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Paris was on Thursday counting down the hours to the most ambitious Olympics opening ceremony in history on the river Seine.The show today evening will see up to 7,500 competitors sail down a six-kilometre stretch of the Seine on 85 boats, accompanied by a performance blending French culture and Olympic values that organisers promise will be spectacular.Compared to the Covid-blighted Tokyo Olympics, where the Games were delayed by a year and opened in an empty stadium, the Paris ceremony will take place in front of 300,000 spectators and an audience of VIPs and celebrities from around the world.The line-up of performers is a closely guarded secret but US pop star Lady Gaga and French-Malian singer Aya Nakamura – the most listened-to French-speaking singer in the world – are rumoured to be among them. The ceremony will take place amid an unprecedented security operation.Central Paris has been turned into a fortress, with metal barriers along both banks of the Seine. Only residents and people with hotel bookings can enter the high-security area. Police snipers are set to be positioned on every high point along the route, with an assassination attempt on US presidential candidate Donald Trump on July 13 helping focus minds. Israel and the Palestinian team will be given extra security with the tensions from the Israeli offensive in Gaza feared to be a potential motive for would-be attackers.At the Games on Thursday, women’s football took centre stage after a chaotic start to the sporting action in the men’s football 24 hours earlier. The Spanish women’s football team, the reigning world champions who are making their first-ever Olympics appearance, beat Japan 2-1 thanks to goals from 2023 world player of the year Aitana Bonmati and Mariona Caldentey.Scandal-hit reigning champions Canada overcame New Zealand 2-1 without their coach Bev Priestman on the sidelines after she decided it would be inappropriate following incidents of Canadian staff spying on their opponents’ training sessions with drones. Canada’s assistant coach and an analyst were dismissed from the Olympics for their part in the affair.It all added up to a difficult start for the football at the Games after a chaotic end to Argentina men’s match against Morocco when the football kicked off on Wednesday. Morocco beat the two-time Olympic champions 2-1 in Saint-Etienne, but only after a late equaliser for the South American side was disallowed and the final minutes took place in an empty stadium following crowd trouble.The tennis draw threw up a mouthwatering potential second-round tie between 2008 gold medallist Rafael Nadal and 24-time Grand Slam champion Novak Djokovic, while two-time Olympic champion Andy Murray withdrew from the singles. “I am excited for this duel in the second round, and I will give it my all,” said Djokovic.US gymnastics superstar Simone Biles, set to once again be one of the faces of the Olympics, got her first taste of the Bercy Arena as she trained ahead of the start of competition at the weekend. Biles is strongly tipped to add to her haul of four Olympic golds at the Paris Games after a tumultuous campaign in Tokyo three years ago, when she pulled out of most of her events as she battled the disorientating condition that gymnasts call “twisties”.In other developments, US Olympic chiefs on Thursday called for an end to the feud between American anti-doping officials and the World Anti-Doping Agency (WADA) after renewed verbal sparring. Gene Sykes, the chairman of the US Olympic and Paralympic Committee, said WADA and the US Anti-Doping Agency had been “playing ping pong with media bullets” since revelations about a 2021 doping scandal involving Chinese swimmers emerged.The acrimony between the two bodies flared again on Wednesday, with the International Olympic Committee warning US officials they could be stripped of the 2034 Winter Olympics in Salt Lake City if WADA was not respected as the “supreme authority” of the anti-doping movement. “What we want to do is to cool the tempers and find a way for these organisations to constructively work better together,” Sykes said.

Muhammad Ali, Floyd Mayweather and Lennox Lewis are among the boxing greats who have cut their teeth at the Olympics, with a new generation of fighters eager to follow in their footsteps in Paris.But there are serious questions over whether the sport will even remain on the Olympic programme.Boxing made its debut at the modern Olympics in 1904 and has been contested at every Summer Games since, apart from the 1912 Olympics in Stockholm as Swedish law banned the sport at the time.But it only went ahead at the Covid-delayed Tokyo Games three years ago after the International Olympic Committee stepped in to oversee the competition.The IOC suspended its recognition of the International Boxing Association in 2019 because of concerns over governance, financial and ethical issues and last year it withdrew its recognition of the governing body.The IOC will once again organise the boxing in the French capital and has given the sport until 2025 to get its house in order, otherwise it risks being excluded from the 2028 Los Angeles Olympics.Against this uncertain backdrop, nearly 250 boxers – evenly split for the first time between men and women – will do battle between July 27 and August 10, the penultimate day of the Games.Women’s boxing made its Olympic debut at London 2012 across three weight categories but there will be six weight divisions in Paris, reflecting the growth of the sport.Olympic boxing will take place at the North Paris Arena on the outskirts of the city and at Roland-Garros, better known as the home of the French Open tennis.Among those to watch in the women’s competition will be Ireland’s Kellie Harrington, who won the lightweight title in Tokyo.She suffered her first defeat in three years in April and knows the pressure is on after her heroics in 2021 catapulted her into the spotlight.“It’s not about being the greatest, it’s not about bringing back a medal,” the 34-year-old recently told Irish media.“It’s that feeling of, ‘I’m just going to get this done because this is what I’ve worked for’.” Also in the women’s event is Cindy Ngamba, who was born in Cameroon but moved to Britain aged 11 and will represent the Refugee Olympic Team.There are several plotlines in the men’s competition, which will similarly feature reigning Olympic champions, some boxers with professional experience and also emerging talents.Led in the past by boxers such as Ali, Mayweather, George Foreman, Roy Jones Jr and Evander Holyfield, the United States is the most successful nation in the history of Olympic boxing. But its men have failed to take home gold since Andre Ward – another who went on to become a world champion – in 2004.Their hopes of ending that drought are led by the 21-year-old featherweight Jahmal Harvey. Cuba are another traditional heavyweight and in Arlen Lopez and Julio Cesar La Cruz they have two highly accomplished fighters who are looking to win gold for a third time.Only three boxers have ever done that in the history of the Games.Britain are another powerhouse, both in women’s and men’s boxing.Anthony Joshua won gold for the hosts at London 2012 before turning pro and becoming heavyweight world champion.Britain have high hopes for 27-year-old super-heavyweight Delicious Orie, who has been mentioned as the next possible Joshua and is a reigning Commonwealth Games champion. A sparring partner of Joshua’s, Orie once said: “Some say I’m the new Anthony Joshua, but one day I aim to be even better and dominate.”Waseem Abu Sal will be the first Palestinian boxer to compete at the Olympics after earning a wildcard spot. “This has been my dream since I was 10,” he told AFP at his gym in the occupied West Bank city of Ramallah. “Every day I woke up wondering how to get to the Olympics.”

Grand Slam record-breakers Novak Djokovic and Rafael Nadal were placed on an Olympics second-round collision course in the draw for the Paris Games on Thursday.Nadal, a singles gold medallist at the 2008 Olympics, is playing in his final Games having also won doubles gold in Rio in 2016, while Djokovic was a bronze medallist in singles in 2008.Serbia’s Djokovic, a 24-time Grand Slam champion and top seed in Paris following the withdrawal of world number one Jannik Sinner, begins his campaign against Australia’s Matthew Ebden. “I am excited for this duel in the second round, and I will give it my all,” said Djokovic, who has faced Nadal 59 times over the past 18 years. “I am aware of the importance of the Olympic Games. I represent my country, which is more responsibility and even more pressure.”Spain’s Nadal, who has won 14 of his 22 Grand Slams on the clay of Roland Garros, faces Hungary’s Marton Fucsovics in his opener. French Open and Wimbledon champion Carlos Alcaraz, the second seed, tackles 275th-ranked Hady Habib of Lebanon in opening round of the tournament, which starts tomorrow.“Roland Garros is the most special place in the world of tennis for me,” said 38-year-old Nadal, who was defeated in the first round of the French Open by Alexander Zverev last month during an injury-hit season. “This year I was not able to spend a lot of time at Roland Garros so I am excited to be back here. It’s another opportunity and a chance to enjoy every single moment.”Defending Olympic champion Zverev, seeded third, takes on Jaume Munar of Spain. Russian fourth seed Daniil Medvedev, playing in Paris as a neutral following Moscow’s invasion of Ukraine, will meet Rinky Hijikata of Australia. Two-time singles gold medallist Andy Murray, who will end his career at the Olympics after almost two decades on tour, will only play doubles.The 37-year-old former world number one underwent surgery to remove a cyst on his back before Wimbledon, which also sidelined him from singles at the All England Club. At the Olympics he will play doubles with Dan Evans. “The Olympics are incredibly special for me and I am happy to do it one more time to compete for my country,” Murray said at draw. “I trained the last few weeks to get myself ready to play singles and doubles but I am getting older and it’s harder to recover from all the injuries. I just ran out of time.”Murray and Evans start their doubles bid against Japan’s Kei Nishikori and Taro Daniel. Nadal and Alcaraz, who will team up for the first time, face Argentina’s Andres Molteni and Maximo Gonzalez. Nadal, Djokovic and Nishikori are playing at the Olympics for the fifth time in their careers.Also making a final appearance will be Germany’s Angelique Kerber, who announced on Thursday she will retire once the Games end. The 36-year-old, who won three Grand Slam titles, was a silver medallist in singles at the 2016 Rio Olympics. In a first-round clash of mothers, Kerber faces four-time Grand Slam champion Naomi Osaka of Japan.“I took the toughest decision of my life today,” said 36-year-old Kerber. “It is not easy to make such a big decision and if I could, I would play forever.”Women’s world number one Iga Swiatek, returning to the scene of her fourth French Open title last month, begins against Romania’s Irina-Camelia Begu. Second-ranked US Open champion Coco Gauff, who missed the Tokyo Olympics three years ago with Covid, takes on Australia’s Ajla Tomljanovic. Gauff will join basketball great LeBron James as a flag-bearer for the US team in today’s opening ceremony on the Seine in the heart of the French capital.

France is preparing to welcome dozens of heads of state and government, royalty and US First Lady Jill Biden for the Summer Olympics that begin with a dazzling ceremony on the river Seine today. No Russian official representing Vladimir Putin’s government has been invited due to the Kremlin’s war against Ukraine, while an Israeli delegation will be heavily protected as tensions rage over Israel’s continuing bombardment of Gaza following the October 7 attack by Hamas. But with only a day to go, there is still no confirmation that Ukrainian President Volodymyr Zelensky will attend the opening of the world’s biggest sporting event in what would be a notable absence. “We are ready to welcome the world,” said Samuel Ducroquet, France’s ambassador for Sports. Russia, long a Summer Olympics powerhouse, has been banned from the Paris Games in response to Putin’s invasion of Ukraine, now in its third year, but a tiny squad of neutral athletes will represent the country. A list of guests who will attend a reception hosted by President Emmanuel Macron at the Elysee Palace today does not include Zelensky’s name. There was no immediate comment from Kyiv. The new British Prime Minister, Keir Starmer, who is keen to strengthen ties with France, will be in the stands overlooking the Seine to watch the river parade. Paris 2024 “is a big event for France but also for the UK,” said Menna Rawlings, the British ambassador to France, adding that around 500,000 tickets had been sold in Britain. Other European leaders expected to attend include German Chancellor Olaf Scholz, Finland’s President Alexander Stubb and Greek Prime Minister Kyriakos Mitsotakis. Georgia will be represented by both Prime Minister Irakli Kobakhidze and President Salome Zurabishvili, and Moldovan President Maia Sandu will also be in attendance. US President Joe Biden, 81, who has announced he is dropping his re-election bid and is recovering from Covid, will not fly to Paris, but US First Lady Jill Biden has confirmed her presence at the Games. The closing ceremony will be attended by Douglas Emhoff, the husband of Vice-President Kamala Harris, who is now in the running for the White House. Israeli President Isaac Herzog will attend the ceremony under heavy protection, despite protests from Tehran. Herzog will also meet Macron on the sidelines of the ceremony. The head of the Palestinian Olympic Committee, Jibril Rajoub, will represent Palestinian Authority leader Mahmoud Abbas. Saudi Arabia’s Crown Prince Mohamed bin Salman and Emirati President Sheikh Mohamed bin Zayed al-Nahyan are not on the list of guests. Chinese President Xi Jinping will skip the Paris edition and be represented by Vice-President Han Zheng. Brazil’s President Luiz Inacio Lula da Silva has entrusted his wife Rosangela with representing the nation, but Argentine leader Javier Milei and Colombia’s Gustavo Petro have confirmed their attendance. Turkish President Recep Tayyip Erdogan and Indian Prime Minister Narendra Modi are not on the Elysee list of guests. Brice Oligui Nguema of Gabon and Faustin Archange Touadera of the Central African Republic will both be present. The attendance of Cameroonian leader Paul Biya and Rwandan President Paul Kagame has also been confirmed. The new Senegalese President, Bassirou Diomaye Faye, will be there but South Africa’s Cyril Ramaphosa will skip the event. The opening ceremony will coincide with the first anniversary of a coup that ousted Niger’s President Mohamed Bazoum, and the country will be represented by sports ministry official Abdoulaye Mohamadou. Britain’s Princess Anne, sister of King Charles III, and Prince Albert of Monaco arrived on Monday to attend the IOC meeting, as both countries are IOC members. The King of Spain, Felipe VI, is also expected. Denmark will be represented by King Frederik X and Queen Mary as well as Princess Benedikte, the sovereign’s octogenarian aunt. Wars in Ukraine, Gaza, Sudan, the Democratic Republic of Congo and other places are not expected to stop, but the Olympics will be an opportunity for intense diplomatic activity. Today, UN Secretary-General Antonio Guterres is expected to urge nations to “lay down their arms”, and Macron has also called for “an Olympic truce”.

When Joe Biden finally recovers from Covid at his beach house and returns to the Oval Office, likely later this week, he risks being the lamest of lame ducks for his remaining six months in office.But the 81-year-old, smarting from the humiliation of having to drop his re-election bid, could still influence the success of Vice-President Kamala Harris’s campaign and push to resolve key foreign policy issues.“We’re not quite lame duck. It’s wounded duck,” Peter Loge, director of George Washington University’s School of Media and Public Affairs, told AFP.All US presidents leaving office face a period of limbo between election day in November and inauguration day in January.For Biden, however, an unusually long period of some 100 days looms when voters, politicians and foreign leaders will all have their eyes on the horizon instead of on him.Yet Biden’s pledge in his stepping-down letter on Sunday to “focus solely on fulfilling my duties as president for the remainder of my term” does not have to be an empty one.“He’s still the president of the United States, he’s in charge. He obviously wants to do things that set Vice-President Harris up for success,” said Loge.That puts the onus on Biden to keep pushing the key domestic threads that have run though his presidency, such as lowering inflation, keeping unemployment down and dealing with high pharmaceutical prices.Crucially, Biden can still appoint judges who could then stay in place for decades.This remains a key lever of power in a deeply polarised country where an increasingly politicised judiciary decides on issues like women’s rights.“He has a real incentive to end strong, so that Harris can look strong until November” as she faces Republican former president Donald Trump, added Loge.With seemingly intractable wars raging in Gaza and Ukraine, Biden may also turn his focus abroad for his final days in the Oval Office.“What I would expect is that Biden will concentrate on foreign affairs,” David Karol, who teaches government and politics at the University of Maryland, told AFP.“Presidents have made major moves in foreign policy in the lame duck phase,” he said, citing among others George HW Bush’s decision to remove US troops from Somalia in the dying days of his one-term presidency.A major prize would be a ceasefire in Gaza, which Israel has pounded.Biden risks highlighting his lame-duck status with a planned meeting with Israeli Prime Minister Benjamin Netanyahu this week — if his recovery from Covid allows it.The two leaders have had strained relations over Netanyahu’s conduct of the war.But a deal would be “helpful” to Harris’s candidacy “because that issue has proven divisive in the Democratic Party,” said Karol. “And she’s maybe a little less tied to the policy than he is.”On Ukraine, Biden may be keen to secure the multi-billion-dollar aid package for Kyiv’s fight against Russia, amid fears that if Republican Donald Trump wins he could abandon it.The one final power that an outgoing president can wield is potentially the most sweeping, but also the most controversial — the presidential pardon.Biden’s beloved but troubled son Hunter was convicted in June on charges of lying about his drug addiction while buying a handgun, and faces up to 25 years in prison.Candidate Biden pledged not to pardon 54-year-old Hunter or commute any sentence — but his thinking could change post drop out, and in an election race like no other in modern US history, anything is possible.

Multiple Olympic gold medallist Katie Ledecky said on Wednesday that questions remain over the case of Chinese competitors who failed doping tests, urging transparency from authorities.The New York Times reported in April that 23 Chinese swimmers, two of whom competed against Ledecky and her US teammates in Tokyo, had tested positive for a banned substance just seven months before the Covid-delayed 2021 Games in Japan. None of the swimmers were suspended or sanctioned after the World Anti-Doping Agency (WADA) accepted the conclusion of Chinese authorities that the case was caused by food contamination at a hotel where they had stayed.WADA’s stance has been strongly criticised by a number of leading swimmers, including seven-time gold medallist Ledecky, who said previously that her faith in the anti-doping system was at an “all-time low”.Ledecky said there were issues still to be resolved when asked at a USA swim team press conference if she felt races at the 2024 Paris Games would be fair. “I hope everyone here is going to be competing clean this week. But what really matters also is, were they training clean?” she told reporters. “Hopefully that’s been the case. Hopefully there’s been even testing around the world. And I think everyone’s heard what the athletes think. They want transparency. They want further answers to the questions that still remain.”Ledecky said that the anti-doping process was not an issue that athletes should have to concern themselves with. “At this point, we’re here to race. We’re going to race whoever’s in the lanes next to us and we’re not the ones paid to do the testing,” she said. “So we hope that the people that are, follow their own rules. And that applies now and into the future. And we want to see some change for the future so that you don’t have to ask us that question.”Ledecky said it was important to remember why athletes are tested outside of competition time. “I think if you’re trying to get an advantage, you can do it any time. So if people are training with things in their system that shouldn’t be in their system, then they’re getting an advantage,” she said.“That’s why we’re tested frequently, randomly. Our whereabouts, you know, we have to keep them up to date constantly when we’re training, when we’re here, all that. So we’re following all those rules. Again, all that we ask is that those rules are being applied fairly and consistently worldwide.”The International Olympic Committee (IOC) has backed WADA after a report said it had not mishandled the Chinese case. The support from the IOC came after strongly worded attacks from Travis Tygart, the head of the US Anti-Doping Agency (USADA), who accused the body of covering up the Chinese cases.Ledecky ‘likes her chances’ in blockbuster 400m freestyleMeanwhile, Katie Ledecky threw down the gauntlet to Ariarne Titmus and Summer McIntosh ahead of a blockbuster 400m Olympic freestyle showdown, warning: “I like my chances.”The American will start one of the Olympic’s most anticipated races on Saturday at La Defense Arena as the underdog based on times this year. But the 27-year-old has long proved she can never be written off and was in a fighting mood when asked about her chances.“I’m looking forward to the 400 free, day one. I like my chances,” she said. “I feel like I’m prepared and ready to race and that’s all you can ask for.”Ledecky, who is the undisputed queen over 800m and 1500m, will have to raise her game to better Australia’s Titmus in the shorter distance. Titmus dethroned her in Tokyo three years ago, snatched her world record a year later and swam the second fastest time in history, 3min 55.44sec, last month.Ledecky’s best time this year is almost three seconds slower than the Australian, as is Canada’s McIntosh, herself a former world record holder. “They’re great athletes and I’ve had the chance to race them quite a few times over the years now, especially Summer who has been training in the US,” she said. “It’s always fun to race the best. We are the top three performers ever in that race, that just makes for a great field, a great race.”The trio are so dominant that they share the 27 fastest times in history with New Zealand’s Erika Fairweather the only other current swimmer to breach four minutes.Ledecky said Titmus and McIntosh drove her to keep improving. “Those two have continued to raise the game, raise my game, and I know I have to bring my best,” she said. “I think they know they also have to bring their best.”

Men’s tennis number one Jannik Sinner withdrew from the Paris Olympics on Wednesday, days before it begins, after falling ill with tonsillitis.The Italian said he was “sad and disappointed” to drop out, adding that he had started feeling unwell on Monday after a practice week in Monaco.“After seeing my doctors on Tuesday and waiting an extra day to give myself some more time to see if my condition would improve, things unfortunately got worse,” Sinner, 22, said in a statement.“I was looking forward to competing with my teammates and the rest of the Italian team, but for now that will have to wait,” he said.“As advised by my medical team, I will now take some time to rest and recover to full health. I’d like to wish the whole team Italia the best for this important event and hope to be back stronger in the future.”Sinner said the Olympics had been “one of my main goals for this season” and was due to play in the men’s singles and the doubles with Lorenzo Musetti.Wimbledon semi-finalist Musetti will now have to play in the men’s doubles tournament with either Luciano Darderi or Matteo Arnaldi.Italian media reported that Andrea Vavassori, ranked 207 in the world, will replace Sinner in the men’s singles.Sinner dropping out deprives Italy of a great shot at a medal.He has long been the great hope of Italian tennis and after finishing runner-up to Novak Djokovic at the ATP Finals in November last year, he has moved up a level.Sinner won his first Grand Slam at the Australian Open at the start of this year and then became the first Italian to top the world rankings after his recent run to the semi-finals at the French Open.He has also won three other tournaments this year, including his second Masters 1000 crown in Miami.Sinner withdrew from the Madrid Open before the quarter-finals with a hip injury and missed the tournament in Rome in the run-up to Roland Garros, where the Olympic tennis will be played between July 27 and August 4.He needed a lengthy medical timeout after feeling dizzy and appearing to almost lose his balance during his quarter-final defeat to Daniil Medvedev at Wimbledon.De Minaur raring to go in Paris after recovering from hip injuryAustralia’s Alex De Minaur said he is ready to fulfil his Olympic dream after shaking off a hip injury that cut short his Wimbledon campaign and threatened his participation at the Paris Games.The world number six pulled out of his Wimbledon quarter-final against Novak Djokovic earlier this month after sustaining a cartilage tear in his hip in the closing stages of his fourth-round win over Arthur Fils.De Minaur was unable to play at the Tokyo Games three years ago after contracting Covid.“To finally be able to represent Australia in the Olympics is a dream come true,” De Minaur said.“I’m very passionate when I play for my country and wear the green and gold, so this is another one of those moments.“I’m extremely excited to lace up for Paris 2024.”De Minaur spearheads an Australian team that also includes Alexei Popyrin, Ellen Perez, Matthew Ebden, John Peers, Olivia Gadecki, Ajla Tomljanovic, Daria Saville and Rinky Hijikata.

US President Joe Biden’s exit from the presidential race could prompt investors to unwind trades betting that a Republican victory would increase US fiscal and inflationary pressures, while some analysts said markets could benefit from an increased chance of divided government under the next administration.The so-called Trump-trade, which presumes the former president’s tax policies will lift corporate profits, while undermining the country’s long-term budget health, gained ground following Biden’s disastrous TV debate last month.It was especially visible in US government bonds, with long-dated Treasury yields - which move inversely to prices - briefly rising on increased expectations that Republican presidential nominee Donald Trump would regain the White House after the debate and last weekend’s assassination attempt.Although yields quickly retreated on signs of economic weakening, the move reflected investors’ belief that a Trump presidency could lead to inflationary policies and a more fiscally expansive stance. But Biden’s decision to step aside and endorse Vice-President Kamala Harris to replace him as the Democratic candidate casts doubt over a Trump victory and will likely prompt investors to pare those bets. Trump’s team has said his pro-growth policies would bring down interest rates and shrink deficits. Many market participants believe deficits will keep deteriorating under a second Biden administration as well.“It does take some of the wind out of the sails of the Trump Trade,” said Cameron Dawson, CIO of NewEdge Wealth in New York, although she said markets would be waiting for more clarity about who the nominee will be.“That’s when we might look for the reversal of the Trump Trade and other kinds of movements,” said Dawson.A Reuters/Ipsos poll that closed on Tuesday found Trump had a marginal lead among registered voters - 43% to 41% - over Biden. When accepting the Republican nomination on Thursday, Trump again pledged to cut corporate taxes and cut interest rates. Analysts also expect a Trump presidency would make for tougher trade relations, which could result in inflationary tariffs.Lower tax revenues could widen the US federal government’s budget deficit, which has risen steadily for much of the past decade, including under Trump’s previous 2017-2020 presidency, although a spike in 2020 was mostly driven by Covid-19 government relief.Many investors believe the deficit will keep deteriorating under a second Democratic administration too, but a more balanced election result could reduce the risk of the excessive fiscal stimulus expected if Republicans sweep Washington. Congress is currently divided, with the House of Representatives narrowly controlled by Republicans and the Senate by Democrats. A divided government is often seen by investors as positive for markets, because it makes it harder for either party to force through dramatic policy changes. Several Democrats had warned that Biden’s initial refusal to step aside, which led some Democratic donors to shut the spigots, would wipe out Democrats in House and Senate races too. Biden’s exit, however, would increase Democrats’ chances of controlling at least one of those chambers, said Brij Khurana, fixed income portfolio manager at Wellington Management Company, speaking ahead of the announcement.“A divided government, if it does materialise, would mean much lower yields than we currently have,” said Khurana, as bonds would reflect a potentially more benign outcome for government debt issuance. Jamie Cox, Managing Partner of Harris Financial Group, said markets might now reprice what had previously been expected to be a sweep of Congress.“The Senate is very likely to go Republican but the House of Representatives is very vulnerable to a Democrat takeover,” said Cox.Jack McIntyre, portfolio manager, global fixed income, Brandywine Global Investment Management also referred to a divided government as a potential outcome and “a positive for the market”.Investors said that market volatility could increase as the uncertainty over the election continues.“Biden stepping down is a whole new level of political uncertainty,” said Gina Bolvin, President of Bolvin Wealth Management Group. “This may be the catalyst for market volatility that is overdue.”Swathes of the equities market, in particular small caps, have reacted favourably in recent weeks to the prospect of a Trump win. Cryptocurrencies have also rallied on inflation bets. The Cboe Volatility index - Wall Street’s “fear gauge” - touched its highest level since late April on Friday.“The market doesn’t like uncertainty, and the added element of an unknown Democratic nominee will certainly add to investor discomfort,” said Rafia Hasan, Chief Investment Officer, Perigon Wealth in Chicago. “We don’t know what the market will do tomorrow and into the coming weeks with this news, so investors should sit tight.” - Reuters

Tennis star Coco Gauff will be the woman flag-bearer for the United States at the opening ceremony of the Paris Games, US Olympic chiefs said on Wednesday.The reigning US Open champion will join NBA superstar LeBron James as the US flag-bearers for tomorrow’s ceremony along the Seine river.“I never thought in a million years I would have the honour of carrying the American flag for Team USA in the opening ceremony,” Gauff said in a statement.“I could not be more proud to lead my teammates with LeBron as we showcase our dedication and passion on the biggest stage there is, at a moment where we can bring athletes and fans together from around the world.”The 20-year-old Gauff will be competing at the Olympics for the first time after a breakthrough 12 months which saw her claim her maiden Grand Slam title at the US Open last September.Gauff has risen to a career-high two in the world rankings and also won her first Grand Slam doubles title at the French Open after partnering Katerina Siniakova from the Czech Republic.Gauff and James were chosen as flag-bearers after a vote by fellow Team USA members.Gauff will play singles while partnering Jessica Pegula in doubles when the Olympic tennis gets under way at Roland Garros on Saturday.The US youngster was originally selected for the pandemic-delayed 2021 Olympics in Tokyo but did not compete after testing positive for Covid.

US Vice-President Kamala Harris called on a rally of more than 6,000 Black women yesterday to help her revitalise the Democratic presidential campaign, ahead of her Republican rival Donald Trump’s return to the campaign trail.Harris has emerged as the Democratic presidential candidate in the November 5 election after President Joe Biden, 81, ended his re-election bid on Sunday in the face of intense opposition from fellow Democrats who questioned his ability to win or to serve for another four years were he to do so.The 59-year-old vice president, the first Black woman and Asian American to serve as vice president — who would also be a historic first as president if she prevails over former President Trump, 78 — has shaken up a staid race and sparked new energy among Democrats.That surge was not to go unanswered yesterday, with Trump holding his first rally since Biden ended his campaign — in the battleground state of North Carolina.The Trump campaign has insisted it is prepared for Harris’ candidacy, arguing she serves as a proxy for Biden on the economic and immigration policies that contributed to his sinking popularity with voters.Harris spoke at an event in Indianapolis hosted by the Zeta Phi Beta Sorority, which was founded at Howard University, the historically Black college she attended. She hopes to tap sororities’ multi-generational network of Black women — who played an important role in Biden’s 2020 victory — to deliver strong voter turnout for Democrats again in November.“I thank you. And now, in this moment, our nation needs your leadership once again,” Harris said. Harris and Trump are closely competitive, public opinion polls showed this week.A Reuters/Ipsos poll completed on Tuesday showed Harris with a marginal two-percentage-point lead over Trump, 44% to 42%. A CNN poll conducted by SSRS showed Trump leading Harris, 49% to 46%. Both findings were within the polls’ margins of error.Biden, who came back to Washington after isolating at his home in Delaware with Covid, was to address the nation from the Oval Office last night to explain his decision to drop out after a disastrous June debate with Trump raised questions about his ability to win the election, or to serve another four years if he succeeded.On Tuesday, Trump took the unusual step of speaking to reporters on a conference call to underscore his campaign’s line of attack on the border, saying Harris was partially responsible for a record flow of migrants.Biden put Harris in charge of working with countries in Central America to help stem the tide of migration, but she was not made responsible for border security.“She’s a radical left person, and this country doesn’t want a radical left person to destroy it,” Trump said on the call. “She wants open borders. She wants things that nobody wants.”Harris has not called for the removal of border controls.Trump, coming off a triumphant week in which his party unified around his presidential bid after a failed assassination attempt two weekends ago, has had to watch as Biden’s sudden departure from the race dramatically shifted the narrative and sparked a surge of attention toward Harris at his expense.Harris campaign chair Jen O’Malley Dillon said in a memo made public yesterday that Democrats would aim to compete in the swing states of Michigan, Wisconsin, Pennsylvania, North Carolina, Georgia, Arizona and Nevada, opening up a map that in the final weeks of Biden’s campaign had appeared to be more focused on the Midwest.“This race is more fluid now — the vice president is well-known but less well-known than both Trump and President Biden, particularly among Dem-leaning constituencies,” O’Malley Dillon wrote. Democrats will formally nominate their new ticket at next month’s convention in Chicago after an August 7 virtual vote. Roy Cooper, North Carolina’s Democratic governor, is considered to be on the short list to serve as Harris’ running mate.Harris and her campaign have worked at breakneck pace to consolidate support among Democrats in Congress and delegates across the country. Candidates who could have been potential rivals for the nomination have fallen in line and endorsed her. The Harris campaign yesterday said it has raised $126mn since Sunday, with 64% of donors making their first contribution of the 2024 campaign.

Vice-President Kamala Harris assailed Donald Trump yesterday at her first campaign rally since replacing President Joe Biden as the Democratic presidential candidate, while a Reuters/Ipsos opinion poll showed her taking a marginal lead over Trump, the Republican nominee.“In this campaign, I promise you I will proudly put my record against his any day of the week,” she told a cheering crowd of several thousands at West Allis Central High School in a Milwaukee suburb in Wisconsin, a crucial battleground state in the November 5 election.“Do we want to live in a country of freedom, compassion and rule of law, or a country of chaos, fear and hate?” she asked.Harris swiftly consolidated her party’s support after Biden, 81, abandoned his re-election campaign under pressure from members of his party who worried about his ability to beat Trump or to serve for another four-year term.She wrapped up the nomination on Monday night by winning pledges from a majority of the delegates who at next month’s party convention will determine the nominee, the campaign said.Most Democratic lawmakers have lined up behind her candidacy, including the party’s leaders in the Senate and House, Chuck Schumer and Hakeem Jeffries, who endorsed Harris yesterday at a joint press conference.An unofficial survey of delegates by the Associated Press showed Harris with more than 2,500 delegates, well over the 1,976 needed for the nomination. Delegates could still change their minds, but no-one else received any votes in the AP survey; 54 delegates said they were undecided. Harris’ rise dramatically reshapes an election in which many voters were unhappy with their options.Saddled with concerns that included his health and persistent high prices crimping Americans’ household finances, Biden had been losing ground against Trump in opinion polls, particularly in the competitive states that are likely to decide the election, including Wisconsin and the Sun Belt states of Arizona and Nevada.The Wisconsin event offered another opportunity for Harris, the first Black woman and Asian American to serve as vice-president, to reset the Democrats’ campaign. Harris has been raking in campaign contributions. Her campaign said on Monday she had raised $100mn since Sunday, topping the $95mn that the Biden campaign had in the bank at the end of June.While a wave of senior Democrats have lined up behind Harris, the racial justice group Black Lives Matter yesterday challenged the party’s swift move.It called for a national virtual snap primary ahead of the August 19-22 Democratic National Convention in Chicago, where the party will formally nominate its candidate.“We call for the Rules Committee to create a process that allows for public participation in the nomination process, not just a nomination by party delegates,” Black Lives Matter said in a statement to Reuters.Biden said on X that he would deliver a speech tonight from the Oval Office explaining his decision to end his campaign. He was returning to Washington yesterday after spending several days in isolation at home with Covid-19. The president has tested negative and no longer has symptoms, the White House doctor said in a letter yesterday.Trump and his allies have tried to tether Harris to some of Biden’s more unpopular policies, including his administration’s handling of the surge of migrants at the southern border with Mexico.“Kamala Harris’ dismal record is one of complete failure and utter incompetence. Her policies are Biden’s policies, and vice versa,” Trump spokesperson Steven Cheung said.Wisconsin is among a trio of Rust Belt states, along with Michigan and Pennsylvania, that are critical for Democrats’ chances of defeating Trump.“There are independents and young people who did not like their choices, and Harris has a chance to win them,” said Paul Kendrick, executive director of the Democratic group Rust Belt Rising.Milwaukee County Executive David Crowley, a Democrat, said Harris could also help bring back crucial Black voters.“Many of them didn’t come along because they were distracted by his (Biden’s) age, distracted by his appearance,” he said.Democratic National Committee chair Jaime Harrison, in an interview on NBC’s Today programme, said the party had to move quickly to get the ticket on ballots in all 50 states, and that the vice-presidential pick needed to be made by Aug. 7.“This process is going to be fair, transparent, open but it’s going to be fast,” Harrison said.Potential running mates include Kentucky Governor Andy Beshear, US Secretary of Transportation Pete Buttigieg, North Carolina Governor Roy Cooper, Arizona Senator Mark Kelly, Illinois Governor JB Pritzker, Pennsylvania Governor Josh Shapiro and Michigan Governor Gretchen Whitmer, according to people familiar with internal policy discussions.

General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street's expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered trucks.The company's shares plunged more than 6%, however.The selloff could be related to a number of factors, analysts said, including a shift in the company's Cruise self-driving vehicle strategy, its continued losses in China and a broader concern that the auto industry will become less disciplined on inventory levels and buyer incentives."We believe this is just a knee-jerk reaction and the GM quarter was a robust one which should drive the stock higher over the coming weeks and months," said Dan Ives, analyst at Wedbush Securities.The Michigan automaker is leaning heavily on its gasoline-engine offerings to fuel its profits through a slower-than-anticipated transition to electric vehicles.GM executives say the company has laid the foundation necessary to meet ambitious ramp-up targets on EVs."We're encouraged by the early results we're seeing in EVs now that we can build at scale," CFO Paul Jacobson said in a call with reporters.A report from the Federal Reserve last week showed motor-vehicle production surged to a nine-year high in June.GM increased its adjusted pre-tax profit projection for the year to $13bn to $15bn, from its previous range of $12.5bn to $14.5bn.The company reported adjusted earnings per share of $3.06 that beat Wall Street's average estimate of $2.75, according to LSEG data. The carmaker reported $48bn in revenue for the three-month period, surpassing analysts' consensus of $45.5bn in the June quarter. Executives at GM also provided an update on its Cruise self-driving unit, saying it will focus its development efforts on a next-generation Chevrolet Bolt rather than its planned futuristic Origin vehicle that would not have a steering wheel or other human controls.GM's stock has outperformed its rivals and the S&P 500 in 2024. The company's share price has increased 38% this year as of Monday, while cross-town rival Ford Motor has notched an 18% increase, and Jeep-maker Stellantis lost 11%.GM received another cash boost from the US government this summer to support its EV ambitions, although it has walked back many of its targets during the last year. The Biden administration said this month that it would award GM $500mn to convert one of its Michigan gas-engine vehicle-assembly plants to produce EVs. GM last week declined to reiterate a target of achieving 1mn units of EV production capacity in North America by the end of 2025. The carmaker also recently lowered its projected EV output for the year, now projecting the higher end of its 2024 production to be 250,000 units, down from a prior forecast of 300,000 units.CEO Mary Barra told investors that GM would delay the opening of its Orion Assembly EV truck plant by six months, until mid-2026.Still, GM executives said the company is scaling up production of the Chevrolet Equinox EV and plans to launch several new battery-powered models over the coming months.GM reported a 14% increase in net income over the year-ago period to $2.9bn. Although the Detroit automaker has kept its sights set on transitioning its lineup to EVs, Barra has said it plans to introduce plug-in hybrids in 2027. Ford is currently benefiting from significant increases in hybrid sales.Ford is set to release its second-quarter results Wednesday.The outcome of the US presidential election in November will also likely affect GM's plans for battery-powered vehicles. Former President Donald Trump has criticized President Joe Biden's approach on EVs, which have included significant government subsidies.GM is also facing increasing investor scrutiny on its operations in China, which in the past decade have shifted from being a profit engine to a drain on the company's finances.The company recorded a $104mn quarterly loss in China, a disappointment after executives said they expected to be profitable in the region for the second quarter. "It's a difficult market right now. And frankly, it's unsustainable, because the amount of companies losing money there cannot continue indefinitely," Barra said.Jacobson said GM would work with its joint-venture partner in China to restructure its business and plans to cut spending there.SpotifySpotify posted a record quarterly profit slightly ahead of analyst expectations on Tuesday, pushing its shares up more than 14% in premarket trading.The Swedish audio-streaming giant sought to reduce costs through layoffs and cuts to its marketing budget last year, while trying to grow its user base through promotions and new investments in podcasts.In the second quarter of 2024, the number of paying Spotify subscribers rose to 246mn, slightly above expectations."It really comes down to the number of subscription offerings we have now. We're moving from one-size-fits-all to having something for everyone," CEO Daniel Ek said in an interview with Reuters, citing the company's various plans for students and shared households.Profit rose 45% from a year earlier to €1.11bn ($1.21bn), slightly above analysts' expectations for €1.07bn. Earnings per share of €1.33 also beat estimates of €1.06, according to IBES data from LSEG. Revenue rose 20% to €3.81bn for the second quarter of 2024, fractionally below analysts' estimates of €3.82bn. The company did fall short of its own target for monthly active users (MAUs). Spotify previously said it aimed to reach 631mn monthly active users (MAUs), but only reached 626mn for the quarter."In a nutshell, it was a very good quarter for them," said Simon Dyson, an analyst at Omdia, a consultancy firm which focuses on media, telecoms and communications."They did miss their MAU, but within their guidance they are still confident that number will go up, and if they stay on track we'll all forget about them missing it this quarter."The company said it had seen user numbers grow across all regions, but that it had not met its MAU goal due to "continued recalibration" of marketing activities."It's definitely something we take very seriously, if we miss our own forecasts," said Ek. "For me, it's a question of when, not if. We will return to strong MAU growth, I feel good about it." Spotify's gross profit margin widened to 29.2% from 27.6% in the previous quarter.Galp EnergiaPortugal's Galp Energia reported on Monday a 16% rise in second-quarter net profit, beating expectations as higher oil prices and lower production costs offset reduced output and the refining margin held steady.The company also confirmed ongoing preparations for a second drilling phase of four wells in Namibia's Mopane field, where it has an 80% stake, starting in the fourth quarter. It said it was in preliminary talks with possible partners.Galp shares, up more than 40% so far this year, rose more than 1%.It booked an adjusted net profit of €299mn ($325.34mn), above the €236mn expected by 18 analysts polled by the company.Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 7% to €849mn, compared with the €821mn consensus.Galp has estimated Mopane could contain at least 10bn barrels of oil, making it one of the largest discoveries in the nascent basin following successful exploration by TotalEnergies and Shell.Reuters reported earlier that more than 12 oil companies, including Exxon, Shell and Brazil's Petrobras, had expressed interest in buying a 40% stake in Mopane.RyanairRyanair's profits slumped by almost half in the three months to the end of June as ticket prices plunged 15% from the same period last year, heightening fears of a weak summer for Europe's airlines as the post-Covid boom peters out."The trend is downwards and weaker," Ryanair Chief Executive Michael O'Leary told investors in an analyst call after the results on Monday.After-tax profit for the three months to the end of June, the first quarter of Ryanair's financial year, was €360mn ($392mn), down 46% on the same period last year and well below the €538mn profit forecast in a company poll of analysts.O'Leary said it was far too early to forecast the outlook for the year, but said there was no sign of an end to the weakness."It could well be a double-digit (percentage) decline in pricing in Q2," he said, referring to the July-September quarter. "And at that stage... all bets are off in Q3 and Q4." O'Leary, who in May had forecast fares "flat to modestly up" for the summer, said the best case for July-September was now falls of 5%.Ryanair makes significant profit from high last-minute fares, but O'Leary said every time in recent weeks that it removed lower-priced fares for last-minute tickets, the remaining higher-priced tickets failed to sell."We are repeatedly seeing price resistance," he said, adding that the airline planned to "aggressively" advertise low fares.Chief Financial Officer Neil Sorahan put the weakness down to consumers being "a little bit more frugal, a bit more cautious" and a "rebalancing" after two years of double-digit growth in fares.Asked when the weakness might end, Sorahan said: "Who knows?"Liberum analyst Gerald Khoo said he expected significant downside risk to consensus estimates for Ryanair's full-year profit as a result of the results."More aggressive pricing by the market leader is likely to result in adverse fallout for the other European airlines," Khoo said in a note.O’Leary said Boeing had warned him in recent days that some 737 MAX deliveries due by next spring would be delayed until the peak summer months of 2025 — a repeat of delays this year that forced a cut in summer traffic volumes."We will have less capacity into summer '25 than we were originally scheduled to have," he said.