Hello! Here’s what you need to know on Tuesday.
1. Donald Trump returned to full campaign rally mode — in front of Boy Scouts. “Who the hell wants to speak about politics when I’m in front of the Boy Scouts,” Trump said, before delivering a heavily political rant reminiscent of his rally speeches during the 2016 campaign, firing several political shots toward at opponents, including former president Barack Obama. Parents were not happy with the Boy Scouts of America as a result.
2. The number of people moving out of London has risen 80% in 5 years. More than 93,000 people departed the UK’s capital last year, according to Savills. The exodus is being led by people in their 30s, with those aged between 30 and 39 leaving rising 68% between 2012 and 2016, to 34,540.
3. Goldman Sachs says global oil demand could peak within 7 years. More efficiency gains in vehicles, greater market penetration by electric cars, lower economic growth and higher fuel prices could bring a peak in 2024, the investment banker says, although emerging markets, led by India, could delay the peak until 2030.
4. European commercial real estate is entering bubble territory. Investment management company Fidelity International says inexperienced, yield-hungry French retail investors are pushing up prices for the best European commercial properties to unsustainable levels that are well above the 2007 peaks. The money pouring into French collective-investment vehicles increased by a third between 2015 and last year to 5.6 billion euros ($AU8.25bn).
5. Michael Kors is buying Jimmy Choo for £896 million ($AU1.32bn). The US retailer has won the bidding race for the British luxury shoe brand founded in the 1990s after it was put up for sale in April. The 230 pence cash per share, is a 36.5% premium on the current share price. Jimmy Choo floated on the London Stock Exchange at 140 pence in 2014 and closed yesterday at 195 pence.
6. Snopes, the long-running fact check website that predates the term “fake news”, may close because it’s being held ‘hostage’ by advertisers. Founder David Mikkelson claimed Proper Media is holding Snopes “hostage” by barring it from making modifications, placing new ads, and receiving revenue from existing ads. He set up a GoFundMe to keep operating.
7. Alphabet just posted a $26 billion quarter. Google’s parent company, Alphabet, beat expectations for its second-quarter earnings, posting $26.01 billion, up 21% year-over-year, and above the $25.64 billion expected. But its stock still fell.
8. Taiwan says it will defend itself against China if required. Several Chinese fighters and reconnaissance aircraft have conducted training exercises close to Taiwan in recent days, and a defence spokesperson for the island nation said the People’s Liberation Army still believes in military force to resolve problems, “but we will not back down in the face of threats”.
9. Hong Kong has approved a plan for Chinese officials to enforce mainland law at a key rail terminus. The controversial plan for the high-speed rail link with Guangzhou means the station in Hong Kong, as well as the trains and platforms will also fall under mainland jurisdiction as the former British outpost continues under “one country, two systems” until 2027.
A London business professor won his fight against the local council, which apologised and cancelled a £150 ($AU250) fine enforcement officers gave his 5 year old daughter for operating the lemonade stand without a permit.