FT News Briefing Unpacking the US Supreme Court Trump immunity ruling
Jul 2, 2024
The US Supreme Court has ruled that Donald Trump is immune from prosecution for his official actions, raising questions about accountability for future presidents. Meanwhile, Amazon celebrates its first international profit in years, while China's workforce cuts signal a retreat for global banks. In Japan, regional banks are facing tough challenges due to population decline and changing demographics, prompting discussions on their future strategies and the broader economic implications.
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Western Banks in China
- Western banks are reducing their workforce in China due to losses and falling profits.
- This is attributed to a property sector slowdown and geopolitical tensions with the US.
Trump's Immunity Ruling
- The US Supreme Court ruled that former President Trump has broad immunity from criminal prosecution for his official actions.
- This landmark decision has significant implications for future presidential accountability.
Amazon's International Profit
- Amazon's international unit is projected to achieve significant profit growth, rebounding from pandemic losses.
- This turnaround is attributed to increased warehouse efficiency, leading to faster deliveries and cheaper operations.