1. Hedge fund Elliott warns of more pain to come The world is on the road to “hyperinflation” and could be heading towards its worst financial crisis since the second world war, Elliott Management warned its clients in a letter seen by the Financial Times. The hedge fund, which manages about $56bn in assets, spoke of an “extremely challenging” environment where investors will find it difficult to make money.

2. L’Oréal suspends Twitter advertising spend The world’s biggest cosmetics maker has suspended advertising spend on the social media platform, as brands grow nervous that inappropriate content will spread on Twitter under Elon Musk’s ownership. Ad executives say clients are privately reviewing, and in some cases curbing, their exposure even if they are reluctant to make their concerns public.

3. Home Office reports surge in Albanians crossing Channel The number of Albanians arriving in England via small boats has risen dramatically, according to data released yesterday. The proportion of small boats carrying Albanians rose from nearly 3 per cent in 2021 to 18 per cent in the first half of 2022, fuelling a debate on the government’s handling of Channel crossings and on the UK asylum system.

4. Russia agrees to rejoin Ukraine grain exports deal Grain shipments from Ukraine resumed yesterday after Russia agreed to rejoin a UN-backed initiative to allow exports via the Black Sea, ending a stand-off that threatened to reignite a global food crisis.

• Latest on the war in Ukraine: Russia says preventing a military clash between nuclear powers is its “highest priority” despite recently making nuclear threats.

5. Biden warns of ‘unprecedented’ threat to democracy In an appeal to voters ahead of next week’s crucial midterm elections, President Joe Biden warned that US democracy was facing an “unprecedented” threat from political candidates who “won’t commit to accepting the results of the elections they’re in”.

• Why America’s next presidential election could be its last: A Trump win in 2024 could do untold damage to the institutions of democracy, writes Gillian Tett.

—————————-

(Source: FT, Nov. 3-2022)