FirstFT: Second round for Biden

FirstFT: Second round for Biden

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joe biden said wants to run for a second term in the White House and will make a final decision early next year after his political prospects were boosted by the stronger-than-expected performance of Democrats in the midterm elections.

“Our intention is to run again. That has been our intention, regardless of the outcome of this election.” — Biden

Democrats avoided landslide defeats in Congress on Tuesday but still risked losing control of both chambers to Republicans as Americans refused to give either party a strong political mandate.

The result provided some consolation to Biden’s party, which had been predicted to suffer a heavy defeat.

Instead, it dealt a blow to the presidential ambitions of Donald Trump, who was counting on the victories of the Republican candidates he endorsed to lead a White House bid in 2024. The result also seemed confirm the country’s entrenched divisions. Follow-up of the result with our live results map.

The impact of abortion restrictions on critical races surprised many experts, with exit polls and early vote counts showing women were galvanized after the Supreme Court overturned Roe vs. Wade.

In the corporate world, business leaders hope that a divided government will prevent either side from pursuing extreme policies. Could they be right??

US midterm election chart

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1. Binance abandons deal to bail out rival FTX One of the largest cryptocurrency trading venues in the world abandon their deal to rescue Sam Bankman-Fried’s cryptocurrency exchange, which has suffered from a liquidity crisis, citing concerns about its business practices and US financial regulatory investigations. Was Binance Right to Drop the Deal? Vote in this poll.

  • Elsewhere in crypto: Fears of contagion are spreading, sending bitcoin falling as market participants compete to discover exposure to FTX.

2. Russia orders withdrawal from Kherson Defense Minister Sergei Shoigu has instructed the troops to withdraw from the strategic city in the south of Ukraine. The withdrawal robs the Kremlin of its greatest military achievement in Vladimir Putin’s nine-month invasion and expands Kyiv’s options before winter.

3. Jeremy Hunt considers lowering UK income tax ceiling The chancellor is reviewing plans to lower the threshold of £150,000 in which Britons start paying the top rate of income tax as part of efforts to fill a huge gap in public finances, but fail to raise the rate from 45 pence, which would violate the 2019 election manifesto.

4. Musk outlines ambitious payments vision for Twitter Elon Musk exposed his long-term vision to bring payments to the social media platform, which could include offering high-yield money market accounts, debit cards, and peer-to-peer transactions. The company filed documents with US authorities on Friday to become a financial services company.

5. UK home purchase demand falls at fastest rate since 2020 Real estate market demand in October fell at the fastest rate since the start of the Covid-19 pandemic and posted one of the biggest drops in more than 20 years as mortgage rates rose, according to a closely watched survey.

the day ahead

UK-Ireland talks Prime Minister Rishi Sunak and Taoiseach Micheál Martin will hold conversations at the British-Irish Council meeting in Blackpool. Ireland hopes the discussion will outline Britain’s concessions to reach an agreement with the EU on post-Brexit trade rules.

Pakistan march to resume The nationwide protest, in which former Prime Minister Imran Khan was shot in the leg last week, is ready to restart without it while he recovers. The protesters are calling for the resignation of three officials and early parliamentary elections.

US inflation data The Bureau of Labor Statistics will release your consumer price index report for october, which is expected to show prices rose 8 percent year-over-year, down from 8.2 percent in September. The department also reports jobless claims for the week ending Nov. 5.

Joint launch of the Polar-2 Satellite System NASA and the National Oceanic and Atmospheric Administration plan launch the extreme weather monitoring satellite from Vandenberg Space Force Base in California.

corporate earnings Concerns surround drugmaker AstraZeneca’s third-quarter results after its Covid-19 nasal vaccine failed tests. Other groups that must report include Allianz, Auto Trader, Brookfield, Continental, Crédit Agricole and Deutsche Telekom. See a full list here.

What else are we reading and listening to?

Spyware affair tarnishes Greece’s image A mysterious wiretapping scandal threatens the remarkable progress made since the country’s debt crisis in the 2010s and suggests that not everything is honey on flakes in the politics of post-crisis Greece, writes Tony Barber.

Psychedelics and business could make for a bad trip From mushroom-derived psilocybin to LSD, and from mescaline to the ayahuasca compound DMT, the The “psychedelic renaissance” is in full swing. But Jemima Kelly warns that brash investors are clashing with the pioneers of mind-altering drug therapy.

‘Frankenfoods’ or a solution for climate change? The European Commission is considering relaxing the regulation of gene editing in agricultural production. The process involves removing or adding genes from similar crop species. But critics say it’s an unproven risk driven by large companies.

The most unlikely World Cup in history Was Qatar’s quixotic offer to host the first Middle East World Cup this year is worth? Doha has invested $200 billion in infrastructure and mega-projects since 2010, but has faced scrutiny over allegations of abuse and exploitation of workers employed to build stadiums.

The loneliness of the employee of long Covid Tens of millions of people around the world are thought to be suffering from prolonged covid, experiencing symptoms lasting more than four weeks after infection. This week Working podcast explains why workplaces have been reluctant to address the problem.

Books

An explosion of children’s books sparked by curious and collaborative author-illustrator duos is evolving the canon of picture book classics.

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