FirstFT: Elon Musk pulls one other U-turn

Good morning. This text is an on-site model of our FirstFT publication. Signal as much as our Asia, Europe/Africa or Americas version to get it despatched straight to your inbox each weekday morning

Elon Musk has supplied to purchase Twitter for the initially agreed worth of $44bn, in a transfer that would put an finish to one of the vital high-profile company authorized battles in many years.

The Tesla chief despatched a letter to Twitter on Monday night time providing to go forward with the deal, lower than two weeks earlier than the 2 events have been set to go to trial in Delaware Chancery Court docket.

In keeping with a regulatory submitting on Tuesday, Musk’s attorneys mentioned within the letter that the entrepreneur supposed to shut the deal on the beforehand agreed worth of $54.20 a share, as soon as debt financing is acquired, offered the courtroom halted the authorized motion and adjourned the upcoming trial and associated proceedings.

“The Musk events present this discover with out admission of legal responsibility and with out waiver of or prejudice to any of their rights,” the letter mentioned.

In a press release, a Twitter spokesperson acknowledged that it had acquired the letter and mentioned that the “intention of the corporate is to shut the transaction at $54.20 per share”.

Meet up with the most recent on the Twitter deal saga right here.

Do you assume Twitter ought to go forward with the deal? E-mail your ideas to [email protected] or reply to this electronic mail. Right here is the remainder of at this time’s information — Emily

1. US to impose export controls on Chinese language chipmakers The US commerce division is getting ready to introduce sweeping export controls in an effort to sluggish Chinese language efforts to acquire semiconductors and chipmaking tools for supercomputers and different military-related purposes. In keeping with these acquainted with the scenario, the restrictions would primarily bar US firms from promoting cutting-edge expertise to Chinese language teams.

2. North Korea fires ballistic missile over Japan The launch from Pyongyang over Japan, the primary since 2017, sparked emergency public alerts amid a pointy rise in provocations by North Korea. Officers in Seoul and Tokyo mentioned the missile was launched from North Korea’s Jagang province early yesterday and fell outdoors Japan’s unique financial zone, which stretches 200 nautical miles from the coast.

3. Dalio palms over reins at Bridgewater Ray Dalio, 73, the billionaire founding father of hedge fund Bridgewater Associates, has given up management of the agency, ending a drawn-out transition of energy that had come to outline the trade’s succession issues. Dalio will stay on the board as founder and CIO mentor.

4. RBA delivers smaller-than-expected charge rise Australia’s central financial institution’s 0.25 share level rate of interest enhance got here as most analysts had anticipated the Reserve Financial institution of Australia to ship a fourth consecutive 50 foundation level enhance. The nation’s benchmark S&P/ASX 200 rose on the information of the smaller rise.

5. Naver shares droop after buying Poshmark Shares in South Korea’s largest web group Naver dropped yesterday after it introduced a $1.2bn deal to purchase Poshmark, a US clothes reseller, because it pushes into the booming second-hand vogue market. The deal is Naver’s largest acquisition and its first foray into Silicon Valley.

The day forward

Opec+ meets Riyadh, Moscow and different producers are set to announce deep cuts at a gathering of the Opec+ cartel at this time, in response to individuals with data of the discussions.

Indian house minister visits Kashmir area Indian house minister Amit Shah is about to talk earlier than a rally in Indian-administered Kashmir at this time. The go to comes amid rising rigidity within the area. (Indian Specific)

Tory convention UK prime minister Liz Truss will ship the closing speech at her social gathering’s annual convention in Birmingham.

What else we’re studying

China’s property crash What started as a property disaster — with slumping condo gross sales and developer debt defaults — is morphing right into a monetary crunch for native governments. Learn the primary a part of a brand new sequence inspecting the influence of the disaster brewing on the earth’s second-largest economic system.

  • Opinion: Xi Jinping will shortly be confirmed for a 3rd time period as normal secretary of the Communist social gathering and head of the navy. However his achievement of such is harmful for China and the world, writes Martin Wolf.

Japan strikes to fill Asia’s vitality funding hole Japan is able to exploit a pointy decline in China’s abroad lending by serving to Asia-Pacific nations tackle the $40tn price of combating local weather change. Tokyo’s efforts to take the lead in rulemaking for inexperienced financing in Asia come amid a worldwide debate about how rapidly nations ought to shift to cleaner types of vitality.

Which nuclear weapons may Putin use in opposition to Ukraine? It has been known as the largest nuclear menace to world security because the 1962 Cuban missile disaster: as Vladimir Putin seeks to salvage his invasion of Ukraine, the Russian president has stepped up his threats to make use of nuclear weapons. That is what we all know concerning the nuclear weapons Putin might be tempted to make use of.

Russia’s tactical forces graphic

The quiet ascent of Chinese language high-tech start-ups Following a bruising regulatory onslaught by Beijing on its web giants and a flurry of US sanctions in opposition to Chinese language expertise firms, many traders have curbed their publicity to China tech. However overseas capital continues to be flowing into high-tech sectors.

How huge is the capital gap at Credit score Suisse? The price of shopping for insurance coverage in opposition to Credit score Suisse defaulting on its debt soared to a document stage yesterday, as analysts and traders questioned the energy of the Swiss financial institution’s stability sheet. Simply how huge is the capital gap on the financial institution? Our reporters examine.

Foods and drinks

Our FT Globetrotter information shares the place to feast on Japan’s regional flavours — with out leaving Tokyo. Let the capital take you on a culinary journey across the nation, sampling every thing from the north’s “soup curry” to the far south’s Spam and tofu speciality.

Thanks for studying and bear in mind you’ll be able to add FirstFT to myFT. You too can elect to obtain a FirstFT push notification each morning on the app. Ship your suggestions and suggestions to [email protected]

The Local weather Graphic: Defined — Understanding a very powerful local weather knowledge of the week. Enroll right here

Lengthy Story Brief — The largest tales and greatest reads in a single good electronic mail. Enroll right here