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Wall Street breathed a sigh of relief on Monday after Hurricane Irma’s last-minute shift westward eased fears about widespread devastation in Florida and helped propel the US stock market towards fresh records. Irma made landfall in the Florida Keys on Sunday as a category four hurricane, but the eye of the storm missed Miami and steadily lost energy before hitting the mainland near Naples, then ploughed through the largely uninhabited Everglades. On Monday morning, it was downgraded to a tropical storm. 

Millions in Florida were left without power, while the Caribbean islands that bore the brunt of the storm were left devastated. (FT, NYT)

In the news

Trump Org working with Beijing-backed company
Donald Trump promised that his family business would not work with foreign entities, but the Middle East subsidiary of China State Construction Engineering Corporation was hired to work on the latest Trump golf club in Dubai, raising fresh questions about the US presidents many potential business conflicts. (McClatchy)

UN slams Rohingya ‘ethnic cleansing
The UN’s top human rights official has described Myanmar’s treatment of Rohingya Muslims as a “textbook example” of ethnic cleansing. As many as 40,000 Rohingya refugees who sought shelter in India are facing a new threat, after New Delhi declared its intention to deport them all. Myanmar has also brushed off a one-month unilateral ceasefire announced by a Rohingya militant group in Rakhine. (Guardian, FT, BBC)

Renminbi slides
The currency suffered its worst day in three months after China’s central bank scrapped rules intended to bolster its value. The move was a sign that official nervousness about the renminbi’s depreciation and capital flight has eased. Meanwhile, some of the world’s biggest asset managers are still waiting for permission to sell international funds to domestic Chinese investors. (FT)

China’s biggest banks ban new NK accounts
North Koreans can no longer open new accounts, as China’s big banks took an unprecedented move to clamp down on financial flows from the country’s unruly neighbour. Multiple bank branches, including those of the country’s top four lenders, told the Financial Times they had imposed a freeze on new accounts for North Korean people and companies. Some are going even further, saying they are “cleaning out” existing accounts held by North Koreans by forbidding new deposits. (FT)

Toshiba brain drain
With no end to Toshiba’s troubles in sight and efforts to sell its flash memory operations at an impasse, much of the company’s talent is heading out the door. (NAR)

Unions warns of ‘kamikaze Brexit’
Britain’s trade unions have said the UK should stay in the EU’s single market for the long term after Brexit unless any better options materialise. “My challenge to all political parties is this: when it comes to Brexit, don’t box yourselves in. Don’t rule anything out,” Frances O’Grady, the general secretary of the Trades Union Congress will say in a speech to the TUC’s annual congress today. (FT)

Some 1m rally for Catalan independence
Hundreds of thousands of people rallied in Barcelona — with some estimates touching 1m — to support a break from Spain, three weeks before a planned referendum that threatens to throw the country into crisis. (FT, Reuters)

The day ahead

iPhone launch
Apple is set to unveil its tenth anniversary iPhone, with a probable shift in design and strategy. Its third “Pro” iPhone model will feature more advanced technology such as a new kind of display, with a price tag to match — exceeding $1,000 for the most expensive configurations. It will also unveil a new 3D camera system. (FT)

Razak visits Trump
Najib Razak, Malaysian prime minister, visits US president Donald Trump at the White House. Mr Razak is embroiled in a corruption scandal at home involving 1MDB, a fund he set up and which now faces money-laundering probes in at least six countries, including the US, Switzerland and Singapore. (FT)

Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.

What we’re reading

Gauri Lankesh and the poisoning of Indian politics
Amy Kazmin on how the assassination of the journalist-activist was celebrated by Hindu nationalists and what it says about the state of politics in the world’s biggest democracy: “While the official investigation has just begun, many of India’s most prominent journalists, writers and intellectuals believe Lankesh was murdered for the vociferous expression of her political beliefs. The hitman-style assassination — mirroring the killings of three other like-minded activists — is seen as a clear warning to others of the price to be paid for strident dissent.” (FT)

The Falling Man
On the 16th anniversary of the 9/11 terror attacks, read this Tom Junod piece on one of the most shocking photographs ever taken — and our collective will to make it disappear. (Esquire)

Gender in the Valley
Investors are struggling to find a response to Silicon Valley’s sexual harassment scandals, and many blame them for the fact that private funds have been much slower than public funds to address issues of gender diversity, a separate but related problem. (FT)

Lords of misrule
In this review of Jesse Eisenger’s The Chickenshit Club, economist Matt Stoller explores how the legal profession and the government became Wall Street’s servant, and why no one involved in the global financial crisis was ever held accountable. (The Baffler)

Netherlands is feeding the world
The country is 260 times smaller than the US and yet it is the second largest food exporter in the world. How have they done it? The answer: futuristic Dutch farming. Hunger could be the 21st century’s most urgent problem, which is why this Dutch innovation is so important. (National Geographic)

Video of the day

Toshiba’s moment of truth
Will investors still care about Toshiba when its memory business is sold? The FT’s Leo Lewis reports. (FT)

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