Economy

WASHINGTON (Reuters) -Democratic leadership in the U.S. Senate could add language protecting gay marriage rights to a stopgap measure to keep the federal government funded and running, in a bill that will need Republican support for passage, a Democratic source said on Tuesday.Such a move could up the pressure in the evenly divided chamber, as it faces a Sept. 30 deadline to avoid partial federal agency shutdowns when money runs out. Republicans on Tuesday warned that they considered the pairing a political stunt.Congress has less than four weeks to pass the measure before returning to the campaign trail for the Nov. 8 midterm elections, when President Joe Biden’s Democrats are expected to lose their thin majority in the U.S. House of Representatives. Control of the Senate is also up for grabs.Republican cooperation will be necessary in the Senate to pass the temporary funding bill that may last until December, which is needed because the two parties have yet to agree on a dozen regular funding bills. Democrats control the 50-50 Senate thanks to Vice President Kamala Harris’ tie-breaking vote.Senate Majority Leader Chuck Schumer, the chamber’s top Democrat, vowed to enact the funding package and avoid a politically damaging government shutdown. “Democrats are going to work in good faith to avoid even a hint of a shutdown. And it is my expectation that our Republican colleagues will do the same,” Schumer said in a Tuesday floor speech. He has previously pledged to hold a vote on a House-passed bill codifying the right to same-sex marriage. The idea arose after conservative Supreme Court Justice Clarence Thomas in June wrote that the same logic that caused the court to overturn the national right to abortion could also lead it to reconsider its earlier decision legalizing same-sex marriage.It is not clear that a bill codifying same-sex marriage would have the 10 Republican votes needed to pass. In recent days, senior Democrats have considered the possibility of adding it to the must-pass funding measure in hopes of ensuring approval, the Democratic source said. Some Republicans pushed back on the idea of attaching the same-sex marriage legislation to the government funding measure. “It’s frankly a political stunt. Same-sex marriage … isn’t in political jeopardy,” said Republican Senator John Cornyn, who predicted that combining the two bills could hamper support from his fellow party members.Republicans also reacted skeptically to suggestions that Democrats could add other spending measures to the government funding bill, saying it was not clear why more money was necessary now. On Friday, Biden requested $47.1 billion in new spending, including $11.7 billion in emergency funds to help Ukraine in its fight against Russian forces, $22.4 billion in COVID-19 aid and $4.5 billion to help deal with an outbreak of monkeypox.”It’s a big ask without much explanation,” Republican Senator Roy Blunt told reporters. “There’s a lot of talking to do about what they’re asking for.”With many areas of the United States suffering from climate change-related flooding, Western wildfires and other natural disasters, Biden has requested $6.5 billion in aid.Democratic Senator Joe Manchin may ramp up his push for a bill reforming the way permits are approved for energy infrastructure projects ranging from pipelines to export facilities. It is a measure that some Democrats could have concerns with because of climate change worries.Heading into the final two months of the campaign, congressional Democrats were feeling somewhat more optimistic about avoiding massive losses to Republican challengers.Gasoline prices have fallen and there are signs of a public backlash against the conservative-majority Supreme Court’s overturning abortion rights, which was a Republican Party goal for decades. More

US stocks and government bond prices dropped on Tuesday after an upbeat survey on the country’s vast services industry fuelled expectations of further big interest rate rises by the Federal Reserve.The yield on the 10-year Treasury note, seen as a proxy for borrowing costs around the world, rose 0.15 percentage points to 3.34 per cent, while the yield on the 30-year bond surged to its highest level since 2014. The sell-off in the $23tn US government debt market was widespread, with the yield on the policy sensitive two-year note climbing 0.11 percentage points to 3.50 per cent. Bond yields rise as their prices fall.Meanwhile, the tech-dominated Nasdaq Composite fell for a seventh consecutive session, its longest losing streak since November 2016. The index fell 0.7 per cent, while the broader S&P 500 index slid 0.4 per cent.Those moves, which followed a public holiday in the US on Monday, became more emphatic after a closely watched Institute for Supply Management survey showed that services activity had outpaced economists’ expectations, registering a reading of 56.9 in August compared with forecasts of 55.1 and July’s figure of 56.7. Any figure above 50 signals expansion. Growth in business activity and new orders both accelerated last month, the report said. The data, following on from a robust labour market report last week, encouraged investors to further crank up their projections of how far and fast the Fed will lift borrowing costs to tame inflation.Futures markets show investors think the Fed’s benchmark interest rate will climb to almost 4 per cent by next March. In late July, the same measure showed expectations of less than 3.2 per cent. Markets are pricing in a 75 per cent likelihood that the Fed will lift rates by 0.75 percentage points at its late September meeting, which would mark the third consecutive increase of such magnitude. The central bank’s current target range stands at 2.25 to 2.50 per cent.Analysts at Citi said the ISM survey “points to a resilient services side of the economy, despite pressure from high prices and continued difficulties hiring workers.“This should keep the Fed pursuing a still-hawkish stance with a [0.75 percentage point] hike in September, as the inflationary pressure in services looks more indicative of tight labour markets with less feed- through of commodity shocks.”The strong ISM reading contrasted with a separate survey of the same sector published by S&P Global on Tuesday, which suggested the service sector was in contraction territory. Citi said “the source of the discrepancy is unclear, but the strong ISM reading pushes back on immediate concerns over slowing economic activity”.Government bond yields have climbed in volatile trading in recent weeks after hawkish rhetoric from the Fed and a deepening European energy crisis sent shivers through financial markets. Chair Jay Powell reiterated last month the US central bank’s commitment to curbing rapid price growth, saying the Fed “must keep at it until the job is done”.The European Central Bank will on Thursday deliver its own monetary policy decision, with multiple Wall Street banks anticipating a jumbo three-quarter-point increase. The ECB raised rates in July for the first time in more than a decade by an unexpectedly large 0.5 percentage points.The moves in US government bonds on Tuesday ricocheted into other debt markets. The UK’s 10-year benchmark gilt yield added 0.16 percentage points to 3.1 per cent, having touched 3 per cent on Monday for the first time since 2014, according to Refinitiv data. Ten-year UK government borrowing costs in the gilt market had soared more than 0.9 percentage points last month, the biggest rise since at least 1989. In currencies, Japan’s yen tumbled as much as 1.7 per cent to ¥142.97 against the greenback, marking a 24-year low, as Tokyo’s strict yield curve controls contrasted with soaring bond yields in other major economies — lessening the appeal of the nation’s currency.“The yen’s role as a safe haven has been eroded by Japan’s worsening trade position, and the [fall in the yen] may have further to go until Japanese authorities intervene,” said analysts at ING.In European equities, the regional Stoxx 600 share index closed 0.2 per cent higher. More

Russia is purchasing millions of rockets and artillery shells from North Korea to re-energise its offensive in Ukraine, according to recently declassified US intelligence, as western sanctions begin to choke Moscow’s supply of weapons. The Russian ministry of defence was “in the process of purchasing millions of rockets and artillery shells from North Korea for use on the battlefield in Ukraine”, a US official said, citing intelligence recently cleared for public dissemination. “This purchase indicates that the Russian military continues to suffer from severe supply shortages in Ukraine, due in part to export controls and sanctions,” the official added. Moscow’s military dealings with North Korea come after recent disclosures that it is also relying on another pariah nation, Iran, to support its war in Ukraine. Russia received its first shipment of Iranian combat drones last week and was likely to receive more, US officials said. Iran and North Korea are widely seen as relatively unreliable providers of military equipment. US officials said some of the drones purchased by Russia from Iran had experienced mechanical failures.Thank you for reading FirstFT Asia. Send feedback on today’s newsletter to [email protected]. — Emily Five more stories in the news1. Japanese yen hits 24-year low against dollar The yen yesterday plunged to its lowest level against the US dollar since August 1998 as hedge funds in Europe and the US resumed bets that the Bank of Japan’s ultra loose monetary policy would continue. Japan’s currency dropped as much as 1.7 per cent to a low of ¥142.97 against the dollar.2. Truss takes office, pledging to steer UK out of energy crisis Liz Truss has vowed Britain will “ride out the storm”, as the new UK prime minister began confronting an economic crisis with a massive energy bailout for families and businesses that could cost more than £150bn. Within minutes of entering Number 10, Truss set about forming a cabinet. Here is a look at her administration.Read more on Truss and Europe’s energy crisis: Inside the Tory party: Can Truss govern her own party? UK’s new prime minister will face some of her biggest challenges from within the Tory ranks. EU windfall taxes: Brussels is pushing for national windfall taxes on energy companies’ inflated earnings to counter “astronomic” electricity bills.Big Read: Last year, EU commissioners put the continent on a path to becoming climate neutral. Now, they’re planning tens of billions of euros of spending on fossil fuels amid severe cuts to gas supplies.3. India’s Silicon Valley hit by floods and power cuts Intense flooding has submerged parts of India’s tech capital Bangalore, inundating multimillion-dollar homes, wrecking slum housing and cutting off transport links to offices. The deluge of eastern areas of the city in the southern Indian state of Karnataka follows much more widespread flooding across Pakistan, which has killed at least 1,300 people.4. Singapore’s biggest bank backs crypto despite slump Piyush Gupta, chief executive of DBS, said the bank plans to grow its cryptocurrency and digital assets business despite the crypto bear market, saying it wants to expand its digital exchange and offer services to more of its 300,000 wealthy clients in Asia.5. Juul Labs to pay $438.5mn in underage user settlement The Altria-backed e-cigarette group must pay $438.5mn under a settlement with dozens of US attorneys-general after their two-year investigation concluded it had “cynically” advertised vaping products to underage users.The day aheadAustralia GDP figures Australia’s economy is expected to have grown 1.1 per cent quarter-on-quarter and 3.6 per cent year-on-year when second-quarter figures are released today. (Forexlive) Apple launch event Apple holds its annual event to launch its latest products, including a new series of iPhones. Late last week Apple officially overtook Android devices to account for more than half of smartphones used in the US.China trade figures Monthly and quarterly trade data is set to be released today. US Federal Reserve Beige Book The Fed will publish its report of economic conditions today. Federal Reserve vice-chair Michael Barr will also discuss how to make the financial system safer and fairer at the Brookings Institution, his first public comments since taking the role.Join us on September 7-8 online or in person at The Westin, Singapore, for our Moral Money Summit: Accelerating ESG Integration to Unlock Value and Drive Progress. Register hereWhat else we’re reading and listening toThe battle for control of India’s media Prannoy Roy, a broadcaster and co-founder of New Delhi Television, and his wife and co-founder Radhika Roy are locked in a battle with the world’s third-richest man, Gautam Adani, for control of a media group that supporters say is a bastion of media independence.Taiwan’s military mired in the past Inertia that has hindered efforts to strengthen Taiwan’s defences is rooted in the army’s historical links to the Kuomintang, the Chinese Nationalist party that ruled the country under martial law for decades, experts say. The reform drive has taken on urgency as Beijing ratchets up military pressure. Europe can — and must — win the energy war How Europe responds to this crisis will shape its immediate and longer-term future, writes Martin Wolf. It must resist Putin’s blackmail. It must adjust, co-operate and endure. That is the heart of the matter.Related read: Without immediate political intervention the energy crisis threatens to escalate into an avoidable health emergency that will widen inequality and shorten lives.Why Bloomberg lives on and on and on and on and on and on Industry watchers have been predicting the death of the Bloomberg terminal ever since the financial crisis, writes Rupak Ghose, a former financial analyst at Credit Suisse. But Bloomberg lives on. It thrives. He explains why.A sceptic’s guide to crypto Even after the crypto markets crashed this year, there are still a number of people who believe there’s a future for digital assets and blockchain technology. FT columnist and avowed crypto sceptic, Jemima Kelly, isn’t so sure. On season 4 of Tech Tonic, she takes a trip deep into cryptoland to hear from critics, converts and hardcore believers.Gaming Kill time and zombies at four of Tokyo’s most exciting game centres. From retro-tastic classics to mind-blowing VR adventures — via good old pinball machines — every gaming taste is catered on this FT Globetrotter list. More

Instagram plans to appeal against the fine, a spokesperson for parent Meta Platforms Inc said in an emailed statement.The investigation, which started in 2020, focused on child users between the ages of 13 and 17 who were allowed to operate business accounts, which facilitated the publication of the user’s phone number and/or email address. “We adopted our final decision last Friday and it does contain a fine of 405 million euro,” said the spokesperson for Ireland’s Data Protection Commissioner (DPC), the lead regulator of Instagram’s parent company Meta Platforms Inc. Full details of the decision will be published next week, he said. Instagram updated its settings over a year ago and has since released new features to keep teens safe and their information private, the Meta spokesperson said.The spokesperson said Instagram disagrees with how the fine was calculated and is carefully reviewing the decision. The DPC regulates Facebook (NASDAQ:META), Apple (NASDAQ:AAPL), Google (NASDAQ:GOOGL) and other technology giants due to the location of their EU headquarters in Ireland. It has opened over a dozen investigations into Meta companies, including Facebook and WhatsApp. WhatsApp was last year fined a record 225 million euros for failing to conform with EU data rules in 2018.The Irish regulator completed a draft ruling in the Instagram investigation in December and shared it with other European Union regulators under the bloc’s “one stop shop” system of regulating large multinationals.($1 = 1.0082 euros) More

(Reuters) -A U.S. labor board on Tuesday moved to make it easier for workers and unions to hold companies liable for labor law violations by their franchisees and contractors, proposing to revive an Obama-era standard heavily criticized by trade groups.The proposed rule from the National Labor Relations Board would treat companies as so-called “joint employers” when they have indirect control over working conditions such as scheduling, hiring and firing, and supervision.Joint employment has been one of the most contentious labor issues for many U.S. businesses since the Obama administration, when the NLRB had adopted a similar standard that trade groups said was unworkable and would curb franchising. A rule adopted during the Trump administration requires that companies have “direct and immediate” control over contract and franchise workers in order to be considered joint employers. Tuesday’s proposal would rescind that 2020 rule, which was favored by business groups. The new proposal would broadly affect industries such as manufacturing and construction that rely heavily on staffing agencies and contractors to provide workers, and franchises such as McDonald’s Corp (NYSE:MCD) that are not typically involved in franchisees’ day-to-day workplace issues. The NLRB will formally publish the proposal on Wednesday, starting a 60-day public comment period. A final rule will likely be adopted next year.NLRB Chair Lauren McFerran, a Democrat, said in a statement that the proposed rule was necessary to safeguard workers’ rights to collectively bargain as employment relationships become increasingly complex. A company that is found to be a joint employer would likely be forced to become more involved in setting and implementing workplace policies, and could be required to bargain with unions. That would further complicate collective bargaining, making it more difficult for unions to negotiate contracts with businesses and undermining the NLRB’s stated goal of strengthening workers’ rights, said Glenn Spencer, a senior vice president at the U.S. Chamber of Commerce, the country’s largest business lobby.Spencer in an interview said he expected legal challenges to the rule once it is finalized.The rule, if enacted, would significantly restrict the freedom of many small business owners, said Elizabeth Milto, the acting executive director of the legal arm of the National Federation of Independent Business, a lobbying group. “This decision could have the effect of taking away employment decisions from small independent franchisees and putting those decisions into the hands of large corporations,” Milto said. More

By Marc Jones and Uditha JayasingheLONDON/COLOMBO (Reuters) – Sri Lanka’s International Monetary Fund bailout plan could be a turning point in its worst economic crisis, but far-from-stable politics and a need to get debt relief from competing powers China, India and Japan means some of the hardest work is still to come. President Ranil Wickremesinghe knows a lot of circles will need to be squared for IMF’s $2.9 billion lifeline to become a reality.Spending cuts, tax hikes and debt write-downs are a common formula for bankrupt countries, but crisis veterans say there are some uniquely difficult elements here.An impoverished population that forced former President Gotabaya Rajapaksa to flee in July still needs to accept Wickremesinghe, seen by many as of the same political ilk and a man who faces a bristling opposition.The country’s borrowings are so complex that estimates of the total range anywhere from $85 billion to well over $100 billion. To get it to a sustainable level Beijing, New Delhi, Tokyo, multilaterals and global asset managers must all swallow losses.”This one of the biggest messes I’ve ever seen,” said Renaissance Capital’s chief economist Charles Robertson who has watched emerging market crises unfold for decades. “The government destroyed its revenue base with unsustainable tax cuts, it tried to hold the currency when tourism revenues collapsed and now it has no reserves in the bank and a population facing widespread poverty.”Estimates from the United Nations say the crisis has left more than a quarter of Sri Lanka’s 22 million population struggling to secure adequate, nutritious food.The IMF’s 4-year rescues plan provisionally agreed last week demands serious fiscal repair work and more autonomy for the central bank, which was ordered to frantically print money under Rajapaksa.To hit the IMF’s target of lifting its primary budget surplus to 2.4% by 2025, Sri Lanka would get its economy growing by around 6%, something not achieved for about five years. This year it expected to contract at least 8%. COURTING ASIA’S HEAVYWEIGHTS Just as challenging, the IMF wants Colombo to secure “financing assurances” – Fund speak for debt relief and new loans – from regional heavyweights China, Japan and India who have long jostled for influence. The World Bank estimates Beijing’s lending, which has funded costly projects from ports to stadium, adds up to $7 billion, or 12% of Sri Lanka’s $63 billion external debt. Japan has provided another $3.5 billion while India has given around $1 billion.Without the “assurances” from those countries, the Fund’s money cannot flow, IMF Mission Chief Peter Breuer stressed.”Finding creative ways to have a collaborative platform to advance these debt restructuring discussions is very useful,” Breuer told Reuters. “How debt relief is distributed amongst creditors…that is something we don’t insert ourselves into.” UNCOMMON FRAMEWORK?The crisis has culminated in Sri Lanka’s starkest crisis and first debt default since independence from Britain in 1948. The rupee almost halved in value since the central bank abandoned its peg in March, basic goods have become scarce and inflation is now running at 64%.Economists say the restructuring could have been far simpler if the country had been part of the G20 “Common Framework” plan – a programme set up at the height of COVID-19 to help debt-crippled countries. At the time, Sri Lanka was classified as a middle-income country and did not qualify.China automatically provides debt relief alongside “Paris Club” countries and private sector creditors under that arrangement. Colombo’s absence from the setup means an alternative is needed.Step up Japan – which is now pushing for China, India and others to join talks. Beijing, which did not respond to a request for comment, has not yet signalled if it will, although there are hopes its lead role in Zambia’s restructuring may encourage it to do so. India has not commented so far.Pessimists worry though that if China doesn’t take a writedown others won’t either, including global asset managers who hold nearly $20 billion of Sri Lanka’s international bonds.”China is the largest creditor country. Without its participation, any scheme won’t succeed,” a Japanese government official who requested anonymity said. DOOM LOOPAnother problem is what to do about the country’s $50.5 billion of “local” debt mostly dominated in rupee and largely held as capital by commercial banks and local pension funds.Sanjeewa Fernando, Head of Research at CT CLSA Securities said it won’t be a straightforward decision, especially with elections looming in 2024. “From a realistic point of view, banks are preparing for a 40% haircut (on Sri Lanka’s international bonds and ‘development’ bonds which are also dominated in dollars) as a base case scenario,” he said.Even that might not be enough though, given the IMF wants the debt-to-GDP ratio slashed to under 100% from 140% currently.That would put domestic debt in play but David Beers, a Senior Fellow at the New York-based Center for Financial Stability who has compiled a global database of sovereign defaults said there are always tradeoffs. “If the domestic debt is predominately held by domestic banks and you get haircuts, then that eats into their capital,” he said, adding that they might then require bailouts which add to the government’s costs again. (This story has been refiled to correct paragraph 30 to show Center for Financial Stability is based in New York, not London) More

As evidenced by another decline on Wall Street, the dollar climbing to a fresh 20-year high, and a sharp sell-off in UK government debt, the squeeze on global markets and investor confidence around the world shows little sign of easing.This is likely to subdue Asian markets early on Wednesday, particularly tech stocks – the Nasdaq fell for a seventh straight session on Tuesday, its longest losing streak since 2016. It is also the backdrop against which investors will receive a batch of key Chinese economic indicators and second quarter GDP figures from Australia.Beijing is expected to report slowing import and export growth in August, leading to a narrower trade surplus of $92.7 billion. The country’s stash of FX reserves is also expected to decline in the month to $3.079 trillion.The health of China’s economy is a concern for Beijing – and increasingly, the world. The yuan hit at a two-year low on Tuesday close to 7.00 per dollar, and the PBOC said it would cut the amount of FX reserves that financial institutions must hold, the latest measure aimed at slowing the yuan’s decline. The Asian FX spotlight is shining even more brightly on the Japanese yen, which has sunk to a fresh 24-year low of 143.00 per dollar. A test of 150.00 appears likely as U.S.-Japanese yield spreads widen, and dollar/yen is eyeing its best year since the era of free-floating exchange rates began in 1971.Economists expect Australia’s economic growth accelerated in the second quarter, and a decent 3% fall in oil prices on Tuesday could help soothe sentiment. But not much.Key developments that should provide more direction to markets on Wednesday: China trade, current account (Aug)China FX reserves (Aug)Japan FX reserves (Aug)Australia GDP (Q2) More

Liz Truss has vowed Britain will “ride out the storm”, as the new UK prime minister began confronting an economic crisis with a massive energy bailout for families and businesses that could cost more than £150bn.Truss dodged torrential rain outside Downing Street to tell the country that she would create an “aspiration nation”, adding: “As strong as the storm may be, I know that the British people are stronger.”Within minutes of entering Number 10, Truss set about forming a cabinet and finalising an energy relief package that will set the tone for her premiership and sharply increase government borrowing. Truss’s allies suggested the household package would cost £90bn, with an estimated £40bn-£60bn for the business element, which is still being finalised, over two years.The estimated scale of the package is bigger than any single Covid-19 support scheme. Ahmed Farman, an analyst at Jefferies, said it would amount to the “largest welfare programme in the UK’s recent history”. The package of support was being drawn up by Kwasi Kwarteng, who was appointed chancellor on Tuesday night as Truss began forming her new cabinet. James Cleverly was named foreign secretary and Suella Braverman home secretary. It is the first time in British history that none of the top four “great offices of state” are held by white men. Thérèse Coffey, a key ally, becomes health secretary and deputy prime minister.

Truss spent her first hours in Downing Street sacking many prominent supporters of leadership rival Rishi Sunak from the cabinet, including deputy prime minister Dominic Raab, transport secretary Grant Shapps and environment secretary George Eustice. Truss appointed a raft of like-minded rightwing ministers to her cabinet, but ironically her government’s first major act will be to oversee a massive debt-funded intervention in the energy market.Truss intends to cap household energy bills at about £2,500, compared with the current cap of £1,971, with the estimated cost of about £90bn funded through government borrowing. Consumers will also receive a previously announced one-off payment of £400 to help offset rises.The cap had previously been scheduled to leap to £3,549 next month, with a projected increase to above £6,000 in 2023. Sustained high gas prices could easily see taxpayer exposure exceed £200bn.Truss will link the energy package to long-term market reforms and a commitment to increase oil and gas production, along with fracking for shale gas if local communities approve.The costs to taxpayers of freezing energy prices will be met by government borrowing and will depend on the level of wholesale gas prices, the use of energy and the level of any price freeze.Kwasi Kwarteng is headed for No 11 Downing Street as the new chancellor © REUTERSOne person who has held detailed discussions with the Truss camp in recent weeks said the new prime minister wants one big intervention that will protect households for at least 18 months. “Their objectives are to do it once and do it big,” the person said.Craig Beaumont of the Federation of Small Businesses, said Truss’s plans “looked very promising”, adding: “The scale and reach of this help is going to be absolutely crucial to save hundreds of thousands of small businesses this winter.”Earlier Truss met the Queen at Balmoral, as the transfer of power from Boris Johnson to Britain’s third female prime minister took place against the backdrop of the Scottish highlands.Truss, speaking in front of supporters in Downing Street, said she had three priorities, including dealing with the energy crisis, which she said was “caused by Putin’s war” in Ukraine.Truss also vowed to pursue growth-related policies, including cuts to personal and business taxes, and to address the crisis in the NHS.

Kwarteng is expected to hold a mini-Budget later this month to push through tax cuts, including a £30bn reversal of national insurance and corporation tax rises, that the new PM claims will boost growth.Sterling has fallen 8 per cent against the dollar over the past three months, reflecting concerns about the UK economy and broad strength in the US currency.UK sovereign bonds have also sustained intense selling, with the government’s 10-year borrowing costs in the gilt market surging to 3.1 per cent on Tuesday from about 1 per cent at the start of the year.Earlier in the day, Johnson made a defiant farewell speech outside Number 10. He did not apologise for the series of scandals, including partygate, that led to his downfall. The outgoing prime minister also dropped a classical hint that he might yet make a comeback.“Like Cincinnatus, I am returning to my plough and will be offering this government nothing but the most fervent support,” he said. Historians pointed out that Cincinnatus later returned to Rome as ruler.Reporting by George Parker, Nathalie Thomas, Jim Pickard, Sebastian Payne, Chris Giles and Jasmine Cameron-Chileshe More