FirstFT: Elon Musk pulls one other U-turn

Elon Musk has supplied to purchase Twitter for the initially agreed worth of $44bn, in a transfer that would put an finish to one of the high-profile company authorized battles in many years.

The Tesla chief despatched a letter to Twitter on Monday evening providing to go forward with the deal, lower than two weeks earlier than the 2 events had been set to go to trial in Delaware Chancery Court docket.

In line with a regulatory submitting on Tuesday, Musk’s attorneys stated within the letter that the entrepreneur meant to shut the deal on the beforehand agreed worth of $54.20 a share, as soon as debt financing is obtained, offered the courtroom halted the authorized motion and adjourned the upcoming trial and associated proceedings.

“The Musk events present this discover with out admission of legal responsibility and with out waiver of or prejudice to any of their rights,” the letter stated.

In an announcement, a Twitter spokesperson acknowledged that it had obtained the letter and stated that the “intention of the corporate is to shut the transaction at $54.20 per share”.

Meet up with the newest on the Twitter deal saga right here.

Do you assume Twitter ought to go forward with the deal? E-mail your ideas to [email protected] or reply to this e-mail. Right here is the remainder of in the present day’s information — Emily

5 extra tales within the information

1. US to impose export controls on Chinese language chipmakers The US commerce division is making ready to introduce sweeping export controls in an effort to gradual Chinese language efforts to acquire semiconductors and chipmaking tools for supercomputers and different military-related purposes. In line with these acquainted with the state of affairs, the restrictions would basically bar US corporations from promoting cutting-edge expertise to Chinese language teams.

2. North Korea fires ballistic missile over Japan The launch from Pyongyang over Japan, the primary since 2017, sparked emergency public alerts amid a pointy rise in provocations by North Korea. Officers in Seoul and Tokyo stated the missile was launched from North Korea’s Jagang province early yesterday and fell outdoors Japan’s unique financial zone, which stretches 200 nautical miles from the coast.

3. Dalio arms over reins at Bridgewater Ray Dalio, 73, the billionaire founding father of hedge fund Bridgewater Associates, has given up management of the agency, ending a drawn-out transition of energy that had come to outline the trade’s succession issues. Dalio will stay on the board as founder and CIO mentor.

4. RBA delivers smaller-than-expected charge rise Australia’s central financial institution’s 0.25 proportion level rate of interest enhance got here as most analysts had anticipated the Reserve Financial institution of Australia to ship a fourth consecutive 50 foundation level enhance. The nation’s benchmark S&P/ASX 200 rose on the information of the smaller rise.

5. Naver shares stoop after buying Poshmark Shares in South Korea’s largest web group Naver dropped yesterday after it introduced a $1.2bn deal to purchase Poshmark, a US clothes reseller, because it pushes into the booming second-hand trend market. The deal is Naver’s largest acquisition and its first foray into Silicon Valley.

The day forward

Opec+ meets Riyadh, Moscow and different producers are set to announce deep cuts at a gathering of the Opec+ cartel in the present day, based on individuals with information of the discussions.

Indian house minister visits Kashmir area Indian house minister Amit Shah is about to talk earlier than a rally in Indian-administered Kashmir in the present day. The go to comes amid rising rigidity within the area. (Indian Categorical)

Tory convention UK prime minister Liz Truss will ship the closing speech at her celebration’s annual convention in Birmingham.

What else we’re studying

China’s property crash What started as a property disaster — with slumping condo gross sales and developer debt defaults — is morphing right into a monetary crunch for native governments. Learn the primary a part of a brand new collection inspecting the influence of the disaster brewing on the earth’s second-largest financial system.

• Opinion: Xi Jinping will shortly be confirmed for a 3rd time period as basic secretary of the Communist celebration and head of the army. However his achievement of such is harmful for China and the world, writes Martin Wolf.

Japan strikes to fill Asia’s vitality funding hole Japan is able to exploit a pointy decline in China’s abroad lending by serving to Asia-Pacific nations handle the $40tn price of combating local weather change. Tokyo’s efforts to take the lead in rulemaking for inexperienced financing in Asia come amid a world debate about how rapidly nations ought to shift to cleaner types of vitality.

Which nuclear weapons might Putin use towards Ukraine? It has been referred to as the most important nuclear risk to world security because the 1962 Cuban missile disaster: as Vladimir Putin seeks to salvage his invasion of Ukraine, the Russian president has stepped up his threats to make use of nuclear weapons. That is what we all know in regards to the nuclear weapons Putin might be tempted to make use of.

The quiet ascent of Chinese language high-tech start-ups Following a bruising regulatory onslaught by Beijing on its web giants and a flurry of US sanctions towards Chinese language expertise corporations, many buyers have curbed their publicity to China tech. However international capital remains to be flowing into high-tech sectors.

How huge is the capital gap at Credit score Suisse? The price of shopping for insurance coverage towards Credit score Suisse defaulting on its debt soared to a report degree yesterday, as analysts and buyers questioned the power of the Swiss financial institution’s stability sheet. Simply how huge is the capital gap on the financial institution? Our reporters examine.

Foods and drinks

Our FT Globetrotter information shares the place to feast on Japan’s regional flavours — with out leaving Tokyo. Let the capital take you on a culinary journey across the nation, sampling the whole lot from the north’s “soup curry” to the far south’s Spam and tofu speciality.