Venezuela’s main opposition leader wins Nobel Peace Prize

Good morning and happy Friday. In today’s newsletter:

• Venezuela’s main opposition leader wins Nobel Peace Prize

• Israel’s cabinet approves hostage deal

• Insurers braced for First Brands claims

• Where the graduate job story is wrong

• How matcha mania is leading to shortages

The Nobel Peace Prize has been awarded to María Corina Machado, Venezuela’s main opposition leader, who is in hiding following an election last year that was widely regarded as having been stolen by the incumbent leader, President Nicolás Maduro. Here’s what you need to know.

Why was Machado given the award? The Norwegian Nobel Committee said the prize had been awarded to Machado for “her tireless work promoting democratic rights for the people of Venezuela and for her struggle to achieve a just and peaceful transition from dictatorship to democracy.” Machado was set to run against Maduro in last year’s election, but the government disqualified her. Edmundo González took her place. Though the decision to award the prize to Machado defied a public campaign by US President Donald Trump to be recognised with the prize, it appeared aligned with the US president’s hostility towards Venezuela’s socialist president Maduro. The US has deployed a big military force to the waters around the country to disrupt drug trafficking operations and increase pressure on Maduro.

What does Trump think of the award? The US president has not yet responded to the announcement but has repeatedly argued that he deserved to win the prize for resolving “eight wars”, most recently with his work on an Israeli-Palestine peace deal. The US president has loomed large over this year’s award with his brazen and unrelenting quest for one of the world’s most prestigious honours. He put pressure on the Norwegian government and at least five Republican lawmakers sent formal letters nominating Trump to the Norwegian committee. Some experts suggested the US president is a more likely candidate for next year if peace holds between Israel and Palestine, and especially if he is able to broker a deal between Russia and Ukraine. Read the full statement from the Norwegian Nobel Committee.

• Go deeper: Read the full interview with María Corina Machado by Joe Daniels, the FT’s correspondent in Bogotá.

Here’s what else we’re watching today and over the weekend:

• Philippines: A 7.4 magnitude earthquake struck off the southern part of the country earlier today and a tsunami warning has been issued.

• Economic data: The University of Michigan publishes its preliminary reading of the Consumer Sentiment Index for October. In Latin America, Mexico publishes industrial output for August.

• NBA: The US basketball league will stage its first games since 2019 in China today and on Sunday. The Brooklyn Nets and the Phoenix Suns will play in Macau. Thomas Hale previews the games.

• Cameroon: Paul Biya, who is planning to run for an eighth term as Cameroon’s president, will be just shy of 100 when his terms ends if he wins on Sunday.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. Israel’s military said a ceasefire in Gaza had begun after the country’s cabinet formally approved the first phase of US President Donald Trump’s plan to end its two-year war against Hamas. The cabinet vote in the early hours of Friday morning paves the way for the release of hostages held in the strip. This is a developing story.

• More on Israel: The first phase of Trump’s peace plan has led to divisions within the ruling coalition, with ultranationalists opposing the war’s end.

2. Lawmakers in Peru have voted to impeach President Dina Boluarte, ending a scandal-ridden tenure marked by a surge in crime. Boluarte was removed early today on grounds of “permanent moral incapacity”, just hours after her fragile coalition collapsed. José Jerí, a 38-year-old lawyer and head of congress, has been sworn in as a replacement. Read more on the events that led to Boluarte’s ousting.

3. Insurers are preparing for a wave of potential claims relating to First Brands Group’s bankruptcy, as one of Wall Street’s biggest debacles in years ripples through the financial system. Here are the companies that have written credit insurance policies linked to the failed car parts maker.

4. JPMorgan Chase has told staff moving into the US bank’s new multibillion-dollar Manhattan headquarters they must share their biometric data to access the building, overriding a previous plan for voluntary enrolment. The requirement means employees working at the 270 Park Avenue skyscraper have to scan their fingerprints or eye to get through the lobby security gates. Here’s more on the building’s security features.

• Go deeper: Jamie Dimon has described the 60 storey, 2.5mn sq ft steel and glass building as a “beautiful physical manifestation” of his company. Others compare it to a fortress.

5. Taiwan’s president today pledged to build a “T-dome” missile defence system to protect the country against growing threats from China. US military experts believe Xi Jinping has told China’s military to develop the capability to attack Taiwan by 2027. Lai Ching-te was speaking to mark Taiwan’s National Day. Paddy Stephens in Taipei watched the speech and has more.

Today’s lunchtime read

Global matcha mania was ignited by matcha-flavoured lattes and other sweet treats. It has been fuelled by the social media-friendly bright green colour of the powder. But suppliers cannot keep up with demand and the strains are being acutely felt. Some ask whether it is a structural shift, along the lines of coffee, and others say it is a passing fad like kale or “Dubai chocolate”. Leo Lewis talked to farmers, including Shizuoka’s “panda”.

We’re also reading . . . 

• Tectonic shift: Global foreign direct investment is flowing west, and this may well be one of Trump’s biggest legacies, writes Gillian Tett.

• ‘Young blood’: The latest in our series on longevity takes a look at scientists who are trying to prove whether plasma can slow ageing.

Chart of the day

Studies of graduate joblessness get the story wrong, argues John Burn-Murdoch in his latest column. They make a crucial mis-step in trying to understand the great post-college unemployment crunch, he says. Looking at people who recently entered the job market for the first time — regardless of age — shows that those without a degree are having a much harder time.

John Burn-Murdoch will be launching a new newsletter soon with Sarah O’Connor, exploring how AI technology is transforming work. Sign up here.

Take a break from the news . . . 

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