Tragedy
Mike Lynch became a vociferous champion of the UK tech start-up scene ? Nick Sinclair/Alamy

Tragedy

Hello from the FT newsroom. The big story is the tragedy off the coast of Sicily, where the superyacht that belonged to British tech giant Michael Lynch sank.

Lynch, former chief executive of software company Autonomy, had been acquitted of criminal charges in June after a 12-year legal battle. His fellow passengers were members of his legal team and their families, celebrating the courtroom victory. This morning, Italian officials confirmed that Lynch’s was one of the five bodies so far recovered from the wreckage.

This detailed explainer shows just how the storm brought down one of the world’s largest sailing superyachts.

My choices this week

  1. Ahead of Chicago’s Democratic National Convention this week, Kamala Harris outlined the first snippets of her economic agenda. The FT’s editorial board found it “disappointing”. For the latest ructions in the US presidential race, sign up for our free newsletter, US Election Countdown.
  2. Central bank policymakers from around the world will gather in Wyoming for the Jackson Hole symposium this week. While the prospect of a US recession has started spooking investors, all eyes will be on the Federal Reserve’s Jay Powell for clues about his next move. Can the Fed nail the elusive “soft landing”?
  3. When much of the world started tightening purse strings, Saudi Arabia’s vast wealth fund went on a spending spree. The Public Investment Fund pumped money across sectors from cruise ships and mining to golf. Now, Riyadh’s era of easy money may be coming to an end. (Free to read)
  4. In the past two weeks, Kyiv’s forces have, remarkably, seized more Russian land than Moscow has in Ukraine all year. But one crucial objective has not been achieved.
  5. “Tip fatigue” is starting to set in for American customers. With 4mn US workers reliant on tips for their income, this could soon become a real economic and political issue. What is the answer?
  6. The FT’s property correspondent Joshua Oliver had always thought of himself as a Yimby — “Yes In My Backyard” was his approach. That was all well and good, until he bought a place of his own this year. (Free to read)

Thanks for reading,

Roula Khalaf, FT editor

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Nabil Eltahlowy

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3 个月

I'm so sorry, it's a tragedy, it must have political dimensions.????????

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Rebecca W.

BP ASPAC l ENGINEER & ASSETS ENTHUSIAST

3 个月

The loss of life is a tragedy. The divers bravery at conducting -50M dives must be commended, this is the threshold of extended range diving on air with significant decompression and narcotic risks (many would utilise a rebreather with helium gas blending allowing extended bottom time and shorter decompression). It’s taken time to reveal if the keel was indeed up or down, a 10M keel fully extended (according to the BBC the 10M keel was raised) is a VERY deep keel and in the raised position with a quick loss of power and supreme wind, would quickly work against the stability of the yacht. Harrowing for all involved and affected. God speed to those who Neptune claimed.

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Evelyn D Abraham

Director, Beulah Concepts...Bookkeeping, Payroll & Tax Services

3 个月

Tragedy Indeed! And questionably mysterious.

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Vytautas ?yvys

PE | VC | Hotel Management

3 个月

Why does this man's death attracts so much attention from FT? Has he done something invaluable to the British nation? Other than riding super yachts and living a tycoon's life, of course.

Sad news. his daughter lost her life as well.

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