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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Bill Ackman has cut the amount he is seeking to raise in the initial public offering of his US investment fund Pershing Square USA to $2bn, a fraction of the $25bn the billionaire hedge fund manager had initially targeted.

The New York Stock Exchange-listed closed-end fund will sell the shares “as soon as practicable”, according to an SEC filing published on Tuesday. 

In a letter to investors last week, Ackman said he anticipated launching with $2.5bn to $4bn. The banks leading the deal include Citigroup, UBS, Bank of America and Jefferies.

This is a developing story

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Today’s top stories

The FBI will interview Former President Donald Trump as part of its investigation into the assassination attempt against him. The bureau says it wants to get Trump’s perspective and learn what he observed that day. At this point, the FBI has interviewed more than 450 people, including people who knew the shooter, Thomas Crooks.

• 🎧 NPR’s Ryan Lucas tells Up First that the FBI still hasn’t determined a motive in the case, but has provided a more detailed timeline of events. It’s believed that Crooks planned carefully ahead of the rally and tried to hide his activities. He used aliases to buy guns and explosives online, and his online search history included information on mass shootings and the attempted assassination of Slovakia’s prime minister. Investigators believe Crooks was able to get on the roof by climbing piping on the side of the building. A police officer was lifted to the roof but dropped back to the ground after Crooks pointed a gun at him. Just 25-30 seconds later, Crooks fired eight rounds before the Secret Service killed him.

Several Republican donors are closely watching a Democratic U.S. House race in today’s primary election in the swing state of Arizona. Some have even donated to the primary. The reason: cryptocurrency and its possible influence on the congressional race. The top contenders, former Arizona legislator Raquel Terán and ex-city council member Yassamin Ansari are vying to make history with their personal backgrounds. For donors with an interest in crypto, Ansari has become the favored candidate.

• 🎧 “Crypto could make its biggest mark on this election cycle,” NPR’s Claudia Grisales says. Ansari tells Grisales that she’s likely drawn the support because she’s pushed ideas on how to innovate the digital asset industry. Terán says she is having to face off against Republicans and crypto donors supporting her opponent. The GOP-based crypto group Protect Progress PAC has given more than $1.3 million to support Ansari’s campaign. Cameron and Tyler Winklevoss, largely known as Republican donors, additionally gave the maximum allowed. Ansari says she has no connection to the Winklevoss twins.

President Biden called for term limits and an enforceable ethics code for Supreme Court justices yesterday. The White House said that the proposal would appoint a justice every two years to spend 18 years in active service to the Supreme Court. He also called on Congress to pass binding, enforceable conduct and ethics rules that require high court justices to disclose gifts, refrain from public political activity and remove themselves from cases if they or their spouses have financial or other conflicts of interest. The president also called for a constitutional amendment that would limit the broad immunity presidents now enjoy due to a recent Supreme Court decision.

Life Advice

Air quality in Denver was badly affected by wildfire smoke from blazes in Oregon and provinces of western Canada on July 24, 2024.

David Zalubowski/AP

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Wildfire season is here… again. With the flames comes smoke, which research shows can be as deadly as the fire itself. Scientists recently researched the long-term outcomes of smoke exposure from California wildfires between 2008 and 2018. They found that an estimated 55,170 premature deaths were connected to tiny particles called PM2.5 found in wildfire smoke. As climate change makes large fires more frequent, everyone needs to be prepared to protect themselves. Here’s what to know:

• 🔥 Check the Air Quality Index. If it’s above 100, avoid outdoor exercise. If it’s over 150, wear a tight-fitting N95 mask when outside. Run your air conditioner with a high-efficiency filter installed.
• 🔥 People in high-risk groups, including children and pregnant women should consider additional steps like designating a  “clean room,” with few windows and doors and its own portable HEPA air cleaner. Avoid things that could add to indoor air pollution, like vacuuming and lighting candles.
• 🔥 PM2.5 exposure while pregnant has been associated with higher odds of giving birth prematurely.
• 🔥 If your child has asthma, make sure to have medication on hand.
• 🔥 Bad air quality can also be dangerous for puppies and kittens, senior pets and those with heart and lung problems. If the AQI is over 150, keep them inside apart from quick bathroom breaks. If they have trouble breathing and their eyes are red and watery, call a vet.
• 🔥 The CDC suggests all employers relocate or reschedule work tasks for employees working outside to less smoky areas or times of the day. Frequent breaks are also encouraged.

Picture show

Residents and community organizers take the street in the La Vega neighborhood of Caracas, Venezuela, on Wednesday morning to show support for opposition candidate Edmundo Gónzalez, going door to door to explain the ballot.

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Venezuelans awoke yesterday morning to a tense election outcome: Both President Nicolás Maduro and his chief opponents claimed victory. Nearly a decade of socio-political crisis that included hyperinflation, repression and violence, has led to an exodus of over 7 million citizens. During that time, the country has experienced national protest movements, assassination attempts, and an opposition effort to form an internationally recognized parallel government outside the Maduro administration.

• 📷 See photos from both campaigns in the days leading up to this historic presidential election.

3 things to know before you go

Rasha Kowalewski and her mom.

Rasha Kowalewski

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Rasha Kowalewski

1. Rasha Kowalewski’s mom Cheryl Suzanne Stephens was diagnosed with kidney cancer in 2013. In 2016, she was admitted to the hospital after it spread. While Stephens was unconscious, a nurse and unsung hero’s extra care and tenderness for her brought Kowalewski comfort during one of the hardest times of her life.
2. A Maryland school system will be the first in the U.S. to offer pickleball as a varsity sport this fall.
3. Novo Nordisk, an Ozempic manufacturer, is powering Denmark’s economy. In 2023, it became the largest company in Europe. Nearly 1 in 5 Danish jobs created last year were at the pharmaceutical company.

This newsletter was edited by Suzanne Nuyen.

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Standard Chartered has announced a $1.5bn share buyback, its biggest ever, after pre-tax profits rose in the second quarter.

The UK-based bank on Tuesday reported pre-tax profits of $1.6bn during the quarter, up from $1.5bn a year earlier and above analysts’ estimates of $1.5bn.

Growth was driven partly by the bank’s wealth business, which caters to affluent clients, where operating income rose 27 per cent.

The bank’s chief executive Bill Winters said it was a “strong set of results” and he had “confidence in our performance and robust capital position”.

The emerging markets-focused bank, which makes most of its money in Asia, has been under pressure to improve shareholder returns and previously pledged billions of dollars worth of share buybacks as well as higher dividends.

Winters, who has run StanChart since 2015, has sought to cut costs and respond to criticism that the bank is too bureaucratic and spreads itself too thinly across a range of countries, products and clients. He said in February that he took those challenges “to heart”.

Operating expenses rose 4 per cent on a constant currency basis, which the bank said was driven by inflation and business growth.

StanChart’s shares have risen since the start of this year but are down 17 per cent since Winters took the helm.

The bank’s reported return on tangible equity, a key measure of profitability, was 10.4 per cent for the quarter, down from 10.8 per cent a year earlier.

Reported net interest income fell to $1.6bn in the second quarter, from $2bn the same time last year, as the benefit from higher interest rates tailed off.

The bank took total credit impairment charges of $73mn in the second quarter, linked partly to its wealth and retail banking business.

StanChart has previously been hit by its exposure to mainland China, one of its most important markets, taking impairment charges relating to commercial property in the country and its stake in China Bohai Bank.