Former normal Prabowo takes workplace in Indonesia

In as we speak’s publication:

• Indonesia’s new president takes workplace

• Israel assaults Hizbollah-linked monetary establishments

• Crypto has designs on actual property

Good morning. Prabowo Subianto was sworn in as Indonesia’s president yesterday with bold plans to spice up progress whereas claiming a much bigger worldwide position for south-east Asia’s largest financial system.

The previous navy normal takes over from Joko Widodo eight months after a landslide victory in February’s presidential election. His swearing-in ceremony was attended by leaders and senior officers from greater than 30 nations, together with Singapore’s Prime Minister Lawrence Wong, Philippine President Ferdinand Marcos Jr and Chinese language vice-president Han Zheng.

The inauguration caps a exceptional turnaround for Prabowo. The previous commander of the nation’s feared particular forces was dismissed from the navy and as soon as banned by the US for the alleged kidnapping of democracy activists. He has at all times denied the accusations.

Prabowo received over hundreds of thousands of Indonesians with the backing of the extremely standard Widodo and by promising coverage continuity in addition to free faculty lunches, an enormous programme anticipated to price $28bn.

However he has already indicated a departure from his predecessor in every part from authorities spending to overseas coverage. Right here’s what to know concerning the Prabowo presidency.

Right here’s what else I’m retaining tabs on as we speak:

• Financial knowledge: Malaysia reviews advance third-quarter GDP.

• Financial coverage: China’s central financial institution proclaims its one-year mortgage prime fee resolution.

• Power transition: Singapore Worldwide Power Week begins with audio system together with trade executives and power ministers from Tanzania, Cambodia, Laos, Australia and New Zealand, discussing power safety and transition plans.

• Samoa: The 2024 Commonwealth heads of presidency assembly begins in Apia, Samoa, the primary to happen on a growing Pacific Island.

5 extra prime tales

1. Companies and households in main economies are struggling to bounce again from the period of excessive inflation as precarious progress prospects and political uncertainty weigh on their confidence. Though financial exercise stays comparatively agency, confidence indicators have slid sharply or stay caught in adverse territory, in accordance with analysis for the FT.

2. Israel has launched a wave of air strikes throughout Lebanon after its navy mentioned it might goal Hizbollah-affiliated monetary establishments. The assaults will additional heighten Lebanese fears that Israel is increasing its offensive towards the Iranian-backed militant group past navy infrastructure.

3. Elon Musk’s pledge to dole out cash to registered voters who signal his petition backing free speech and the correct to bear arms has garnered scrutiny for doubtlessly violating election guidelines. The billionaire entrepreneur, who has change into one in every of Donald Trump’s largest company backers, awarded a $1mn cheque on Saturday to an viewers member at a rally in Harrisburg, and one other at an occasion in Pittsburgh yesterday, as he campaigned in Pennsylvania.

• Trump’s vulgar rally: The Republican candidate fuelled additional questions on his way of thinking on Saturday by delivering off-colour remarks throughout an occasion in Pennsylvania.

• Extra US election protection: Is Kamala Harris losing help amongst Black males? Trump has made inroads with a historically Democratic demographic that can be essential within the election.

4. Shares in nuclear power firms surged to report highs final week after Amazon and Google struck landmark offers to deploy the primary small modular reactors (SMRs) within the US. Traders regarded the agreements as proof {that a} nuclear renaissance is gathering tempo, after a hunch following the Fukushima accident in Japan in 2011.

5. Members of Boeing’s largest labour union will vote on Wednesday whether or not to finish a pricey strike that has crippled manufacturing for greater than a month. The vote will happen on the identical day that the stricken US airplane maker is because of report its outcomes for the third quarter. Right here’s extra on Boeing’s vital week.

Home & Dwelling

Shopping for blockchain-listed “slices” of properties is slowly gaining recognition amongst crypto followers as excessive home costs in giant cities like London and New York make shopping for actual property unaffordable for a lot of. However there are a number of points. Not least, traders complain, difficulties promoting tokens and issues arising from tenant points. Can this nascent however troubled market discover its ft past the crypto crowd?

We’re additionally studying . . . 

• Nikon: The Japanese firm’s chipmaking gear has escaped US export restrictions to China, however the scenario is unstable. “The rules [on export controls] could get changed tomorrow,” president Muneaki Tokunari instructed the FT.

• ‘If you cough, you’re off’: Pilita Clark wonders why it’s so onerous to observe this primary rule of flu season workplace etiquette.

• Synthetic intelligence: Right here’s how AI firms are infusing their chatbots with extra persona.

Chart of the day

The Japanese yen has fallen sharply in current weeks, hitting ranges not seen since earlier than a sudden surge in the summertime that reverberated throughout international markets. Right here’s what’s driving the Japanese foreign money’s slide.

Take a break from the information

Meet China’s most well-known foreigner: Canadian comic Mark Rowswell, higher identified by his Chinese language title Dashan. Rowswell rose to prominence doing stand-up in excellent Mandarin, and is now touring the nation in a Chinese language-language manufacturing of The Shawshank Redemption. “His almost mythological status, like many myths, is tied up in the soul of a nation,” writes Shanghai correspondent Thomas Hale on this must-read profile.