Corporate fraud cases, election speeches and jobs data

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Hello and welcome to the work week.

Like a bus, stories on specific beats can come together. That’s why the next seven days will be particularly busy for our legal and UK parliamentary teams.

Jury selection for the main trial of Sam Bankman-Fried (finally) will begin on Tuesday in Manhattan federal court. FTX founder faces accusations of stealing billions of customer funds from now-bankrupt cryptocurrency exchange.

The hearings will last up to six weeks – with Financial Times reporters attending them all. If you’re feeling a bit lost in the final days of FTX, take this wonderfully detailed report from FT Magazine to remind you.

there are more. Also in New York, Attorney General Letitia James filed a civil lawsuit against the Trump Organization on Monday.

A day later, on the shores of Wilmington, Delaware, US President Joe Biden’s son Hunter appeared in federal court on gun charges.

We then head across the Atlantic, where former Co-operative Bank chairman Paul Flowers is due to stand trial in Manchester facing fraud charges. The case, one of a handful of high-level charges against British bankers, had to be postponed in August after Flowers, 73, suffered a stroke.

British politicians are at the peak of their meeting season. The events will lead to the party leader’s last major set speech before the next general election, which will almost certainly be called by Chancellor Rishi Sunak within the next 12 months.

Sunak, who has recently rediscovered his inner petrol head, delivered a closing speech to the Tory faithful in Manchester on Wednesday. Does he dare to mention HS2?

Opposition leader Sir Keir Starmer will travel to Liverpool next weekend to attend his party’s rally and it will be most important for him to behave like a Prime Minister-elect as he has successfully courted the business vote.

But the parliamentary team has more work to do. Thursday’s Rutherglen and Hamilton West by-election will be held in the seat vacated by former SNP MP Margaret Ferrier, who was suspended from the House of Commons for breaching the 2020 coronavirus lockdown rules. Labor needs to take the seat to prove it can win another big victory in Scotland, which is crucial for the party to gain an outright majority in Westminster when the national polls come.

From a company perspective, retail will once again be a dominant theme, with the Vegan King’s performance Greggs and fast fashion suppliers boohoo Among other things. The grocery market is highly competitive, and not only are utility and payroll costs increasing, but shoplifting is also on the rise.So all eyes will be on TescoBritain’s largest supermarket operator released first-half figures on Wednesday. Investors will be particularly interested in its input costs and profit strategy, as well as operating profit and free cash flow.

Important economic data points will come this weekend with the release of the latest U.S. jobs report. For those of us interested in UK house prices (and the self-respecting British middle class not?), there will be the latest news from Nationwide and Halifax.

Thank you for your comments and suggestions on this newsletter. Please email jonathan.moules@ft.com or click reply if you’ve received this message in your inbox.

And one more thing. . .

This week marks the 50th anniversary of the Yom Kippur War. Like Russia’s invasion of Ukraine, this is a significant conflict, not least because it triggered a fuel crisis. If you need a refresher, read the Financial Times’ review of the new coverage of the fight, October 18th.

Key economic and company reports

Here’s a more complete list of company reports and economic data expectations for this week.

on Monday

• The trial begins in a civil lawsuit filed by New York State Attorney General Letitia James against the company. Trump Organization

• China: National Day Golden Week continues.Financial markets closed

• Canada, EU, France, Germany, Italy, Japan, UK, US: S&P Global/Cips Manufacturing Purchasing Managers Index (PMI) data

• India: Mahatma Gandhi’s Birthday.Financial markets closed

• Japan: Minutes of the Bank of Japan’s last interest rate setting meeting released

• UK: National October and Q3 regional house price index

• result: James Halsted Storm

Tuesday

• Sam Bankman-Fried’s trial begins on charges of stealing billions of client funds from his now-bankrupt company Fortis cryptocurrency exchange

• Germany: German Unity Day.Financial markets closed

• South Korea: Founding Day.Financial markets closed

• UK: British Retail Consortium’s Store Price Index

• result: boohoo H1, Fast Retailing September Sales Update, Greggs Q3 trading update, McCormick Company third episode

Wednesday

• Earlier cooperate Bank Chairman Paul Flowers will appear in court charged with fraud by abuse of power between June 2016 and October 2017

• Canada, EU, France, Germany, Japan, UK, US: S&P Global/Cips Services PMI data

• result: honor Q2, Tesco H1, Tops tiles Storm

Thursday

• France: Industrial Production Data

• Germany: Trade Balance Data

• UK: S&P Global/Cips Construction PMI data

• result: conagra brand Q1, Constellation brand Q2, Ferrex Fair Q3, imperial brand transaction updates, lamb weston Q1, levi strauss & co. third episode

Friday

• France: Trade Balance Data

• Germany: Factory Order Data

• United Kingdom: Halifax House Price Index

• United States: October jobs report

• result: JD Weatherspoon Storm

world events

Finally, here’s an overview of the week’s other events and milestones.

on Monday

• Five years since the assassination of Saudi journalist Jamal Khashoggi inside the Saudi consulate in Istanbul.Khashoggi has been an outspoken critic of the Saudi-led intervention in Yemen

• UK: ScotRail begins six-month trial, funded by Scottish Government, offering only off-peak fares throughout the day to make public transport more affordable and encourage taking trains rather than driving

Tuesday

• It comes 30 years since 18 U.S. soldiers and a Malaysian U.N. soldier were killed in Somalia and two Black Hawk helicopters were shot down during a U.S.-led operation to capture warlord Mohammed Farah Aidid in Mogadishu.

• Sweden: The winners of the Nobel Prize in Physics have been announced, the first in an annual series of scientific prizes announced this week in Stockholm.

• United States: President Joe Biden’s son Hunter is arraigned in court and is expected to plead not guilty to three criminal counts of possessing a firearm while illegally using drugs and lying about purchasing a firearm.

Wednesday

Thursday

• Spain: european political community granada summit

• UK: Seat vacated by former SNP MP Margaret Ferrier to be by-elected by Rutherglen and Hamilton-West

Friday

• Denmark: Annual meeting of NATO Parliamentary Assembly opens in Copenhagen

• Israel: 50th Anniversary of the Yom Kippur War

• Norway: Nobel Peace Prize winner announced in Oslo

Saturday

Sunday

• Germany: Regional elections held in Bavaria, the country’s largest state by land area

• Luxembourg: Parliamentary elections

• UK: Labor Party annual conference opens in Liverpool