FT News Briefing Markets shrug off potential US debt default
May 12, 2023
Elon Musk has announced a new CEO for Twitter, stirring interest in corporate dynamics. Meanwhile, Turkey heads into a critical presidential election marked by economic turmoil and political rivalry. The EU is planning an underwater internet cable to strengthen ties with Georgia while tackling reliance on Russia. Concerns about a potential U.S. debt default loom large, impacting trust in the Treasury and global markets. Additionally, Italy faces a crisis with skyrocketing pasta prices, prompting calls for government action.
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Musk Steps Down as Twitter CEO
- Elon Musk announced a new, unnamed female CEO for Twitter.
- He will transition to Executive Chair and CTO, likely due to pressure from Tesla shareholders.
Turkey's Pivotal Election
- Turkish President Erdoğan faces his toughest election challenge yet due to economic woes and earthquake response.
- Voters head to the polls on Sunday, with frustration mounting against the incumbent.
Turkish Election Tensions
- Turkey's election is tense, with Erdoğan's party and Kılıçdaroğlu's party fiercely competing.
- The economy is the main issue, impacting Turkey and the world due to its strategic importance.