Stay informed with free updatesSimply subscribe to the Global Economy myFT Digest – delivered straight to your inbox.Good morning. We begin today in South Korea, where a disgraced former minister who vowed revenge against President Yeon Suk-yeol helped deliver a resounding defeat to the conservative leader in parliamentary elections.Former Justice Minister Cho Kuk, who was convicted on corruption charges after Yoon investigated him while he was chief prosecutor, has campaigned to end Yoon's “prosecutor's dictatorship.”Cho's newly formed Korea Reconstruction Party is expected to win between 14 and 16 seats, as voters expressed anger over the rising cost of living. Yesterday's…
Author: ricardofrancois
Washington – Japanese Prime Minister Fumio Kishida addressed US lawmakers at the Capitol on Thursday, urging them to consider the importance of global commitments at a time of tension in the Asia-Pacific region and deep suspicions in Congress about US intervention abroad.Kishida is in Washington this week to visit President Biden as the White House continues hosting all of the leaders of the Quad — an informal partnership between the United States, Japan, Australia and India that is seen as important for countering China's growing military power in the region. Kishida highlighted the value of the United States' commitment to…
Each year, the Gerald R. The Ford Presidential Award is intended to honor acts of political courage. Criteria include strength of character, sound judgment, decisiveness (“particularly during periods of crisis”) and determination “in the face of adversity.”David Hume Kennerley, a member of the foundation's board, had in mind the ideal candidate: Liz Cheney.The former Wyoming congresswoman sacrificed her political career and was effectively expelled from the Republican Party for defying President Trump and overseeing Congress's investigation into the January 6, 2021 insurrection, as well as Trump's treacherous attempts to overturn the 2020 election. “There was only one human being on…
The Mustang Mach-E driver who crashed into a parked car in Texas in February was using Ford's hands-free driver assistance system, BlueCruise, according to data obtained by the National Transportation Safety Board (NTSB). It's the first known fatality resulting from a crash using BlueCruise, which Ford first announced in 2021. The system allows drivers to take their hands off the steering wheel on pre-mapped highways and uses eye tracking to determine whether drivers are paying attention. To the road. The NTSB's announcement that BlueCruise was active during the Texas crash comes just one day after the safety board announced it…
The F-150 Lightning will be shown at the New York International Auto Show on March 28, 2024. Danielle Defries | CNBCDEARBORN, MICHIGAN —” ford motor The company is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues.Inline models are expected to ship later this month for $2,000 to $5,500 less than before the automaker halted shipments due to undisclosed quality issues in early February.The biggest price drop is on the mid-level Flash model of the pickup truck, now down $5,500 to $67,995. This was followed by a…
Sam Bankman-Fried, founder of bankrupt cryptocurrency exchange FTX, arrives in court as lawyers seek to convince the judge overseeing his fraud case not to jail him before trial, in a New York court, August 11, 2023.Eduardo Munoz | ReutersAn attorney for FTX founder Sam Bankman Fried on Thursday filed a notice of appeal from his federal fraud and conspiracy conviction and 25-year prison sentence.Bankman-Fried's appeal came two weeks after he was sentenced in US District Court in Manhattan and ordered to pay $11 billion in forfeiture for massive fraud at cryptocurrency exchange FTX and related hedge fund Alameda Research. Prosecutors…
Robert Crum | Getty ImagesDETROIT – Sky-rocketing auto insurance costs helped contribute to faster-than-expected inflation in March and added to rising costs for U.S. car owners.On a monthly basis, auto insurance rates as part of the Consumer Price Index rose 2.7% unadjusted, while year-over-year they rose 22.2%, according to data released Wednesday. The index is a key measure of inflation and a broad measure of the cost of goods and services throughout the economy.Auto insurance costs have been rising for some time, growing every month as part of the index since December 2021. Since then, costs have increased by 45.8%,…
Los Angeles police have linked two young men accused of robbing a convenience store in South Los Angeles to a string of burglaries throughout Los Angeles County. On Saturday, Los Angeles police received a call reporting an armed robbery at a convenience store near the 3200 block of South Central Avenue. When officers arrived at the scene, a witness pointed them to the suspects' vehicle as they fled the store.Officers tried to stop the car to no avail, then pursued it, according to the police report. During the pursuit, police allege one of the vehicle's occupants threw a firearm from…
Sacramento — Thanks to a cash windfall five years ago, Gov. Newsom said he has done away with a state budget “gimmick” that one of his predecessors relied on to reduce the deficit by about $800 million during the Great Recession. The accounting trick, adopted in 2009, delayed state employee salaries from the end of one fiscal year on June 30 to the beginning of the next fiscal year on July 1. A decade later, Newsom spent nearly $1 billion to end the hoax, with one caveat. “If I use it in six years, in a recession, forgive me,” Newsom…
Traders work on the floor at the New York Stock Exchange in New York City, US, February 7, 2024.Brendan McDiarmid | ReutersThe benefits of scale will never be more evident than when banks start reporting their quarterly results on Friday.Since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly performed better than smaller ones. This trend is expected to continue, especially since expectations about the size of interest rate cuts by the Federal Reserve have declined sharply since the beginning of the year.The evolving picture for interest rates – dubbed “higher for longer”…