Reeves Vows ‘No Return to Austerity’ & Ultra-Rich Tax Warning

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The UK’s new Labour government won’t return to the austerity cuts of its Conservative predecessors, Chancellor of the Exchequer Rachel Reeves will promise on Monday, as she pivots toward a more positive narrative after weeks of warning about the dire state of the public finances. (2) Prime Minister Michel Barnier opened the door to taxing wealthy individuals and large companies in a bid to repair France’s massive budget deficit and reassure international investors. (3) Olaf Scholz’s Social Democrats held off the far-right Alternative for Germany and look set to cling on to power in the eastern state of Brandenburg, sparing the chancellor and his party another embarrassing electoral setback. (4) China announced plans for a rare briefing on the economy by three top financial regulators just as it cut one of its short-term policy rates, fueling speculation officials are preparing to ramp up efforts to revive growth. (5) Apollo Global Management has offered to make a multibillion-dollar investment in Intel, according to people familiar with the matter, in a move that would be a vote of confidence in the chipmaker’s turnaround strategy. See omnystudio.com/listener for privacy information.