‘Fed up’ activism, China’s football foray and the sinister side of cash

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Federal Reserve officials on Thursday found their plans to tighten policy under assault from community activists, who accused them of compromising the interests of poorer citizens in a fight against an illusory threat of inflation.

In a meeting with the Fed Up coalition attended by 11 top US Fed officials on the eve of the Jackson Hole symposium, central bankers insisted they had no desire to halt the recovery but that they needed to act to prevent risky imbalances from emerging down the road. (FT)

In the news

‘Prejudice and paranoia’ Hillary Clinton accused Donald Trump of fuelling “prejudice and paranoia” and giving a prominent platform to white supremacists as the two presidential candidates sparred on Thursday over their language and policies towards African-Americans and Hispanics. (FT)

When the levy breaks European news publishers will be given the right to levy fees on internet platforms such as Google if search engines show snippets of their stories, under radical copyright reforms being finalised by the European Commission. The move will heap further pressure on the already strained relationship between Silicon Valley and Brussels, which are embroiled in increasingly fractious arguments over issues covering competition, tax and privacy. (FT)

Mylan bends to backlash with drug discount The maker of a $300 emergency allergy injection bowed to political pressure and discounted the price of the drug just a day after drawing condemnation from Hillary Clinton over the “outrageous” cost of the EpiPen. Over the past six years the price of the pen had increased 500 per cent to $600 for a pack of two. (FT)

Emergency iPhone patch Apple has rushed out a software patch for a string of iPhone security vulnerabilities that researchers say have been used by various governments around the world to eavesdrop on activists and journalists. (FT)

Dilma Rousseff faces impeachment in Brazil The country’s senators have begun the final phase of impeachment proceedings, which are scheduled to end next week with a final vote expected to lead to the leftwing president’s replacement with her former centre-right deputy. (FT)

WhatsApp paves way for corporate communications The messaging app has changed its privacy policy to allow businesses to ping its 1bn-plus users, opening up a potential revenue stream for Facebook, its parent company. The change marks the first time the app has shared user data with the social network. (FT)

It’s a big day for

Janet Yellen The chair of the US Federal Reserve will speak at the Jackson Hole symposium in Wyoming. (FT)

Japanese and African leaders Japan’s prime minister Shinzo Abe is visiting Nairobi for a summit this weekend in what will be the first time the country’s leader has visited Kenya in 15 years. (NAR)

Food for thought

China’s football foray Keen to fulfil President Xi Jinping’s ambition to turn China into a football powerhouse, and supported by ready financing, Chinese entrepreneurs have embarked on an unprecedented buying spree of foreign teams. But now football fans and executives across Europe are questioning whether the newly arrived owners have the commitment needed to fight for long-term success. (FT)

How the super-rich are making their homes ‘invisible’ Privacy is perhaps the greatest luxury anyone can buy, hence the trend for properties hidden from prying eyes and online searches. (FT)

Puerto Rico: An island’s exodus The fiscal collapse of Puerto Rico, which suffers under a debt and unfunded pension burden of more than $110bn, has prompted one of the largest migratory movements within the US in decades. (FT)

Horror of the bomb At the end of this month 70 years will have passed since the publication of a magazine story hailed as one of the greatest pieces of journalism ever written. Headlined simply Hiroshima, the 30,000-word article by John Hersey had a massive impact, revealing the full horror of nuclear weapons to the postwar generation. (BBC)

The curse of cash Paper money fuels corruption, terrorism, tax evasion and illegal immigration. The US should get rid of the $100 bill and other large notes, argues Kenneth Rogoff. (WSJ)

How to talk to strangers The health benefits are clear. The political benefits are newly relevant. (The Atlantic)

Video of the day

Brexit: apocalypse, no The FT’s economics reporter Emily Cadman and Lex writer Giles Wilkes take the temperature of the post-Brexit referendum economy. (FT)