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

Mexico’s ruling party chose the son of President Andrés Manuel López Obrador for a senior role on Sunday, in a sign the leftist leader will continue to influence public life after he steps down.

López Obrador is in his final weeks of a six-year term that has polarised Mexican politics and concentrated legislative power in his party. His handpicked successor, former Mexico City Mayor Claudia Sheinbaum, will replace him as president in October.

In a conference centre in the capital on Sunday, Sheinbaum and party delegates emphasised “unity” as the younger generation of leadership was chosen.

Andrés López Beltrán, the president’s second-eldest son, has for years worked closely for his father behind the scenes and from next month the 38-year-old will take up the administrative position of organisational secretary for the Morena party.

“We all know that he [Obrador] will remain present in this party with his example, with his legacy. Our job running this secretariat will be to keep that legacy, that line,” López Beltrán said of his father to a cheering audience.

López Beltrán, who keeps a low public profile and has not given speeches or interviews, has alongside his brothers been the subject of numerous investigations linking them or close friends to alleged corruption in public contracts. The president and his sons have strenuously denied any allegations of wrongdoing.

The choice of López Beltrán, known as Andy, is seen as a way for the president to have greater influence over his successor and position his son for a future run at the presidency.

“It screams ‘I want to stay in power for the next 12 years’,” said Joy Langston, a professor at the Centre for International Studies at the Colegio de México. “It speaks of this powerful dark cloud that is hanging over Sheinbaum in the near future.”

Founded as a civil society group to help López Obrador’s 2012 presidential campaign, Morena now controls the presidency, a working supermajority in both houses of congress and two-thirds of governorships.

Morena’s members refer to the party as a “movement” but few dare to publicly disagree with the president, who has 60 per cent approval ratings and a devoted base among lower-income voters.

Through the transition Sheinbaum stuck close to her mentor, physically in his farewell tour across the country, and rhetorically in her statements.

Some of Sheinbaum’s supporters paint her as a more moderate, technocratic leader than the president, with debate in the media over whether she secretly disagrees with some of his policies.

But the presence of López Obrador’s son, the possibility of recall referendums, and the placing of loyalists in influential positions will make it hard for her to stray too far from the path he has set, analysts said.

The choice of López Beltrán for a role managing party structures cements the perception that Morena is based around the president himself. In office López Obrador raised the minimum wage and social programmes, while at the same time empowering the military and slashing the capacity of the state bureaucracy.

Some members of Morena have already suggested that López Beltrán could be the party’s candidate for the 2030 election, complicating Sheinbaum’s efforts to control her own legacy.

Others say his presence, if she keeps him on side, could be an asset amid potentially fierce jostling for control within the party. Leading Morena officials have made clear that keeping the ruling coalition together will be its biggest task.

“Our challenge is unity,” said senate president Gerardo Fernández Noroña. “People are already talking about 2030, so we have to be careful on that to not be divided.”

(credit: Peter Island Resort)

A treasured secret among sophisticated travelers for decades, Peter Island Resort in the British Virgin Islands re-opens in November 2024 after a six-year hiatus. The property closed during the Virgin Islands’ 2017 hurricane season and now offers brand new and upgraded accommodations as well as other state-of-the-art facilities. Rebuilt and re-envisioned, the island boasts a new level of luxury while maintaining and preserving its relaxed, casual elegance, personalized service, five stellar beaches and hundreds of acres of unspoiled tropical island. 

Situated on the largest private island in the British Virgin Islands, the 52-room resort is a tranquil seaside oasis featuring an oceanfront spa that takes pampering to the next level. With the exception of two villas, all accommodations are located on the beachfront just steps from the sea, including eight beachfront rooms with private outdoor hot tubs and two two-bedroom villas. 

(credit: Peter Island Resort)

The 21,000 sq. ft. Falcon’s Nest Villa is a site to be seen. This six-bedroom three-story villa offers their most discerning guests sweeping 360 degree island and ocean views, an infinity pool with hot tub, as well as two outdoor showers. Guests who stay in Falcon’s Nest or the Hawk’s Nest Villa overlooking the Yacht Club, also are afforded villa staff and the option of a private chef. 

Peter Island comprises hundreds of acres of lush, tropical island terrain including five pristine beaches and the scenic five mile loop with draw-dropping views of the surrounding Virgin Islands. Whether alongside the new infinity pool overlooking the sea, or the beachside cabanas’ butlers service, the areas offer guests an array of pool and beach-based activities along with a selection of small bites and creative cocktails. Guests will undoubtedly stop at Drunken Pelican for a round of sunset Painkiller cocktails before indulging their taste buds at Drake Steakhouse for a vibrant atmosphere. 

(credit: Peter Island Resort)

Along with a new 3,200 sq. ft. conference center, the revamped 10,000 sq. ft. spa carries products by 111Skin and features seven treatment rooms, two relaxation lounges, a fitness center, a saltwater pool and a beauty salon. Offering moments of renewed decadence, guests can choose from a variety of services including the Spa’s signature treatments which use local ingredients. The resort can also plan private dinners on the beach as well as off-island excursions, such as scuba diving, sail and snorkeling excursions, helicopter tours, sailing charters and deep-sea fishing to immerse guests in the picture-perfect surroundings.

A must on every sailing itinerary, the newly christened Peter Island Yacht Club offers a full-service marina with dockage that accommodates superyachts of up to 200 feet. Complete with its own commissary, boutique and the Drunken Pelican bar & grill, the marina makes use of more than 250 feet of new dock space to accommodate vessels of all types and sizes.

(credit: Peter Island Resort)

With its unspoiled natural wonders and abundance of land and sea activities including diving, snorkeling, sailing, windsurfing, deep sea fishing, pickleball, hikes up the island’s scenic Sunset Loop and more, Peter Island continues to enchant guests in its private island paradise. Guests can arrive via helicopter service from St. Thomas (STT), private charter boat from one of St. Thomas’ docks, or a 20-minute taxi ride from Tortola’s Beef Island Airport (EIS) to the Peter Island Ferry Launch, followed by a 30-minute private yacht transfer to Peter Island Resort. Rates starting at $1,000 a night.

Good morning. In today’s news:

But first, Anura Kumara Dissanayake, a neo-Marxist outsider candidate, has won the Sri Lankan presidency.

The 55-year-old leftist beat incumbent President Ranil Wickremesinghe, who took power in 2022 after the country defaulted on its foreign debt and its leader Gotabaya Rajapaksa fled, and the main opposition leader Sajith Premadasa, son of a former president.

Dissanayake’s victory is the nation’s biggest political upset since independence from Britain and throws fresh doubt on its fragile IMF-backed debt restructuring. In a statement on social media, Dissanayake, widely known by his initials AKD, promised “a fresh start”.

He has pledged to continue with Sri Lanka’s $3bn IMF loan agreement, but alter some rigid conditions to grant more relief to the country’s 23mn people, about a quarter of whom are in poverty after two years of crisis and austerity. 

In his campaign, Dissanayake vowed to end corruption and rid public life of scandal, while slashing the privileges of the ruling class such as generous pensions and car permits.

Analysts said the outcome was a stunning result for a bloc with just three MPs in a parliament dominated by parties supported by legacy elites. Here’s what to know about Sri Lanka’s next president.

And here’s what else I’m keeping tabs on today:

• Economic data: Singapore and Malaysia publish consumer price inflation data for August. Labour market data is due from Taiwan.

• Japan: Financial markets are closed for Autumn Equinox Day.

What lies ahead for India after the first 100 days of Prime Minister Narendra Modi’s third term? Join FT, Nikkei Asia and Asia Society experts for a webinar on October 10 and put your questions to our panel now. Register for free. 

Five more top stories

1. Chinese electric-car maker BYD’s expected expansion into Pakistan has raised hopes in the country that the company can help jump-start exports in the automotive manufacturing sector. For BYD, a planned EV assembly plant in Pakistan would mark the company’s first venture into south Asia after being blocked in India by Prime Minister Narendra Modi’s government.

2. European steelmakers have pleaded with trade officials to tackle a surge in Chinese steel exports that has driven European prices below the cost of production. A new, comprehensive system of tariffs is needed to address the market-distorting effects of global overcapacity, producers and Europe’s main trade body told the FT.

3. The US warned Israel against opening a full-blown war with Hizbollah yesterday as the Lebanese militant group and Israeli forces engaged in some of their fiercest exchanges of fire since October 7. Here’s the latest.

4. Germany’s Social Democrats were on course for a narrow victory over the far-right Alternative for Germany in elections in the eastern state of Brandenburg. The projected result is an unexpected reprieve for Olaf Scholz as he prepares to run for a second term as chancellor next year.

5. US banks made a $1tn windfall from the Federal Reserve’s two-and-a-half-year era of high interest rates, an analysis of official data by the FT has found. Lenders got higher yields for their deposits at the Fed but kept rates lower for many savers, the review of Federal Deposit Insurance Corporation data showed. The boost to the US’s more than 4,000 banks has helped pad out profit margins.

The Weekend Essay

SoftBank founder Masayoshi Son has won and lost fortunes with his bets on technology. So is the investor a visionary — or a gambler who got lucky? Lionel Barber’s Weekend Essay untangles the mystery of the world’s greatest disrupter.

We’re also reading . . . 

• Business lunches: Lack of time, elbow room and alcohol have created a problem in the world’s business capitals.

• AI-powered assistants: Known as co-pilots, they have become the software industry’s latest attempt to sell generative AI to business customers.

• What our Tupperware is telling us: The celebrated brand may be in danger, but demand for storage solutions has never waned, writes Harriet Fitch Little.

Chart of the day

HSBC’s exposure to defaulted commercial property loans in Hong Kong surged almost sixfold to more than $3bn in the first half of this year, underscoring the risks the UK bank faces from a slump in the Chinese territory’s real estate market.

Take a break from the news

The success of India’s cricket premier league has spawned a flurry of new fast-paced competitions around the world designed to draw in untapped audiences. But can they all survive?

Additional contributions from Gordon Smith

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The stories that matter on money and politics in the race for the White House

Businesses are bracing for a strike at three dozen US ports that could upend supply chains and raise prices just weeks before election day.

The International Longshoremen’s Association says its 25,000 members will walk off the job if the union does not come to a new agreement with the US Maritime Alliance, which represents carriers and marine terminal operators, before their contract expires on September 30.

The contract covers all ports between Maine and Texas, including New York, Savannah, Houston, Miami and New Orleans.

They receive 41 per cent of the country’s port volume and their closure would have a “devastating impact” on the US economy, a coalition of 177 trade groups warned last week.

Business leaders say they have been tracking the labour negotiations since 2021, but became nervous when talks broke down in June over automation at the Port of Mobile. 

Official negotiations never resumed. Executives and economists assumed Washington would intercede as it did to prevent a freight rail strike in 2022, but President Joe Biden said last week he would not prevent labour action at the ports.

The statement dramatically “rose the level of alarm”, said Moody’s Analytics economist Adam Kamins.

“The writing is on the wall here,” said Tom Madrecki, vice-president of the Consumer Brands Association. “There’s a lot of sabre-rattling. We all don’t want to strike, but I think we have to be prepared that there could be one . . . and it’s going to have a really serious impact on the economy.”

Business groups fear that such a major disruption to supply chains would dramatically raise the cost of importing materials, exporting products and warehousing shipments, which would raise consumer prices.

Businesses have already adopted costly mitigation plans as they face rising shipping costs and increased timelines from Houthi attacks in the Red Sea.

Though some California ports suffered labour disruptions last year, the last major work stoppage was an 11-day lockout at west coast ports in 2002. That closure cost $1bn each day and caused six months of backlogs.

Trade groups representing retailers, restaurants, manufacturers, food producers and fashion designers are urging Biden to reverse his position.

Madrecki said that CBA has been in contact with the Biden administration on the issue for more than a year but fears that the November 5 presidential election has “coloured the politics” of the labour dispute.

Labour unions are a crucial part of Vice-President Kamala Harris’s voting bloc and ILA leadership has repeatedly said that they would not welcome government interference in the labour dispute.

“This administration has prided itself on all the work they’ve done on supply chain resiliency. Well, this is an issue that is right in front of us that can be averted,” said the National Retail Federation’s Jonathan Gold, who has also spoken with administration officials about the impending strike.

“A sleeping giant is ready to roar on Tuesday, October 1, 2024, if a new Master Contract Agreement is not in place,” ILA president Harold Daggett said in a statement accusing the USMX of underpaying workers. “My members have been preparing for over a year for that possibility of a strike.”

USMX said in a statement that it is “disappointing” that talks with the union broke down, and that “the only way to resolve this impasse is to resume negotiations, which we are willing to do at any time”.

Retailers worked to diversify their supply chains since the Covid crisis left shelves bare, and moved as many shipments as they could to earlier in the year to prepare for the crucial holiday shopping period.

But shoppers will still notice shortages and higher prices if a strike lasts longer than “a couple of days,” Gold said.

Food retailers and suppliers are also “concerned about the potential effects a port strike would have on the food industry’s operations,” the Food Industry Association’s Doug Baker said in a statement.

But he added that the association was “confident that the food industry will be able to adapt to these rapidly evolving circumstances and find solutions to keep goods flowing should a strike occur”.

Consumer packaged goods manufacturers are not so confident. They fear they will not be able to reschedule or reroute shipments because many of the ingredients they import are perishable.

“This is not an easily resolved thing,” Madrecki said. “We’re kind of pessimistic at this point.”

Whitney Spielfogel

Nestled on the tranquil island of Folengandros, Greece, the newly unveiled five-star Gundari property is the epitome of peace and privacy. Unlike its more famous island neighbors, Santorini and Mykonos, Folegandros has managed to maintain a low profile, making it a perfect destination for travelers seeking an off-the-beaten-path experience. Folegandros is a hidden gem in the Cyclades archipelago, locally known for its unspoiled beauty, authentic charm, picturesque landscapes, and tranquil atmosphere. The under-the-radar island provides the perfect backdrop for the recently opened Gundari, a sanctuary that promises an unparalleled blend of comfort, elegance, and natural beauty. As one of the newest jewels in the Aegean, Gundari, which began welcoming its guests in May, is not just a place to stay—it’s a serene experience that embodies the essence of Greek island luxury living. 

Whitney Spielfogel

Folegandros is reachable from many main ports in Greece, via high-speed ferry, making it an accessible destination for travelers. While the island doesn’t have its own airport, the ferry connection provides a direct and scenic route from nearby stops (a 3.5-hour ride from Athens’ Piraeus port or 1 hour from Santorini’s Thira, for example). Several operators, including SeaJets and Zante Ferries, offer regular services, especially during the summer months when tourism to the Cyclades is at its peak. The ferry ride itself is part of the experience, with beautiful views of the Aegean Sea and stops at other nearby Cycladic islands like Milos or Sifnos along the way. Once you arrive on Folegandros, you’ll dock at the small port town of Karavostasis, where staff from Gundari will meet and transport you (figuratively and literally) to their heavenly property. 

Gundari is situated on a prime coastal stretch, 15 minutes via car from the dock, offering breathtaking views of the beautiful blue waters below, perched above an impressively high cliff. Gundari’s design is a masterful blend of traditional Greek architecture and contemporary luxury. The property features white stone facades, smooth curves, and minimalist interiors that reflect the simplicity and elegance of the Cycladic style. Large windows and expansive terraces are strategically placed to maximize natural light and showcase the stunning sea views.

Whitney Spielfogel

The interior design of Gundari is a harmonious blend of modern sophistication and rustic charm. High-end finishes, bespoke furniture, and carefully curated art pieces create a luxurious, yet comfortable, atmosphere. Each space is designed to flow seamlessly into the next, providing a sense of being one with nature, openness, and tranquility. The color palette is inspired by the natural surroundings, with shades of white, beige, and blue that evoke the beauty of the island.

Gundari offers a selection of astonishing suites and villas, each designed to cater to the needs of discerning travelers. The accommodations range from intimate one-bedroom suites to expansive multi-bedroom villas, perfect for families or groups of friends. Each unit features a private terrace, offering uninterrupted views of the sea and the surrounding natural landscape. The rooms are equipped with state-of-the-art amenities, including plush bedding, spacious bathrooms with double rainfall showers, and bespoke amenities (including record players with curated music selections and locally sourced toiletries). Each accommodation also boasts a private infinity pool and exceptional sunbeds, where guests can enjoy a refreshing dip while taking in the panoramic island views, making it very hard to peel oneself away from the comforts of this outdoor oasis. 

Whitney Spielfogel

Dining at Gundari is a celebration of Greek cuisine. Two on-site restaurants at Gundari, under the renowned Michelin-starred chef Lefterous Lazarou, serve gastronomic delights inspired by the abundant waters surrounding the island, and the seasonal produce of the Cyclades. Thalassa offers breakfast and lunch, accompanied by stunning sights from the open-air terrace, featuring a menu that combines traditional Greek flavors with modern culinary techniques. Dinner is then served at Orizon, where guests can savor fresh seafood, locally sourced vegetables, and a selection of fine international wines while under a canopy of stars. In addition to these dining locations, Gundari features a stylish lounge bar where guests can enjoy a variety of cocktails, local spirits, and light snacks. The bar’s relaxed ambiance makes it the perfect spot for a sundowner after a day of exploring the island.

Gundari is designed to offer a holistic experience, with amenities that cater to both relaxation and recreation. The property features a stunning Instagram-worthy infinity pool that seems to blend seamlessly with the Aegean Sea, as well as a fully equipped fitness center. For those seeking ultimate relaxation, the Gundari Spa offers a range of treatments inspired by ancient Greek wellness rituals, using natural, locally sourced ingredients.

Whitney Spielfogel

The resort also offers a range of bespoke services, including private yacht charters, guided island tours, and personalized excursions. Whether you wish to explore the hidden beaches of Folengandros or embark on a day trip to a nearby island, the Gundari concierge team is on hand to curate unforgettable experiences.

Folegandros is known for its pristine, uncrowded beaches. Many are only reachable by foot or boat, adding to their secluded charm. Agali Beach is one of the more accessible beaches (a quick 20-minute taxi ride from the Gundari hotel), with calm waters and a few tavernas nearby, and was a personal favorite during my time on the island. A short water taxi ride from Agali is Aghios Nicholas Beach, a serene spot known for its crystal-clear waters and laid-back atmosphere. Situated at Aghios Nicoholas Beach is Papalagi, a fabulous seaside panoramic restaurant for those seeking to enjoy a meal after spending time on the sand and soaking in the sun. Its beachfront setting provides a tranquil atmosphere, with the sound of the waves and picturesque views. Papalagi is well-loved by both tourists and locals for its authenticity and simplicity. The combination of excellent food and a prime location makes it a favorite dining spot on the island.

Whitney Spielfogel

Other standout dining experiences on Folengandros were in the charming town of Chora, also the island’s capital, perched on a cliff, offering breathtaking views of the Aegean Sea. Chora, known for its narrow streets, whitewashed houses, bougainvillea-covered terraces, and vibrant local culture, is a quick 15-minute complimentary drive from the Gundari Hotel. The town’s main square, with its cozy tavernas, is a great spot to relax and soak in the local vibe. Notable meals were at Barbounaki, offering diners a delightful mix of modern Greek cuisine with an emphasis on seafood, in a relaxed and scenic setting, and Eva’s Garden, known for its warm ambiance, traditional Greek cuisine, and picturesque courtyard. The family-run restaurant takes pride in offering a personal touch, ensuring that guests feel at home from the moment they sit down.

Whitney Spielfogel

Gundari places a strong emphasis on sustainability, aligning with the island’s growing commitment to eco-friendly tourism, and with practices that minimize its environmental impact. The property is designed to be energy-efficient, with solar panels, water-saving systems, and waste reduction initiatives. The use of local materials and partnerships with resident artisans not only supports the community but also ensures that the property remains in harmony with its surroundings. Gundari’s sustainable approach makes it an excellent choice for eco-conscious travelers seeking luxury without compromising on their environmental values. Its commitment to preserving Folegandros’ natural beauty sets a strong example for sustainable hospitality in the Cyclades, and beyond. 

Gundari on Folengandros is more than just a place to stay; it is a destination in itself. It’s the kind of place that retains an untouched feel, offering a sense of exclusivity without being pretentious. With its breathtaking location, luxurious accommodations, and exceptional service, Gundari offers a unique opportunity to experience the unspoiled beauty of one of Greece’s most serene islands. A visit to this gem is a must before it inevitably attracts larger crowds. Whether you are seeking a romantic getaway, a family vacation, or a solo retreat, Gundari promises an unforgettable stay, where every detail is crafted to perfection. 

Whitney Spielfogel

(credit: courtesy of The Ritz-Carlton New York Central Park)

Situated on the corner of 59th St and 6th Ave just across the street from Central Park, The Ritz-Carlton New York, Central Park offers a yearly suite package not to be missed. Its location along the parade route of the iconic Macy’s Thanksgiving Day Parade makes it an idyllic location to wrap guests in the magic of the parade. 

The hotel offers a $25,000-per-night Thanksgiving Specialty Suite package that includes unparalleled parade views from your room and brunch for up to eight guests in the Artists’ Gate Suite. Located on the 3rd floor, the suite offers exceptional views of Central Park and Sixth Avenue from its 13 large windows, providing a perfect viewpoint to the parade below. Designed for entertaining, the suite features two separate living rooms, a guest bathroom, billiards room and a dining room which seats eight. 

(credit: courtesy of The Ritz-Carlton New York Central Park)

Along with an overnight stay for you and four guests in the Artists’ Gate Suite, this package includes other perks such as a $250 room credit, gourmet treats, luxury airport transfers and more. Due to the popularity of the three-hour parade in Manhattan and the hotel’s perfect vantage point to see the giant balloons, fabulous floats and great entertainers, the package is so popular that it sells out a year in advance! So if you and your friends and family are looking to celebrate Thanksgiving in true splendor, make sure to call the hotel to reserve for next year.

The property also offers a Thanksgiving Package for stays in rooms or suites with exceptional parade views, or regular non-parade view rooms, early reservations and special amenities designed to create lasting memories for families and loved ones. Rates vary but start at $3,000 per night for non-parade view rooms, with parade-view rooms also booking out a year in advance. 

Guests who stay at the hotel will also have access to on-property restaurant Contour, numerous wellness experiences – including the first stateside La Prairie Spa and innovative Movement Studio – and an unrivaled starting point for an incomparable luxury retreat in the city.