Good Morning

 

• Israel has killed three Hezbollah commanders and around 70 fighters in southern Lebanon in the last 48 hours as it intensifies its attacks on the group. This comes after the confirmation of the killing of Hashem Safieddine, a key Hezbollah leader. Israel has targeted several Hezbollah leaders as well as other militant groups in its ongoing offensives. At the same time, it has ordered evacuations in southern Lebanese cities such as Tyre.
  
• Donald Trump's campaign has accused the British Labor Party of interfering in the US presidential election. The reason for this is that Labour volunteers have traveled to America to support Kamala Harris. Trump's team has filed a complaint with the US Federal Election Commission and is calling for an investigation into alleged illegal foreign support. Labor leader Keir Starmer denied the allegations and stressed that the volunteers were doing this privately and on their own initiative, as they had done in previous elections.
  
  
• US officials are demanding quick results and accountability from India over a foiled assassination plot against Sikh separatist Gurpatwant Singh Pannun in the US. An Indian intelligence officer is alleged to have masterminded the plot. These allegations are straining relations between the USA and India, although India remains an important strategic partner. India has so far said little about the allegations and denies involvement in both this assassination plot and a similar incident in Canada.
  
• The UK has warned that increased Russian attacks on Ukrainian Black Sea ports are delaying the delivery of grain to Palestinians and the Global South. These attacks are damaging global food security by hitting civilian ships and grain infrastructure. According to Prime Minister Keir Starmer, Russia is putting millions of people in Africa, Asia and the Middle East at risk through these actions in order to pursue its war aims in Ukraine. Despite the war, Ukraine remains an important grain exporter.
• The IMF ran a thought experiment - what would happen if 🇺🇸, 🇨🇳 and 🇪🇺 introduced ~10% reciprocal tariffs? The result: Mies, in 2025 the global economy would lose ~0.8%, then 1.3% in 2026. Sounds abstract, but is becoming more and more real - Donald Trump wants to introduce tariffs of 20% on all US imports and 60% on Chinese goods if he is elected
  
• Following the postponement of the €10 billion Intel chip factory project in Magdeburg, the €2.8 billion project in Saarland is now also in danger of failing. Co-operator ZF Friedrichshafen is unable to make its contribution of €170 million for the time being due to the weak demand for e-cars.
  
• Steel producer Salzgitter has once again lowered its forecast for 2024 and now expects a pre-tax loss of €275-325 million. The company, once celebrated as a role model for strategic alignment and green transformation, is currently struggling with economic challenges.
  
• German government: Prevents sale of ThyssenKrupp shipyards for the time being (MM)
• EU: Reforms European airspace - to reduce air fares (TGS)
• E-cars: Sales figures on the rise again (NTV) 
• Medical technology: More and more Japanese start-ups in Germany (WiWo)
• Deichmann: Acquires shoe brand rights from Esprit (MM)
• IMF: Global fight against inflation “almost won” (CNBC) 
• L'Oreal: Misses profit expectations (WSJ) 
• HSBC: Plans thorough reorganization of company structure (FT)
• Microsoft: Sets up a $10m fund for local journalism with OpenAI (AX)
• Anthropic: Believes its models can take over computers right now
  
• Iran and Saudi Arabia have agreed to hold a joint naval exercise in the Red Sea
• UN Secretary-General Antonio Guterres has arrived in Kazan, Russia, to attend the BRICS Summit. The 16th summit, a key event of the Russian presidency, will take place from October 22-24. It is the first summit with the new members Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates, which joined on January 1, 2024. Representatives from over 30 countries are expected to attend.