Live News Update: Alibaba to ‘strive to hold on’ to shares in New York amid delisting threat

Live News Update: Alibaba to ‘strive to hold on’ to shares in New York amid delisting threat

This week, the caravan of the Conservative leadership contest moves from parliament to the country membership. Ballots are expected to fall on mats of 150,000 Members of the Tory Party over the next few days, while finalists Liz Truss and Rishi Sunak will face off in another televised debate on Sky News on Thursday at 8pm.

But have the Tories already made up their minds? Polls showed Truss pulling ahead of the former chancellor among the ranks. Stephen Bush, who runs the newsletter Inside Politics, warns that Sunak has limited time to close the gap with Truss, because “most Conservative members will vote immediately when their ballot papers arrive”.

Whoever wins the leadership race will inherit a wave of industrial discontent. Thousands of BT staff will walk out on Monday in the second of two strikes, led by the Communications Workers Union, over a pay dispute. In response to BT’s £1,500 to pay negotiable which it offered to staff in April, the CWU said company bosses had “given two fingers” to workers. Dockers at the UK’s largest container port are also expected to strike in August.

On the other side of the Atlantic, Hungarian Prime Minister Viktor Orbán will speak at the Conservative Political Action Conference in Dallas despite international backlash after a speech he gave about race that led to resignation of one of his close associates, who called it “pure Nazi”.

Speaking of controversial international travel, Kathrin Hille reports that China is pulling out all stops — possibly including the military — to dissuade House Speaker Nancy Pelosi from visiting Taiwan in the next few days.

After the doom and gloom, we can look forward to a weekend of joy. As well as International Beer Day on Friday, the streets of Brighton will be awash with glitter as one of the UK’s biggest Pride events gets underway. The annual LGBTQ parade will see thousands of people gather on the south coast of England. And don’t miss it The fire of love on the big screen, writes our film critic Danny Leigh.

Economic data

The Bank of England will be in a tight (tight) position on Thursday as its Monetary Policy Committee considers how high to raise interest rates in an attempt to bring inflation down to its 2 percent target. It is currently at a 40-year high of 9.4 percent and is expected to rise. Governor Andrew Bailey he said an increase of half a percentage point — which would be the largest increase in 27 years — is on the table.

The BoE is under pressure to step up efforts to curb inflation after the US Federal Reserve raised its benchmark rate by 0.75 percentage points for the second straight month on Wednesday. The White House will trumpet any good news on US employment this week to ease fears of a recession. Economy decreased for the second quarter in a row and “core” personal consumption expenditures rose 0.6 percent in June.

Companies

The August lull in earnings is not quite on the horizon. After last week’s madness, things will calm down just a little in the days ahead, says FT corporate commentator Cat Rutter Pooley.

The story of consumer goods and drinks groups raising sales forecasts due to rising inflation is firmly placed ahead of Heineken’s results on Monday and Kellogg’s on Thursday.

Windfalls earned by oil and gas groups were also a major focus of the earnings season. After Shell earned $11.5 billion in a record quarter, it’s BP’s turn to step into the political storm on Tuesday. The UK has imposed extra taxes on energy companies this year, but another round of record profits could increase calls for more levies.

And while the major US banks have been giving their updates for what seems like years ago, reports from the European banking sector are still trickling in. HSBC will update whether the blockades in China continued to affect its Asian profitability, while Bank of Ireland and Commerzbank report on Wednesday.

Read the calendar for the entire week in advance here.



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