8°C in Cambridge! The “mini-heatwave” is expected to continue today with temperatures of 27°C forecast.
🪩 Geri Halliwell has reportedly canceled plans for a new Spice Girls reunion tour due to escalating tensions with bandmate Mel B. The group had been discussing a new series of shows, even reaching out to Victoria Beckham for a possible guest appearance. Read more here.