FirstFT: Liz Cheney loses primary as Trump’s purge of critics continues

Good morning. “I well understood the potential political consequences of abiding by my duty,” said Liz Cheney in her concession speech last night after losing her seat in the House of Representatives to a Trump-endorsed challenger.

Cheney, who was Wyoming’s lone member in Congress, has paid the price for leading the Republican charge against Donald Trump. At the end of a fierce duel between two former allies, Cheney came 37 points behind Harriet Hageman with 95 per cent of precincts reporting. The victory for Hageman — who has echoed Trump’s denial of the 2020 election results — has boosted talk of him running again for president in 2024.

Cheney’s career has been in peril ever since she became vice-chair of the House panel investigating the January 6 attack on the US Congress and whether Trump played a role in stoking it. An adviser on the panel said the daughter of former vice-president Dick Cheney had been “star of the show”, even though the political consequences of her turn against Trump included being ousted from the Wyoming Republican Party — and now, losing her seat.

She joins a slew of Trump critics who have been snubbed in their attempts to win Republican primaries. Tom Rice of South Carolina, Jaime Herrera Beutler of Washington and Peter Meijer of Michigan — who all voted to impeach Trump over his conduct on January 6 — have lost their seats to candidates endorsed by the former president. How will the US attorney-general Merrick Garland fare in taking on Trump?

Thanks for reading FirstFT Americas — Georgina

Five more stories in the news

1. Bolsonaro relies on Brazil’s evangelical Christians to keep the faith
At large-scale Christian gatherings around the country in recent weeks, Jair Bolsonaro — a Catholic — has reinforced his hardline messaging, railing against abortion, drugs, “gender ideology” and playing on audiences’ fears about a return to leftwing rule.

2. US climate law’s solar and wind boom applause muted by cost and permit concerns Obstacles to Joe Biden’s landmark climate, tax and spending law range from tariffs and import controls that are driving up the cost of solar panels to state land-use laws over which the federal government has no control.

3. Taiwan tensions force multinationals to rethink China risk Multinational companies are drawing up contingency plans in the event of a US-China military conflict after Beijing launched an unprecedented series of exercises around Taiwan this month. Some US companies are considering moving parts of their operations out of China, threatening economic ties between the superpowers.

4. Odinga rejects loss in Kenya’s presidential election Presidential contender Raila Odinga is taking legal steps to challenge deputy president William Ruto’s narrow victory, as fears of violence grow following scuffles at the national tallying centre. Odinga has until Monday to file a challenge.

• Opinion: The president-elect ran on bread-and-butter issues but now must try to rally the restive young, writes Zeinab Badawi of the Commonwealth Observer Group.

5. China’s Huarong issues profit warning on property sector woes Credit impairment losses “increased significantly” in the first six months of the year, China Huarong Asset Management said in a filing late yesterday, as it warned of a net loss of Rmb18.9mn ($2.8mn) for the first half of 2022.

The day ahead

Nato secretary-general in talks with Kosovo and Serbia Nato secretary-general Jens Stoltenberg will separately meet Kosovo’s prime minister Albin Kurti and Serbia’s president Aleksandar Vučić in Brussels amid rising concern over a potential conflict. Kurti and Vučić will hold talks with the EU’s diplomatic arm tomorrow.

Nasa to livestream rocket transfer to launch pad The US space agency will livestream the transfer of its Artemis 1 rocket to the launch pad, with the aim of lifting off this month. It is part of a mission to land the first woman and ethnic minority astronaut on the Moon and prepare for a long-term lunar presence that could provide a stepping stone to sending humans to Mars. (Nasa)

Economic data In the US, minutes from the Federal Reserve’s latest meeting could provide insight into future monetary policy tightening, as economists expect retail spending to have slowed in July (FT, Reuters, WSJ). Fed governor Michelle Bowman will deliver two speeches today in Arkansas. US monthly retail sales data will be published this morning. A drop in petrol prices probably weighed on sales in July, with economists forecasting a 0.1 per cent rise from the previous month.

Corporate earnings Target is expected to report a 3 per cent increase in revenue to $26bn in the second quarter, according to analysts polled by Refinitiv. Investors will be interested to see how consumer spending held up, after the company cut its profit outlook for the second time in less than a month, warning of a slowdown in discretionary spending because of inflation. Companies also due to report include Cisco Systems, Santos and Tencent.

Retailer TJX, Lowe’s and doughnut maker Krispy Kreme are reporting before the bell today. Retailer Bath & Body Works is reporting after the bell.

• Up in the air: Dubai International Airport, the world’s busiest for international passenger traffic, reports passenger traffic for the first half of the year.

What else we’re reading

Neighbourhood apps are great but IRL is better At the peak of the pandemic, usage of online forum Nextdoor increased 80 per cent globally. But solely online interactions surely miss something important, argues Cristina Criddle.

The reinvention of Goldman Sachs: what has David Solomon achieved? After almost four years in charge, chief executive David Solomon’s strategy to diversify the US bank has not been as transformative as many had hoped, despite ploughing billions of dollars into businesses such as consumer banking. Now, analysts wonder whether the only way for Solomon to change Goldman is by acquisition.

Attack on Salman Rushdie underlines threats to free speech Until the assault last weekend, it was tempting to believe that the “Rushdie affair” had been consigned to history. The fatwa against the Satanic Verses author was issued more than three decades ago. But the attack has underlined the need to defend freedom of expression with even more vehemence, writes our editorial board.

Heathrow’s hopelessness is its faux helplessness “Hopeless Heathrow” is what Ryanair boss Michael O’Leary dubbed the airport yesterday when it extended a summer cap on passenger numbers to the October half-term. But most of the industry’s hurt will come from airlines’ self-inflicted capacity cuts, writes Cat Rutter Pooley.

Anshu Jain, banker, 1963-2022 The first non-white, non-German to lead Deutsche Bank was known for his hard-charging style. Anshu Jain spearheaded the bank’s attempt to conquer Wall Street and faced cancer as he did professional challenges: by analysing the problem, trying to fix it and then moving forward. He died on Friday.

Globetrotter

Toronto is not famous for its architecture, unlike Chicago or Barcelona. But the easy-going Canadian city is home to a number of stunning, under-the-radar buildings that will surprise and delight. Our architectural guide to Toronto takes you on a tour from a public-utility Art Deco beauty to a groovy Modernist maze.