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Good morning. We start at the moment with the hotly anticipated prison trial of Sam Bankman-Fried, which kicked off on Wednesday with duelling opening statements in entrance of a Manhattan jury.
The previous cryptocurrency tycoon’s attorneys laid out their defence, saying Bankman-Fried has been painted as a “cartoon villain” by prosecutors whose case relies upon largely on hindsight.
Earlier on Wednesday, US prosecutors had accused Bankman-Fried of committing “fraud on an enormous scale”, mendacity to traders, lenders and clients of his FTX crypto exchanges.
“This man stole billions of {dollars} from hundreds of individuals,” assistant US lawyer Thane Rehn advised jurors, pointing forcefully at Bankman-Fried, who sat impassively on the defence desk.
Our report from the courthouse has more, including what to expect in the coming days.
Right here’s what else I’m protecting tabs on at the moment:
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Japan: A second spherical of wastewater is ready to be launched from the stricken Fukushima nuclear plant, a transfer that’s furiously opposed by China and different regional neighbours. However most specialists say the discharge is safe.
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Financial information: France studies industrial manufacturing information, Germany publishes commerce steadiness figures and the S&P International/Cips building buying managers’ index is due for the UK.
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Sport: The 2023 ICC Cricket World Cup begins in India, with England taking up New Zealand within the first match.
5 extra prime tales
1. Chinese language authorities have accepted the “rectification” of China-focused consultancy Capvision, the corporate has stated in an announcement, simply months after Beijing launched a crackdown on the operations of overseas consultancies and due diligence teams. State media in Could reported that safety brokers had raided a number of places of work of Capvision, which turned emblematic of Beijing’s considerations that international business consultants posed a national security threat.
2. Republicans on Capitol Hill have begun their seek for a brand new chief, a day after a historic rebel by hardline occasion members unseated Home of Representatives Speaker Kevin McCarthy and plunged Washington into turmoil. The race is prone to be dominated by allies of Donald Trump — a few of who’ve advised the previous president ought to enter the race. Here’s more on the potentially messy fight for the Speaker’s gavel.
3. Airbnb is plotting a push into longer-term housing leases and a renewed drive on experiences as a part of a shake-up of the journey lodging app, chief government Brian Chesky advised the FT. From subsequent yr, the net rental firm would “go somewhat bit past its core enterprise”, Chesky stated. Read more on his plans for the app.
4. Russia has warned it can oppose a world deal to cut back using fossil fuels, organising a conflict with western powers at this yr’s UN local weather summit. The US and EU member states are amongst a big group of nations calling for a timeline to part out using fossil fuels forward of the COP28 local weather summit in November. Russia’s opposition highlights how resistance from a few of the main oil, fuel and coal producers might undermine a brand new local weather pact. Read the full story.
5. Japan’s central financial institution made unscheduled purchases of presidency debt on Wednesday as yields on benchmark bonds hit their highest mark in a decade, whereas a world market sell-off additionally continued to drive US Treasury yields to 16-year highs. The BoJ is beneath rising strain to keep up its coverage of controlling yields on the 10-year JGB whereas additionally limiting a slide within the yen. Here’s more on the bank’s offer.
Information in-depth
![An image of builders laying cobblestones](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F087e29e1-82e9-43e4-8667-95a8c860fbb9.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)
Indian companies are starting to make forays into Jammu and Kashmir, fours years after Narendra Modi’s authorities cracked down on the risky northern territory. New Delhi has been quietly urgent firms to put money into Kashmir since revoking the state’s particular autonomous standing in 2019. Because the unrest has abated — with dissidents silenced or imprisoned — some firms are actually heeding the federal government’s name, driving a business revival in the troubled region.
We’re additionally studying . . .
Ballot of the day
Local weather change is making historically widespread sunbelt places more and more unsustainable as locations to reside, causing many to look north. Have you ever thought-about shifting to flee the results of local weather change? Vote in our latest poll.
![Graphic asking if you would consider moving to escape climate change effects](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4c552de2-0d7d-45e6-b2f5-ad2b620f545b.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)
Take a break from the information
The British thoroughbred Frankel retired in 2012 following an undefeated 14-race profession — in all chance, “the perfect there’s ever been”, based on his coach. Right this moment, Frankel lives fortunately in his birthplace at Banstead Manor Stud, the world’s most profitable stud farm. The FT received an exclusive tour.
![A horse crosses the track on the Warren Hill synthetic gallop in Newmarket](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F375fd178-d565-44aa-a806-0a501301ad6e.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)
Extra contributions from Tee Zhuo and Gordon Smith