FirstFT: Trump surrenders to authorities in Georgia

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Donald Trump has surrendered to authorities in Atlanta, Georgia, where he faces 13 criminal charges over alleged attempts to subvert the results of the 2020 presidential election.

The former president shared his mugshot on X, formally Twitter, with the caption “Election interference. Never surrender!” and a link to his campaign fundraising site.

The case of election interference, brought by Fulton County district attorney Fani Willis, is just one of the constellation of legal cases Trump is facing.

With many of the trials set to play out during the presidential election cycle, some Republicans have said the charges are attempts to weaponise the political system against the former president.

Earlier on Thursday, Trump ally Jim Jordan, the Republican chair of the House judiciary committee, launched an investigation into whether Willis collaborated with federal prosecutors.

In a letter to the Georgia prosecutor, Jordan said: “The trial in this matter begin[s] on March 4 2024, the day before Super Tuesday and eight days before the Georgia presidential primary.” He added: “It is therefore unsurprising many have speculated that this indictment and prosecution are designed to interfere with the 2024 presidential election.” You can read the full story here.

Here’s what else I’m keeping tabs on today:

• Jackson Hole: US Federal Reserve chair Jay Powell and his European counterpart Christine Lagarde speak at the central bankers’ gathering in Wyoming. US stocks fell yesterday after a senior Fed official warned interest rates could remain higher for longer.

• Consumer sentiment: The University of Michigan will release its final reading of consumer sentiment for July, with economists expecting the level to hold steady at the preliminary reading of 71.2, relatively unchanged from June. The expected July reading is 42 per cent above June 2022’s historic low and is moving closer to the historical average of 86.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. The plane carrying Yevgeny Prigozhin could have been brought down by an onboard explosion according to US officials. While they cautioned there were still lot of unknowns, they were working under the assumption Prigozhin was killed on the orders of Vladimir Putin. Read what the US knows about the incident here.

2. Interview: A senior official at the US Federal Reserve has said interest rates may have to raise again. Susan Collins, president of the Boston Fed, told the FT: “I am not yet seeing the slowing that I think is going to be part of what we need for that sustainable trajectory to get back to 2 per cent [inflation] in a reasonable amount of time”. Read the full interview here.

3. The Brics emerging market bloc has launched the biggest expansion in its history as Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates were invited to join. The expansion represents a victory for China, which pushed for rapid expansion of the grouping before the summit as part of its ambitions to lead the developing world.

4. Heineken has finally sold its Russian operations for a loss of €300mn after mounting criticism of the brewer for staying in Russia after the country’s invasion of Ukraine. Talking about the long delay, chief executive Dolf van den Brink said: “There was a real risk for legal prosecution of our local people, there was a real risk of nationalisation.” Read the details of Heineken’s exit here.

5. Hedge funds that try to make money by betting on prevailing trends in global markets are struggling to repeat their bumper 2022, posting losses of close to 10 per cent to date, as violent swings in asset prices and rapid shifts in investors’ interest rate expectations throw them off balance. Here’s more on the woes of so-called commodity trading advisers.

The Big Read

“De-dollarisation” has been on anti-imperialists’ radar for decades, but the overwhelming power of the US currency meant it amounted to little more than a slogan until recently, economists say. With the expansion of US economic sanctions and the explosion of new technologies for international payments, cracks are starting to appear in the dollar’s once-impregnable position — and China is hoping to take advantage.

We’re also reading . . . 

Chart of the day

China imported a record amount of semiconductor equipment between June and July. The surge is most likely Beijing stocking up before restrictions kick in on the type of equipment the country can buy. China has bold plans to expand its semiconductor production and the high level of purchases suggest it wants to avoid any disruption to its goals.

Take a break from the news

Chefs and food producers are reducing their use of salt across the board, probably catering to a significant proportion of worried consumers who have been convinced that if food tastes perceptibly salty, they will surely die. But FT food writer Tim Hayward wants his salt back.

Additional contributions from Tee Zhuo, Benjamin Wilhelm and Leah Quinn