I was pretty peeved when my variable home loan rate went up 25 basis points the other week. It means I will have to have one less serving of avocado on toast per week which brings me down to a measly 4 servings of avocado on toast per week. Spare a thought for Argentina though where the benchmark rate just went up 21 PERCENTAGE points, as in 2,100 basis points. The good news is that avocados are really cheap in South America.

The lowdown

• 🥑 Argentina increases its benchmark interest rate from 97% to 118% and will devalue its currency.

• 👀 The rouble falls to a 17-month low forcing Russia’s central bank to call and extraordinary meeting.

• 💡 Berkshire Hathaway builds ~$800 million stake in US home builders.

Featured story

Agnelli family’s Exor takes 15% stake in Philips

The holding company controlled by Italy’s Agnelli family Exor has acquired a 15% stake in Philips for approximately €2.6 billion ($2.8 billion), making it the top investor in the healthcare group.

Philips is mainly known for lightbulbs, but is transitioning from electronics to health technology. It has not gone great — thanks to the recall of a huge number of respiratory devices since 2021.

Exor has been diversifying its investments beyond the Italian car industry, which it is most associated with. It has taken minority stakes in other health groups, including France’s Institut Mérieux and Italy’s Lifenet. It also holds stakes in French shoemaker Christian Louboutin, Uber competitor Via Transportation and Balance Sheet competitor The Economist.

The content we're consuming today

• New York Magazine: Is David Solomon Too Big a Jerk to Run Goldman Sachs?

• The Economist podcast: Editors Picks: August 14th 2023.

• The Verge: The Elon Musk versus Mark Zuckerberg beef has reached a new level of absurdity.

Off-balance sheet items

• The 15 books making up the longlist for the Financial Times and Schroders Business Book of the Year Award have been announced. I have not read any of them yet but ‘Unscripted’ is giving off Succession vibes so I will begin with that.

The bottom line