World update

Sign up for myFT Daily Digest and be the first to learn about world news.

Employees at Archegos Capital Management faced loss After the value of the company’s deferred payment plan collapsed along with other investments, it was about $5 billion.

According to two sources close to the company, the family office run by Bill Hwang has not yet released payments owed to former employees, and they saw their deferred bonus soar to about $500 million before Archegos collapsed.

In March, Archegos was forced to liquidate several highly leveraged transactions using total return swap derivatives, which caused shocks in the global market. This incident caused the banks that deal with it, including Credit Suisse and Morgan Stanley, to suffer losses of more than $10 billion.

• More difficulties for Credit Suisse: This Swiss bank will face trial for its role in Mozambique’s US$2 billionTuna bondIn the case, the scandal originated in 2013 when the country borrowed money from international investors, ostensibly to fund maritime projects, including the national tuna fishery, before investing in offshore natural gas.

Thank you for reading today’s FirstFT Europe/Africa. It is always great to receive letters from readers. What do you think of the latest developments in Archegos Fallout?Let me know, or share with me any other feedback on the newsletter at [email protected]. — Jennifer

There are five more stories in the news

1. The chairman of the Conservative Party was accused of mixing business and political interests Charlotte Leslie is a former Conservative MP who fought for the influence of donors in the ruling party in the UK. defendant Co-chair Ben Elliot combines his political role with business interests. Donor Mohamed Amersi is a client of Quintessentially, a “concierge” service co-owned by Elliot.

2. Tencent solves the problem of game addiction China Internet Group announces restrictions on the time after minors play online games Enormous pressure State media called the game “mental opium” because Beijing’s latest attack on technology caused the industry’s stocks to plummet.

3. The governor of New York State sexually harassed women, the report found After the investigation found that the governor of New York State violated state and federal laws, Joe Biden called on Andrew Cuomo to resign. Sexual harassment of many womenThe state attorney general, Letitia James, who appointed investigators, said the investigation revealed “deeply disturbing but clear pictures” of toxic workplaces.

4. The missing Belarusian activist was found dead in Kiev park Vitaly Shishov, who leads an organization that helps Belarusians escape persecution, was discovered Hanging from a tree It was near his home in Ukraine yesterday. The local police said that his death may look like suicide.

5. Jair Bolsonaro faces investigation into allegations of election fraud After the court opened, the Brazilian President’s legal issues increased exponentially investigation His unsubstantiated warning of voter fraud in next year’s election may result in his disqualification.

Tokyo Olympic finals

• Simone Byers won To bronze On the balance beam, she focused on her mental health a week after quitting a few games.

• American Sydney McLaughlin won The women’s 400m hurdles gold medal set a world record of 51.46 seconds.

• gamble It’s getting closer and closer to the biggest sporting event in the world.We might see one day video games At the Olympics.

• The International Olympic Committee is investigation This Belarus After sprinter Krystsina Tsimanouskaya accused her national authorities of trying to force her to leave Tokyo, the Sports Federation.She used to be Seen Today boarded the flight to Vienna.

• Skateboard Opening of the park game today And will feature one of the youngest competitors in the field. (British CNN)

Add to ‘Tokyo Olympics‘Go to myFT to learn about all our coverage of the Olympics, don’t miss our “Alternative Medal Table”.

Coronavirus Digest

• Border restrictions will not stop Covid-19 entry UK, The scientist warned.The test assessor who arrived in England stated that it only approved 6% Private testing providers listed by the government.

• As much as possible £5 billion British State-backed emergency loans There is a risk of not being able to repay. “Refusal” to develop an emergency plan is “the most Unforgivable“According to the think tank, this is an element of the country’s pandemic education policy.

• Beijing closure travel Link to prevent the rapid spread of the Delta variant, which is officially believed to be related to flights from Russia.

• This White house Announced a new three months Suspension of eviction This will protect approximately 90% of U.S. renters.

Without the right absorptive capacity-the infrastructure to obtain weapons-the Covid-19 vaccine will be wasted, Tony Blair wrote, Former Prime Minister of the United Kingdom. register For us Coronavirus business update Newsletter and follow the latest developments Our live blog.

the day before

Service Industry Purchasing Managers Index Eurozone, France, Germany, India, Japan, the United Kingdom and the United States will release purchasing managers’ index data todayThe surge in manufacturing and service data will provide further insights into the health of the Covid economy recovery.

Corporate profit Japan’s SoftBank, Sony, Honda, and Toyota, as well as Uber, game publisher EA, and online marketplace Etsy report.Read our Complete income list.

Beirut Bombing Day August 4th mark One year Since the explosion that killed at least 200 people. As the struggle for justice continues, Lebanese prosecutors are seeking to remove the immunity of senior officials.

What are we still reading

Afghanistan after the U.S. Kabul is getting ready to meet siege After the U.S. retreat caused the Taliban to launch attacks across the country, it weakened its motivation to negotiate a political solution. The question now is whether the power of the Islamic insurgents makes the government’s downfall inevitable.

U.S. House Price Spiral In at least two decades of the world’s broadest house price increase, policymakers are increasingly concerned about the price increase for homeowners and renters.read the second term In our series of articles on the surge caused by the pandemic, this surge has rekindled concerns about affordability.

China’s massive lending boom China is the world’s largest government lender. In 2008-19, the China Development Bank and the Export-Import Bank of China lent US$462 billion. However, its loan terms to sovereign borrowers have been kept confidential. Until now.