Good morning from the Financial Times. Today is Thursday, November 9th, and this is your

FTE news briefing. Arms first quarter on the public market was not pretty. Portugal's Prime Minister abruptly stepped down,

and the US wants the Palestinian Authority to run the West Bank and Gaza.

Plus, this has been a confusing week for U.S. politics.

I think it's been a roller coaster really for Democrats, but they come out of it feeling like

they still have very strong issues to campaign on in 2024.

I'm Mark Filipino and here's the news you need to start your day. The UK Chip designer Arm reported its first ever quarterly earnings yesterday and boy things have not been going well.

The company said it had a $110 million loss in its first quarter since going public.

In other bad news, Arham said its revenue forecast for the current quarter fell short of

analysts' expectations.

And as you might expect, investors did not take any of this well.

Arms share price dropped as much as 8% in after-hours trading.

The company launched its initial public offering in September.

Investors greeted it with open arms,

resulting in a corruption

scandal related to lithium mines. I'm joined now by the F.T.'s Barney Jopsson.

He covers Portugal. Hi Barney. Hi Barney, good to be here. So Barney, what exactly are the allegations here?

So Portuguese prosecutors are investigating possible crimes of corruption, malfeasance,

and influence peddling by public officials.

They've issued a series of arrest warrants on senior officials in the government.

Costa, meanwhile, has been accused by some of those suspects of being

involved in these alleged misdeeds. He himself has denied any wrongdoing.

...