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The World
Central bankers face a more challenging economic landscape than they have experienced in decades and will find it harder to root out high inflation, top multilateral officials and monetary policymakers have warned. The world’s leading economic authorities this weekend sounded the alarm about the forces working against the Federal Reserve, European Central Bank and other central banks as they combat the worst inflation in decades. Speaking at the annual gathering of central bankers in Jackson Hole, Wyoming, many said that the global economy was entering a new and tougher era. (Financial Times)
China will be classed as a “threat” to national security for the first time under plans by Liz Truss for a tougher approach to Beijing. The foreign secretary has promised to reshape foreign policy if she becomes prime minister. She has pledged to reopen the integrated review, published last year, which set out British priorities in diplomacy and defence over the next decade. (The Times)
EU foreign ministers expected to suspend Russian tourist visa facilitation: Move comes as EU official says it is ‘inappropriate for Russian tourists to stroll in our cities’. (The Guardian)
Ukraine issues iodine pills as Russia shells Zaporizhzhya nuclear plant again. Pills were being given to people living within a 50km radius of the plant in Enerhodar. The pills were “being distributed in case of any future radiation leak”, he said at which time the government would instruct people to take them. (The Times)
Pakistan declares floods a ‘climate catastrophe’ as death toll tops 1,000. Flash flooding from ‘monster monsoon’ washes away villages and crops and leaves thousands homeless. (The Guardian)
Britain falls out of love with the NHS: poll reveals three in five now expect delays. Almost half of people believe service has worsened in the past year. People no longer believe the NHS will treat them quickly if they fall ill, according to new polling showing wide dissatisfaction about the state of the health service. With hundreds of ambulances stacked outside overstretched A&E departments and patients languishing on record waiting lists, voters are far more likely to say the service has worsened than improved in the last year. (The Times)
Economy
‘Inflation Fever’ Is Finally Breaking — But Central Banks Won’t Stop Hiking Rates: Slowdowns on key commodity markets signal some relief is in store after worst price shock in decades. (Bloomberg)
Retailers Face Uneasy Shoppers as Inventory Piles Up: Chains are discounting items to make room for holiday goods ahead of the key shopping season just as some shoppers pull back. Retail executives and consultants predict the slowest sales growth in the period between November and January in years. (Wall Street Journal)
McKinsey, Bain and BCG lift pay as talent war heats up: Trio have delivered one of the biggest salary increases for new MBA hires in more than two decades. (Financial Times)
Goldman Now Sees UK Economy Entering Recession in Fourth Quarter. (Bloomberg)
ECB officials warn of ‘sacrifice’ needed to tame surging inflation: Hits to growth and employment may be necessary says Schnabel as Villeroy de Galhau says inflation target ‘unconditional’. (Financial Times)
Maybe the U.S. Economy Isn’t Really Shrinking: Gross domestic income, an alternative to gross domestic product as a measure of output, points to a stall instead of a recession. (Wall Street Journal)
Technology
Gartner: global spending on tech, including cloud services, is expected to rise ~3% in 2022, well below the 10% annual growth in 2021 and the nearly 7% in 2020. (Wall Street Journal)
Apple makes it official and will hold its big product launch event on Sept. 7. Also: The company confirms it will delay iPadOS 16 until after the release of iOS 16, employees continue pushing back on an office return, and Peloton takes its bikes to Amazon. (Bloomberg)
Trademark Filings Suggest Apple May Be Securing ‘Reality’ Names for AR/VR Headset: It's aiming to enter the new product category next year. (Bloomberg)
Kaspersky details how the North Korean Kimsuky threat actors use a multi-stage validation scheme to ensure their malware is only downloaded by specific targets. (Bleeping Computer)
Smart Links
NASA's mega-moon rocket ready for liftoff on eve of debut Artemis mission. (Reuters)
KPMG to Cut Manhattan Office Space in Move to New U.S. Headquarters at Hudson Yards. (Wall Street Journal)
Treasury Two-Yields Rise to Highest Since 2007 on Rate-Hike Bets. (Bloomberg)
NBC has discussed giving the 10pm hour to local TV stations to program every day as a cost-cutting move, given broadcast. (Wall Street Journal)