August 24, 2018 / 11:39 AM / a month ago

Friday Morning Briefing

Good morning. Sessions hits back at Trump over criticism of the Justice Department, the dollar dips ahead of Jackson Hole and Hurricane Lane lashes Hawaii.

Maasai children run while holding sticks during an initiation into an age group ceremony near the town of Bisil, Kajiado county, Kenya, August 23, 2018

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HIGHLIGHTS

Trump drew a sharp rebuttal from his attorney general after he gave a scathing assessment of Jeff Sessions as being unable to take control of the Justice Department.  

China will keep hitting back at Washington as more U.S. trade tariffs are imposed, but its counter-strikes will remain as targeted as possible to avoid harming businesses in China - whether Chinese or foreign, Finance Minister Liu Kun said.  

As the United States imposes an additional round of tariffs on $16 billion worth of Chinese imports, global trade relationships are changing in ways that could eventually leave American farmers out in the cold, writes Trevor Kincaid, who was the Deputy Assistant U.S. Trade Representative for Public Affairs in the Obama administration.  

The dollar fell today, set for its biggest weekly decline since March as markets braced for a speech by Federal Reserve chair Jerome Powell for hints on the direction of monetary policy.  

Increasing consensus at the Federal Reserve on the need to continue raising U.S. interest rates was on display at the start of a global central bankers meeting, as the longstanding distinction between so-called policy hawks, centrists and doves blurs in the face of falling unemployment.  

SPECIAL REPORTS

Frustrated by a string of defeats at the polls, a progressive wing of the Democratic Party pushes a populist platform across the country. Amid wins and losses, the movement aims to reshape a party in flux.  

Once a hero to native peoples, Evo Morales faces growing opposition from the diverse ethnicities that made him Bolivia's first indigenous president. After clashes with native groups over development, and controversial maneuvers to stay in office, indigenous voters are now turning against him.  

WORLD

Hurricane Lane, a powerful Category 3 storm, lashed Hawaii with high winds and torrential rain, causing flash floods, landslides and raging surf as residents hunkered down to ride out the storm.

Despite serving a 12-year sentence for corruption, Lula is still calling the shots in his Workers Party and engineering another presidential run, underscoring his stature as the most popular modern political figure in Brazil.  

Incoming Australian Prime Minister Scott Morrison promised generational change in the warring Liberal party, seeking to end an internecine battle that has scarred the conservative government ahead of an election due by May 2019.  

More than 3,000 people in Vietnam, most of them women and children, were trafficked between 2012 and 2017, the Ministry of Public Security said as parliament sought to tighten laws to tackle the problem. 

BUSINESS

Saudi Arabia’s decision to shelve what was billed as the biggest share sale ever is a major blow to the credibility of Crown Prince Mohammed bin Salman but there are other ways to finance reforms to strengthen the economy, bankers and investors say.

As the maker of family-friendly games like “Gardenscapes” and “Toy Blast”, iDreamSky Technology never expected to get caught up in a tangle with Chinese regulators. But the Shenzhen-based gaming company is enduring an unprecedented wait for over a dozen of its games to be approved for release in China, a situation it fears could impact profits this year.  

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