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Boris Johnson to step down

The British PM is due to give a statement outside Downing Street.

Prime Minister Boris Johnson leaves 10 Downing Street.
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Here’s what you need to know

UK prime minister Boris Johnson is expected to resign. More than 50 government ministers resigned this week and called for him to step aside (see more below).

The US job market went from “white hot to red hot.” Labor market indicators remain strong despite a bit of a slowdown in new job postings and people choosing to leave their job. Meanwhile, the Federal Reserve is considering another rate hike.

The suspect in the Highland Park shooting confessed to the killings. The man also said he fled to Wisconsin and considered opening fire again.

Grubhub joined Amazon Prime’s suite of services in the US. Amazon’s deal with the food delivery service’s parent company Just Eat Takeaway includes an equity option.

US investors are going after Venezuelan oil. Two investment funds announced a joint venture with a Venezuelan firm to pursue oil and gas projects in the sanctions-hit country.

An investigation into the assassination of Haiti’s president has stalled. The Caribbean nation has remained without a head of state since Jovenel Moise was shot dead a year ago.

Millions more people experienced hunger in 2021 compared to the previous year. The UN’s latest figures show global efforts to fight malnutrition are faltering.

What to watch for

A chalkboard that says Oddschecker and has written in chalk the exit odds of Boris Johnson and also odds for Next Prime Minister, with a number of names listed. In the background is seen Big Ben and a double decker bus.
Image copyright: Reuters/Henry Nicholls
What are the odds?

A slew of scandals called into question his judgment and ethics. Two by-election losses proved his unpopularity. After an avalanche of resignations from various government members left him struggling for political survival, British prime minister Boris Johnson is finally expected to resign.

🗣️ Throughout Wednesday, Johnson remained adamant he would stay on. But with more ministers calling for his resignation this morning, Johnson’s time was up.

🎙️ Johnson will give a statement outside Downing Street in the next couple of hours.

⌛ It remains to be seen if Johnson will stay on until the Conservative party elects a new leader, or whether a new prime minister will take over in the interim.

🏁 The leadership election is due to take place over the summer and, while there’s currently no clear frontrunner, former and current members of Johnson’s government are expected to be in the running.

🗳️ The new Conservative leader will become prime minister and they might call for a new general election, but they’re not obliged to do so. 

Who wins in a delisting?

As soon as today, Huaneng Power International, a China-based power plant operator, is leaving the New York Stock Exchange, where it has traded since 1994. The company submitted its delisting application in June, citing limited trading volume and “considerable” administrative burden. Three major Chinese telecom companies were delisted from the US last year; Didi, the ride-hailing giant, recently delisted from the NYSE, too.

Beijing wants to see more of its home-grown champions list in China, while the US has demanded that Chinese firms offer more transparency—a requirement that could lead to the delisting of 150 Chinese firms. Both sides are motivated by geopolitics, but for firms and investors the decoupling is lose-lose: US investors will get less access to the lucrative Chinese market, and Chinese firms will have fewer chances to raise funding from US investors. Breaking up is always painful.

Even Japan is struggling with inflation

By US standards, Japan’s inflation rate in May might feel paltry. Year on year, the consumer price index rose 2.5%, compared to a heated 8.6% in the US that same month.

But to a country that has grown unused to inflation over the past three decades, even 2.5% hurts. Samanth Subramanian lays out the impact of inflation on Japanese consumers.

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Hummus may be getting harder to find. A dip in chickpea supply could be on the table.

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