8 h. ago Bank of England governor Andrew Bailey warns Trump trade wars are creating unpredictability; UK restricts steel imports – as it happened

Bailey says the BoE doesn’t know how trade wars will play out, as UK brings in new restrictions on steel imports Oil prices sink after Iranian strike on US airbase reduces fears of market disruptionTravel and leisure stocks across Europe are rallying too.This has pushed up the STOXX Europe travel and leisure index by 4.1% in early trading, which Reuters reports it the biggest one-day jump since 10 April. Continue reading...

Events

9 h. ago Bank of England governor Andrew Bailey warns Trump trade wars are creating unpredictability; UK restricts steel imports – business live

Oil has fallen to its lowest level since June’s conflict began, while stock markets have jumped across Asia and EuropeOil prices sink after Iranian strike on US airbase reduces fears of market disruptionTravel and leisure stocks across Europe are rallying too.This has pushed up the STOXX Europe travel and leisure index by 4.1% in early trading, which Reuters reports it the biggest one-day jump since 10 April. Continue reading...

Events

4 d. ago Canada poised to pass infrastructure bill despite pushback from Indigenous people

Bill prioritizes ‘nation-building’ pipelines and mines, causing concern that sped-up approvals will override constitutional rightsCanada’s Liberal government is poised to pass controversial legislation on Friday that aims to kick-start “nation building” infrastructure projects but has received widespread pushback from Indigenous communities over fears it tramples on their constitutional rights.On its final day of sitting before breaking for summer, parliament is expected to vote on Bill C-5. The legislation promised by Mark Carney, the prime minister, during the federal election, is meant to strengthen Canada’s economy amid a trade war launched by Donald Trump. Continue reading...

Politics

6 d. ago Canada said it would stand up to Trump. Instead, it’s taking cues from him | Shiri Pasternak and Dayna Nadine Scott

Federal and provincial governments are ‘flooding the zone’ with damaging corporate giveaways under the guise of resistanceSteve Bannon calls it “flooding the zone”. Donald Trump demonstrated it in his first weeks back in office, when he introduced over 100 executive orders. Regardless of their legal viability, the sheer volume of policy changes is the point. It is a political strategy to overwhelm institutions, courts and social groups, preventing effective opposition.In Canada, we are witnessing our own version of “flooding the zone” from our new prime minister, Mark Carney, in coordination with provincial and territorial premiers. Carney is the former governor of the Bank of England. Prior to that, he was the governor of the Bank of Canada. He recently won the federal election by defeating a rightwing opponent Canadians feared would steer them too far towards Trump policies. Yet Carney’s “negotiations” with Trump have so far involved gentle reminders that Canada would never become...

Politics

6 d. ago UK transport secretary calls HS2 an ‘appalling mess’ as she confirms delay

Heidi Alexander vows to ‘sort out’ HS2 project; UK inflation dips to 3.4% as transport costs ease while food prices jumpUK inflation eases to 3.4% amid falling fuel and air fare pricesInflation pressures remain sticky in the UK, according to Rob Wood, chief UK economist at Pantheon Macroeconomics.Looking ahead, we continue to expect CPI inflation to average 3.4% for the rest of the year as strong wage growth, minimum wage hikes and tax increases pass through to retail prices. We think headline inflation will struggle to dip below 3% before April 2026. By that point, inflation will have been above target almost continuously for five years, risking further deanchoring of inflation expectations and persistent wage pressure.Granted, US president Trump’s trade war could lead to some diversion of Chinese exports previously bound to the US, which could cut UK inflation. But war in the Middle-East has boosted oil and natural gas prices, adding 10bp to our forecast inflation peak and risks p...

Politics

7 d. ago Starmer warned British jobs at risk without better trade deal from Trump

US tariffs for the steel industry will stand at 25 per cent for now – as negotiations over an improved deal continue

Events

8 d. ago Live: Trump and world leaders attend G7 summit against backdrop of trade war tension and Middle East conflict

Watch live as Donald Trump meets Canadian Prime Minister Mark Carney as he attends the G7 summit in Alberta on Monday (16 June).

Politics

8 d. ago Israeli air force attacks missile sites as Iran launches new barrage

Rivals trade strikes and threats as Trump warns of potential US involvement

Events

1 week ago Canada is independent and sovereign, says Starmer ahead of visit

The Prime Minister is on his way to Canada for talks with his counterpart, Mark Carney, the former governor of the Bank of England.

Politics

1 week ago China delays approval of $35bn US chip merger amid Trump’s trade war

Beijing’s antitrust regulator postpones sign-off on Synopsys and Ansys deal

Politics

1 week ago UK’s FTSE 100 share index hits record closing high despite economy shrinking in April – business live

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumped.. but FTSE 100 ends at new record closeFull story: UK economy shrinks by 0.3% as as exports hit by Trump trade warNicholas Hyett, Investment Manager at Wealth Club, blames “a cocktail of headwinds to growth” for the 0.3% fall in UK GDP in April.Hyett says:In the very short term the change to Stamp Duty rules have put the legal and property services on ice - with legal activities down 10.2% month-on-month.New barriers to trade with the US and changes to employment costs, from a higher living wage and increased national insurance contributions, are a longer term challenge.“The 0.3% m/m fall in real GDP in April supports our view that the strength in Q1 was unsustainable. This won’t prompt the Bank of England to cut interest rates next Thursday. But it is one more piece of news pointing to another cut in August.”We still expect the Bank Rate to be maintained at 4.25% in the June meeting, t...

Economics

1 week ago Largest ever plunge in UK exports to US as Trump tariffs hurt growth; dollar hits three

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumpedFull story: UK economy shrinks by 0.3% as as exports hit by Trump trade warNicholas Hyett, Investment Manager at Wealth Club, blames “a cocktail of headwinds to growth” for the 0.3% fall in UK GDP in April.Hyett says:In the very short term the change to Stamp Duty rules have put the legal and property services on ice - with legal activities down 10.2% month-on-month.New barriers to trade with the US and changes to employment costs, from a higher living wage and increased national insurance contributions, are a longer term challenge.“The 0.3% m/m fall in real GDP in April supports our view that the strength in Q1 was unsustainable. This won’t prompt the Bank of England to cut interest rates next Thursday. But it is one more piece of news pointing to another cut in August.”We still expect the Bank Rate to be maintained at 4.25% in the June meeting, to allow still troubling earnings growth ...

Politics

1 week ago Trump says Trade War ‘deal with China is done’ and he and Xi agree on minerals: ‘FULL MAGNETS’

China’s restrictions on rare earth exports have been putting pressure on American manufacturers who rely on them for a wide range of products

Politics

2 w. ago Citing trade wars, the World Bank sharply downgrades forecast for global economic growth to 2.3%

President Donald Trump’s trade wars are expected to slash economic growth this year in the United States and around the world, the World Bank forecast Tuesday

Economics

2 w. ago 2020s on course to be weakest decade for global economy since 1960s, says World Bank

Washington-based lender cuts its forecast for world GDP growth, blaming Donald Trump tariffsBusiness live – latest updatesThe World Bank has cut its forecasts for growth, blaming Donald Trump’s trade war and says the 2020s are on course to be the weakest decade for the global economy since the 1960s.In its twice-yearly Global Economic Prospects report, the Washington-based lender reduced its forecast for global GDP growth this year to 2.3%, down from 2.7% in January. Continue reading...

Economics

2 w. ago Apple heads into annual showcase reeling from AI missteps, tech upheaval and Trump's trade war

After stumbling out of the starting gate in Big Tech’s pivotal race to create artificial intelligence, Apple will try to regain its footing Monday with its annual showcase for the next generation of software powering the iPhone and other popular products

Politics

2 w. ago Millions of UK mortgage holders may be overpaying due to questionable statistics

Bank of England Governor Andrew Bailey told MPs a lack of faith in key data from the Office for National Statistics 'does have a bearing' on decisions over interest rates

Economics

2 w. ago US jobs market slows down as businesses cope with Trump trade war uncertainty

May’s jobs report was dragged down by loss of 22,000 federal workers’ jobs as Doge cut positionsThe US economy added 139,000 jobs in May, a slowdown compared with recent months as American businesses cope with uncertainty around Donald Trump’s continuing trade war.After signs of a strong labor market in April – which was largely seen as resiliency against teetering trade policy from the White House – May saw a drop in new jobs added to the labor market, according to new data from the Bureau of Labor Statistics. The unemployment rate remained steady at 4.2%, unchanged from last month. Continue reading...

Politics

2 w. ago ECB cuts interest rates to 2% in effort to bolster flagging eurozone growth

European Central Bank makes eighth quarter-point cut in a year as bloc reels from impact of Trump’s trade warsBusiness live – latest updatesThe European Central Bank has cut interest rates to 2% in an effort to boost flagging economic growth across the eurozone.The ECB, making its eighth quarter-point cut in a year, said the 20-member currency bloc needed a reduction in the cost of borrowing as it reeled from the damage caused by Donald Trump’s trade wars. Continue reading...

Politics

2 w. ago The right is breaking ranks over Trump and his tariffs | Sidney Blumenthal

A trade court ruling is exposing the civil war on the right, as key legal establishment figures oppose the presidentDonald Trump’s trade war has become his quagmire: legal, economic and political. On 28 May, the court of international trade ruled his tariffs exceeded his constitutional authority. Point by point, the decision decimated Trump’s arguments as flimsy and false, implicitly castigated the Republican Congress for abdicating its constitutional responsibility, and reminded other courts, not least the supreme court, of the judicial branch’s obligation to exercise its authority regardless of the blustering of the executive and the fecklessness of the legislative branches.Trump’s tariffs, along with his withdrawal of active support for Ukraine and passivity toward his strongman father figure Vladimir Putin, have broken the western alliance, forcing the west to make its own arrangements with China, and cementing the idea for a generation to come that the United States is an untru...

Politics