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FirstFT: Trump ‘central cause’ of Capitol riot

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The committee investigating last year’s attack on the US Capitol said Donald Trump was the “central cause” of the riot that attempted to overturn the results of the 2020 election.

The 845-page report was released yesterday after an 18-month investigation into the events of January 6 2021. It presented evidence of what it called “a multi-part plan to overturn the 2020 Presidential election” (read a copy of the full report here).

This week the nine-member committee, led by Democratic House member Bennie Thompson and Republican vice-chair Liz Cheney, voted unanimously to recommend that the justice department pursue criminal charges against Trump on four counts, including assisting the rebellion and obstructing an official government proceeding.

Attorney-general Merrick Garland has tapped Jack Smith as a special counsel to investigate the former president in connection with both his role in the January 6 attack and his mishandling of sensitive government material at his Mar-a-Lago estate.

The committee’s conclusions are not binding on Smith, but legal experts say they could be hard to ignore for him and his team of prosecutors and investigators.

1. UK joins the criticism of Biden’s IRA Kemi Badenoch, the UK’s international trade secretary, has written to her US counterpart, Katherine Tai, to criticise Joe Biden’s $369bn package of green subsidies. She said the Inflation Reduction Act was protectionist and would hit UK-based makers of electric vehicles, batteries and other renewables, in a letter seen by the FT.

2. Bankman-Fried to be released on $250mn bond The FTX founder made his first appearance in a Manhattan federal court yesterday in leg cuffs. A federal magistrate judge agreed to his release on what government lawyers said was the “largest-ever pre-trial bond”, secured against the home of his parents in California, where he will be confined.

3. TikTok admits tracking FT journalist TikTok owner ByteDance has admitted to inappropriately obtaining user data, including on an FT journalist. The Senate this month passed a bill barring federal employees from using the viral social media platform on government-issued devices because of its threat to US security.

4. US accuses North Korea of arming Kremlin-linked Wagner Group The US National Security Council said the deliveries to the private military company, which has deployed mercenaries in Ukraine, began in November but have not had a significant impact on the course of the war. The US estimates there are 50,000 Wagner fighters deployed in Ukraine and that they played a major role in the recent campaign in the eastern Ukrainian city of Bakhmut.

5. Guggenheim Partners’ chief investment officer Scott Minerd dies Minerd joined Guggenheim shortly after its founding in 1999 and became a well-known commentator on markets. He was also a key adviser to US central bankers as a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets. Body building was one of his greatest passions.

Scott Minerd joined Guggenheim shortly after its founding in 1999 and became a well-known commentator on markets

The days ahead

House spending bill vote The House of Representatives is expected to vote on the $1.7tn annual spending bill today. The Senate yesterday approved the omnibus bill, which includes $45bn in emergency assistance for Ukraine and will fund the government through to September.

Markets outlook Stock markets were expected to be little changed when they open for the final session before Christmas. Yesterday, upbeat economic data bolstered expectations that the Federal Reserve would continue to aggressively lift borrowing costs to fight inflation but sent stocks tumbling.

Economic data The commerce department will release the latest reading of the Federal Reserve’s preferred inflation metric, the core personal consumption expenditures price index. New orders for manufactured goods lasting more than one year, a key component of GDP, are also released. And the University of Michigan will provide a final reading of its December consumer sentiment index.

What else we’re reading

Big investors warm to bonds after 2022 sell-off Big investors are wading back into the bond market, with some fund managers arguing that fixed income is set to regain its role as a portfolio ballast to riskier assets.

  • Go deeper: FT experts and financial industry insiders examine where the next big threats to the global financial system lie in this new video.

How Adidas lost its lustre Adidas is in crisis. It suffered from a triple whammy of misfortune this year. And as it awaits a new chief executive, the FT interviewed 17 current and former executives and discovered claims of a toxic management culture that left staff traumatised.

What Elon Musk could be looking for in a Twitter CEO The archetypal Musk lieutenant is defined by technical competency, loyalty and someone who likes to live in the shadow of their boss. That will be different at Twitter, says Richard Waters, as the billionaire begins the search for a new CEO to run his social media platform. Here are his top candidates.

How technology was discounted in 2022 Sticking with tech and Innovation Editor John Thornhill explores the reasons behind the brutal revaluation of prices in the sector this year. What John calls the “revenge of reality”.

‘We have no beds, we have no oxygen’ Just weeks after China abandoned its tough coronavirus containment measures, with little preparation for the exit wave that would rip through the country, hospitals in Beijing are being overwhelmed by sick elderly Covid patients.

Five financial new year resolutions for 2023 Consumer Editor and presenter of the Money Clinic podcast Claer Barrett offers five ways to reboot your budgeting in the face of a cost of living crisis.

Year in a word

Every year FT editors and correspondents reflect on the words of the year. Najmeh Bozorgmehr begins the series with the three-word slogan that served as the rallying cry for Iran’s protest movement.

Thank you for reading FirstFT this year. We hope all our readers have a relaxing and happy holiday. We will be taking a short break but are back in your inboxes on Tuesday, December 27.


Source: Economy - ft.com

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