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Good morning! Chip designer Arm’s shares closed up by 25% on its first day of trading on the Nasdaq exchange on Thursday. SoftBank-backed Arm is now valued at over $65 billion. The IPO raised nearly $5 billion for SoftBank, making it the largest US listing since November 2021. Arm’s successful listing is expected to boost confidence in the wider IPO market. Read the full story here.
The Arm IPO has prompted a closer examination of SoftBank founder Masayoshi Son’s future strategy and his track record as a dealmaker. Read about it in this article by Leo Lewis. Here are some other updates to watch today and over the weekend:
– China: Retail sales and industrial production figures for August will be released.
– Malaysia Day: On Saturday, Malaysia celebrates the anniversary of the establishment of the Malaysian federation in 1963.
– Australia: Philip Lowe steps down as Reserve Bank of Australia governor on Sunday and will be succeeded by Michele Bullock.
Test your knowledge of this week’s news with our quiz.
Here are five more top stories:
1. Beijing criticizes the EU’s investigation into China’s electric car industry, calling it a “naked protectionist act” and warning of negative impacts on relations. This is the first official comment from China on the probe.
2. Russian president Vladimir Putin has accepted Kim Jong Un’s invitation to visit North Korea. The visit would be Putin’s first since 2000 and highlights the strengthening ties between Moscow and Pyongyang.
3. A Beijing lending program designed to revive China’s debt-stricken property market has had little success in its first year. State-backed lenders have disbursed less than 1% of the scheme’s $27 billion, as they struggle to find creditworthy developers.
4. UK Chancellor Rishi Sunak acknowledges the need for further investment to address the security challenges posed by China. This admission follows a report in July that criticized the UK’s approach to China’s spying operations.
5. Hunter Biden, son of US President Joe Biden, faces federal charges related to gun offenses. He has been indicted for false statements and illegal possession of a firearm.
Read more about these stories here.
In-depth news:
Former Thai prime minister Thaksin Shinawatra has returned to Thailand after 15 years of self-exile. However, his return has caused feelings of betrayal among his supporters in Chiang Mai, as his Pheu Thai party has allied with parties backed by the military-dominated establishment. Take a look at this report by Michael Peel.
Chart of the day:
The European Central Bank has raised interest rates to a record high in an attempt to curb consumer prices. The bank’s decision to raise its deposit rate for the 10th consecutive time, bringing it to 4%, comes as officials lower their growth forecasts for the eurozone economy.
Take a break:
Watch these six films this week, including “Past Lives,” the debut film from South Korean-Canadian playwright Celine Song.
This newsletter was brought to you in collaboration with Miles Ellingham and Tee Zhuo.
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