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Good morning! Let’s kick off today with the highly anticipated criminal trial of Sam Bankman-Fried. The trial began on Wednesday with opening statements in front of a Manhattan jury. Bankman-Fried’s lawyers presented their defense, arguing that he has been unfairly portrayed as a “cartoon villain” by prosecutors who are relying too heavily on hindsight.
Earlier in the day, US prosecutors accused Bankman-Fried of committing massive-scale fraud, alleging that he lied to investors, lenders, and customers of his FTX crypto exchanges.
“This man stole billions of dollars from thousands of people,” said assistant US attorney Thane Rehn, pointing directly at Bankman-Fried, who remained impassive at the defense table.
For more details on the trial, including what to expect in the coming days, read our report from the courthouse. Here are a few other stories I’m keeping an eye on today:
Japan: The Fukushima nuclear plant is preparing to release a second round of wastewater, a move that is strongly opposed by China and other neighboring countries. However, most experts believe that the discharge is safe.
Economic data: France will report industrial production data, Germany will publish trade balance figures, and the S&P Global/Cips construction purchasing managers’ index for the UK is due.
Sport: The 2023 ICC Cricket World Cup begins in India, with England facing off against New Zealand in the opening match.
Here are five more top stories:
1. Chinese authorities have approved the “rectification” of China-focused consultancy Capvision, just months after Beijing cracked down on the operations of foreign consultancies and due diligence groups. Capvision had become a target of concern for Beijing, which feared that international business consultants posed a national security threat.
2. Republicans on Capitol Hill are searching for a new leader after a rebellion by hardline party members unseated House of Representatives Speaker Kevin McCarthy. Allies of Donald Trump are expected to dominate the race, with some suggesting that the former president should enter the race himself.
3. Airbnb is planning to expand into longer-term housing rentals and experiences as part of a revamp of its travel accommodation app. CEO Brian Chesky revealed that the online rental company will go “beyond its core business” next year.
4. Russia has warned that it will oppose a global deal to reduce the use of fossil fuels, setting the stage for a clash with western powers at this year’s UN climate summit. The US and EU member states are among the countries calling for a timeline to phase out fossil fuels, but Russia’s opposition could undermine the new climate pact.
5. Japan’s central bank made unscheduled purchases of government debt on Wednesday as yields on benchmark bonds reached a ten-year high. The Bank of Japan is under pressure to control yields on the 10-year JGB while also preventing the yen from sliding further.
In-depth news:
Indian businesses are starting to invest in Jammu and Kashmir, four years after the region lost its special autonomous status. With dissenters silenced or imprisoned, the government has been encouraging companies to invest in the troubled region. As the unrest subsides, some companies are answering the government’s call, leading to a business revival.
We’re also reading:
Poll of the day: Climate change is causing traditionally popular sunbelt locations to become increasingly unsustainable. Have you considered moving to escape the effects of climate change? Vote in our latest poll.
Take a break from the news: Take an exclusive tour of Banstead Manor Stud, the world’s most successful stud farm and the birthplace of the legendary racehorse, Frankel.
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