FirstFT: Judge moves towards unsealing parts of Mar-a-Lago search affidavit

A federal judge in Florida has given the US Department of Justice one week to suggest redactions to the affidavit justifying the search of Donald Trump’s Mar-a-Lago resort last week, paving the way for parts of the document to become publicly available.

The move by Judge Bruce Reinhart came during a highly anticipated court hearing in West Palm Beach on Thursday that pitted federal prosecutors, who argued to keep the affidavit under seal, against US media organisations who want it unsealed because of the huge public interest in the case.

The affidavit — a detailed explanation by the justice department of the reasons for seeking a search warrant at the former president’s property — has remained under wraps since the FBI raid took place on August 8.

Not only have media organisations called for its public release, but so have many congressional Republicans, in the hope of shining more light on the rationale behind the justice department’s move to search Trump’s home.

The DoJ had argued against any release of the affidavit, on the grounds that it could compromise the investigation and impede co-operation from witnesses in this and other probes. Federal prosecutors also said the document would have to be heavily redacted if it were to be released because of the nature of the investigation, which involves highly classified materials retained by Trump after leaving the White House.

Reinhart rejected the argument that the affidavit should remain “fully sealed”, saying he was “not prepared” to keep it that way — suggesting he is tempted to partially unseal it with some level of redaction.

Last week, he allowed the search warrant and the list of items recovered by the FBI at Trump’s home to be made public. Those documents showed that federal prosecutors were investigating the former president for improperly handling information related to national defence in violation of the Espionage Act, as well as obstruction of justice and tampering with government records.

Thank you for reading FirstFT Asia. Here’s the rest of the day’s news. — Amanda

Five more stories in the news

1. Erdoğan backs peace talks between Kyiv and Moscow Turkish president Recep Tayyip Erdoğan said he supports peace talks between Kyiv and Moscow after meeting President Volodymyr Zelenskyy in Ukraine. Erdoğan has pursued a balancing act between the two countries, condemning the invasion and selling Ukraine combat drones but refusing to impose sanctions against Russia.

2. Trump Organization’s former CFO pleads guilty in tax case Allen Weisselberg has pleaded guilty to all 15 counts related to his time working as chief financial officer for the Trump Organization. In a deal struck with Manhattan prosecutors, Weisselberg will serve five months in jail and a possible five-year probation contingent on him testifying truthfully in an upcoming trial of the Trump Organization if called upon.

3. Turkey surprises with interest rate cut as inflation soars Despite inflation of nearly 80 per cent, Turkey’s central bank slashed its interest rate by 100 basis points. The move shocked markets and goes against the trend of central banks raising borrowing costs to rein in global inflation. Rising prices and concerns over the central bank’s monetary policies have already caused the lira to drop more than 25 per cent this year.

• Emerging Markets: Central banks across emerging markets are implementing large rate rises as they scramble to tame rampant inflation and fast-depreciating local currencies. Ghana’s central bank just raised interest rates by 300 basis points, its largest increase in two decades.

4. US college sports league Big Ten inks $7.5bn media rights deal Top US media companies CBS, NBC, and Fox have agreed to pay a record $7.5bn contract to show Big Ten college sports for seven years. The deal comes as the US college sports industry experiences tremendous upheaval and loosens restrictions on sponsorships.

5. China boosts coal usage as extreme heat triggers power shortages Beijing pledges support for its coal sector as a months-long heatwave and drought reduce hydropower generation and threaten electricity supplies. Companies including Tesla and state-owned carmaker SAIC Motor have reported supply chain problems from power shortages.

The days ahead

Economic data Japan will release July inflation data, while the UK reports monthly retail and trade figures. Germany will publish July producer price index (PPI) figures for industrial products.

Japan’s consumer price index is expected to rise a record 2.4 per cent year-over-year, surpassing the central bank’s 2 per cent inflation target for a fourth month. (Reuters)

UK transport strikes Rail, tube, and bus walkouts will continue to the end of the week, with three unions planned to strike for pay rises to combat inflation. It’s one of many walkouts this summer, which marks the biggest industrial action on the UK’s public transport network in a generation.

Montenegro no-confidence vote Prime minister Dritan Abazović’s minority government faces a no-confidence vote today after Abazović signed a controversial agreement with the powerful Serbian Orthodox church. The agreement was opposed by human rights activists and pro-western parties. (Euronews)

What else we’re reading

How South Korea learned to love private equity Twenty-five years after Asia’s financial crisis, South Korea’s private equity deal value is at a record high of almost $30bn, surpassing Japan by $2bn. Seoul’s private equity achievements reflect the transformation of the country’s once tumultuous relationship with foreign capital.

Odesa struggles back to life after lifting of Russia’s port blockade A tentative optimism has returned to Odesa after a multilateral deal last month resumed grain shipments to global markets. Odesa’s port is one of the most crucial international supply routes for grain and has been choked off since Russia’s invasion in February, sending global food prices soaring.

The village wedding caught in the Taliban’s battle for Kabul In August 2021, people in Dost Kol — a hamlet in the hills an hour west of Kabul — prepared to celebrate the wedding of Mohammad Ullah to a bride from a neighbouring village. But the next 24 hours brought tragedy.

TikTok’s extraordinary rise signals a more multipolar internet Popular in over 150 countries, TikTok has left the West Coast’s finest and fastest in the dust. The coolest app for younger users, TikTok’s rise might come to symbolise a moment in the evolution of cyber space: the Sinicisation of the global internet, writes John Thornhill.

Food & drink

Ravinder Bhogal presents a menu that is a taste of Sicily, from caponata to pasta with sardines and apricot ricotta cake, all borrowed from a christening she gatecrashed this summer.