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The battle for control of one of the most powerful US financial watchdogs escalated on Monday.
Mick Mulvaney, President Donald Trump’s appointee to head the Consumer Financial Protection Bureau, showed up with doughnuts and ordered staff to ignore instructions from his rival interim head, Leandra English. Near the same time, Ms English, appointed by the CFPB’s outgoing director, signed off as “acting director” on an all-staff email thanking employees. Ms English has also filed a lawsuit seeking to prevent Mr Mulvaney, an arch critic of the agency, from taking charge.
But the Republicans want to get rid of the agency almost as much as Obamacare, writes the FT’s Ed Luce. Even if Ms English were victorious in the courts, it would not be long before Mr Trump could nominate a new head to replace her. (FT, NYT)
In the news
A court case in New York could snap Turkey’s already-frayed relationship with the US. The trial centres around whether a prominent Turkish-Iranian gold dealer broke US sanctions against Iran, and it could add a new grievance to the Turkish president’s fury at Washington. (FT)
Time Inc. break-up
Meredith Corporation is looking to break up Time Inc. after its $2.8bn takeover deal backed by the Koch brothers, the conservative US billionaires. Meredith plans “significant jobs cuts” and to sell off some of its best-known titles, including Time magazine and Sports Illustrated. (FT)
Aung San Suu Kyi in China
Myanmar leader Aung San Suu Kyi will visit Beijing in a sign that Myanmar is drawing closer to China amid international condemnation over Myanmar’s violent expulsion of hundreds of thousands of Rohingya Muslims. (FT)
Evacuation in paradise
Tens of thousands of locals have been ordered to evacuate and thousands of tourists are stranded as Mount Agung on Bali spewed ash, threatening a more powerful eruption and closing the holiday island’s airport. (FT)
As it shattered record highs and heads for $10,000, bitcoin’s dramatic rise in value has prompted fears about the volume and volatility of trading in the cryptocurrency and led some platforms to add trading controls. (FT)
Islamic State leaders in recent weeks have issued explicit directions to female returnees from ISIS territory to prepare for new missions, marking a jihadist plan to use women to launch the next incarnation of ISIS. (WaPo)
The day ahead
Powell confirmation hearing
The US Senate Banking Committee will hold a confirmation hearing for Jay Powell, US President Donald Trump’s nominee to succeed Janet Yellen as Fed chair.
Bank stress tests
The Royal Bank of Scotland will be in the spotlight on Tuesday when the Bank of English is due to reveal the results of its stress tests for Britain’s largest lenders.
OECD global outlook
The OECD is set to release its Global Economic Outlook, which contains analysis on the global economy and 34 country-specific chapters on member countries.
Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.
What we’re reading
Samsung Electronics has developed core battery technology using graphene that could cut smartphone charging time to 12 minutes from about an hour. The graphene-based lithium-ion batteries would be an industry milestone if mass produced. (FT)
Facebook pays for post-truth
The financial cost to Facebook to try to scrub disinformation and manipulation from its social media platform could be high. But Facebook shares remain hovering near an all-time high despite chief executive Mark Zuckerberg’s warnings that cleaning costs would hit profits. (FT)
For decades a conservative monarchy, Saudi Arabia has been rapidly transformed by its new crown prince, who is shaking up the Middle East. Under the 32-year-old prince, Saudi Arabia has been a “disruptive, ambitious and unpredictable Middle East power that could lead the region into yet another war”. (BuzzFeed)
One of Europe’s leading energy consultancies has estimated that Tesla’s electric haulage truck will require the same energy as up to 4,000 homes to recharge, calculations that raise questions over the project’s viability. (FT)
Devastated by converging scourges of climate change, Boko Haram, food insecurity, population explosion and corruption, the Lake Chad region has become the “world’s most complex humanitarian disaster”. (New Yorker)
Mass destitution among senior citizens in South Korea, where poverty afflicts nearly half of the country’s elderly, points to a challenge facing all ageing societies. (FT)
Video of the day
Saudi crown prince pledges to rid world of Islamist terrorSaudi Arabia’s crown prince has pledged to rid the world of Islamist terrorism as he launched a military alliance that critics fear will deepen rifts in the region.