Good morning from the Financial Times. Today is Monday, November 6th, and this is your

F.T. News briefing. Former U.S. President Donald Trump takes the witness stand in New York today.

And the Prime Minister of Japan is betting on a big stimulus plan to help address higher costs of living.

Plus, higher interest rates are hitting the to help address higher costs of living.

Plus, higher interest rates are hitting

the private equity industry hard.

The idea that private equity is going to die

is probably a little bit extreme, but it's going to be sort of a reset and a washout.

I'm Joanna Gal, in for Mark Filipino, and here's the news you need to start your day. Donald Trump is set to testify in a Manhattan court today.

He's going to be grilled over his finances and business empire in a civil fraud case.

A judge in the case has already determined

that the former president committed fraud.

Trump allegedly inflated his net worth

in order to get his organization better terms

for bank loans and insurance policies.

A lot is on the line in this case.

The former president could be forced to pay crippling penalties.

And he and his two adult sons might lose the ability to operate a business in New York.

That would be a big blow for Trump, who has staked his political career on being a savvy businessman.

Japan's prime minister,

Fumio Kashita is in a tough spot. He's facing record low

approval ratings and pressure for a snap election. He's trying to turn things

...