Trump safe after shooting reported at his golf course

Good morning. Here's what happened overnight and what you need to know today.

1.

Trump safe: A shooting occurred at the Trump International Golf Course in West Palm Beach on Sunday while former President Donald Trump was present, The New York Times reported citing officials. Palm Beach County Sheriff’s Office spokesperson Teri Barbera confirmed the incident, saying a "person of interest" had been detained, though the motive remains unclear. Trump’s communications director, Steven Cheung, said Trump was safe. The US Secret Service is investigating the event alongside the Sheriff’s Office. The suspect was arrested while driving north on Interstate 95, and the highway was shut down for federal investigators to examine the scene. Both the current president and vice president were briefed and relieved that Trump was unharmed, the White House said. (Capital Brief)(NYT)

2.

OpenAI restructure: OpenAI's USD150 billion ($223.71 billion) valuation in its USD6.5 billion financing round hinges on restructuring its corporate structure and removing its profit cap, Reuters reported, citing anonymous sources. The deal, expected to close within weeks, will be in the form of convertible notes, the publication said. If the profit cap remains, OpenAI may need to renegotiate the valuation at a lower level, according to the sources. CEO and co-founder Sam Altman told staff that the current structure is outdated and OpenAI will move away from non-profit control next year, Fortune reported. (Reuters)

3.

Central moves: The global economy is bracing for a series of central bank decisions this week, leading with the Federal Reserve expected 25 basis point rate cut on Wednesday amid signs of a slowing US economy. Brazil's central bank may tighten policy for the first time in over three years, while the Bank of England could indicate future easing measures. The Bank of Japan’s Friday decision will be closely watched after the market selloff triggered by its rate hike in July. China’s monetary authorities could also act to address deflationary pressures. Meanwhile, South Africa is expected to cut rates, while Norway, Turkey and Gulf states are likely to hold steady. (Bloomberg)(Capital Brief)

4.

Power play: China’s economic growth slowed in August, with industrial output expanding by just 4.5%, the lowest in five months, and retail sales rising only 2.1%. Analysts have called for more aggressive stimulus measures as property sales continue to slump and high youth unemployment weighs on consumer confidence. New home prices dropped at their fastest rate in nine years in August. President Xi Jinping has urged officials to hit the country’s 5% growth target, but weak domestic demand and external trade tensions are casting doubts on meeting this goal. Meanwhile, geopolitical tensions with the Philippines flared and Manila said it is replacing its coast guard ship, BRP Teresa Magbanua, after it was rammed by Chinese vessels during a tense standoff in the contested South China Sea waters. (Reuters)

5.

Boeing woes: A strike by over 33,000 Boeing workers could drag on, union leader Jon Holden said, putting the embattled planemaker at major financial risk. Workers, who began the strike on Friday, are pushing for higher wages and the return of a pension plan after rejecting a 25% pay rise over four years. More than 94% of the union members voted against the initial offer. Holden said workers are confident and prepared for a prolonged strike. Boeing, already burdened with USD60 billion ($89.49 billion) in debt, could be downgraded to junk status due to the strike’s impact on production and cash flow, Moody’s and others warned on Friday. Negotiations overseen by federal mediation are set to resume next week. (Reuters)(Bloomberg)

6.

Recovery mode: Insight Partners is set to close a new USD10 billion ($14.91 billion) fund, raising about half of its initial target of USD20 billion, according to anonymous sources cited by the Financial Times. The USD80 billion private equity firm plans to finalise the fund in early 2025, with the possibility of reaching USD12 billion, two of the sources said. The raising is a sign the tech investment landscape is recovering, but the amount would still be well below the USD20 billion it raised in 2022. Insight is selling over USD1 billion in start-up stakes to return cash to investors, and has set up a continuation fund for LPs, with its cybersecurity firm Wiz – which recently abandoned a USD23 billion deal with Google – being part of the fund, the paper said. (Capital Brief)(FT)

7.

Cash transferred: Brazil’s Supreme Court Justice Alexandre de Moraes lifted the freeze on Starlink and X bank accounts after ordering the transfer of 18.35 million reais ($4.92 million) to the national treasury, which was executed on Friday. The freeze had been imposed as part of De Moraes’ dispute with X’s billionaire owner Elon Musk over X’s alleged failure to block accounts spreading disinformation and hate speech in Brazil. X ignored penalties and also failed to comply with court orders to name a local legal representative, leading Moraes to freeze Starlink’s accounts to take the fines. The accounts were unlocked after the full amount owed was transferred, the court said. Musk has criticised the court’s actions as "censorship." (Reuters)

8.

Media split: Axel Springer and KKR are close to finalising a €13.5 billion ($22.29 billion) split of the German media giant, the Financial Times reported citing unnamed sources. KKR would gain majority control over Axel Springer's classifieds business, valued at over €10 billion, while German billionaire CEO Mathias Döpfner would cement his control of the company’s outlets, including Politico, Business Insider and Bild, the paper said. Discussions on the structure of the deal are expected at a supervisory board meeting next week. The potential deal follows a five-year partnership that began with a €6.7 billion buyout in 2019. Axel Springer and KKR have declined to comment to the FT. (Capital Brief)(FT)