42 m. ago US treasury secretary urges Fed chair to cut interest rates as Trump claims shrinking economy isn’t related to tariff war – live

Bessent urges Powell to cut interest rates, echoing Trump’s demands; US president claims economic slowdown ‘nothing to do with tariffs’Trump’s tariffs: ‘It feels like Covid 2.0. So many things are getting disrupted’The Trump administration is seeking to strip collective bargaining rights from large swaths of federal employees in a test case union leaders argue is part of a broader attack on US labor unions that could land before the US Supreme Court.A Trump win would deliver a severe blow to labor unions in the US. Some 29.9% of all federal workers were represented by labor unions in 2024 compared to 11.1% for all US workers. Continue reading...

Society

59 m. ago McDonald’s posts surprise decline in global sales in first quarter

Firm was navigating ‘toughest of market conditions’ when Trump’s tariffs worsened wallet pressures on consumersMcDonald’s posted a surprise decline in first-quarter global sales on Thursday, as demand from cash-strapped diners in its key markets faltered on uncertainty sparked by chaotic tariffs.The company was navigating the “toughest of market conditions”, the company’s CEO Chris Kempczinski said, as global comparable sales fell 1%, while analysts on average had estimated a 0.95% rise. Continue reading...

Politics

2 h. ago Trump live: Kamala Harris breaks silence to warn president’s tariff war inviting recession

Former Democratic vice president and White House challenger calls trade aggressions the ‘greatest man-made economic crisis in modern presidential history’

Events

3 h. ago McDonald’s US sales drop by most since height of pandemic in 2020

Fall comes as Trump’s tariffs knock consumer sentiment

Events

3 h. ago Trump tariffs cause fastest slump in British factory export orders in five years

Decline in output and new orders in April allied with rising uncertainty is prompting layoffs, survey findsBusiness live – latest updatesBritain’s factories suffered a slump in export orders last month as Donald Trump’s globally unsettling tariff regime sent overseas demand for UK goods tumbling at the fastest pace in five years.Manufacturers reported rising economic and trade uncertainties in April as some tariffs took effect and other threatened border taxes loomed, forcing them to lay off workers for a sixth consecutive month. Continue reading...

Politics

4 h. ago Trump’s tariffs: ‘It feels like Covid 2.0. So many things are getting disrupted’

Pittsburgh residents, workers and business owners react to the increasingly fraught trading reality now upending supply chains and hitting prices“In a lot of ways it feels like Covid 2.0. So many things are getting disrupted so quickly.” Like so many businesses across Donald Trump’s America, Matt Katase’s craft brewery, Brew Gentleman, is having to contend with a bafflingly uncertain trading environment.The brewery’s chief operating officer, Alaina Webber, says: “For the first time, as a company in operation going on 15 years, we’ve started to get explicit emails that say: ‘On this existing order, you are now going to see a 30%, then to a 130% increase.’” Continue reading...

Politics

4 h. ago Trump tariffs cause fastest slump in British factory export orders in five years – business live

Live, rolling coverage of business, economics and financial markets as UK manufacturers report falling export orders and China signals openness to US trade talks Fhaheen Khan, senior economist at Make UK, a lobby group for British manufacturing, said:UK manufacturers are caught in the eye of a perfect storm, with rising costs and international trade uncertainty undermining growth prospects. While actual changes in trade have been limited, the unpredictability, particularly around US tariff policy, is doing significant damage and paralysing decision makers. Many firms are delaying major investment decisions until greater clarity emerges, while being forced in the meantime to cut costs through redundancies while pushing through price increases.This has left manufacturing experiencing its most severe slowdown in years, with the UK at a competitive disadvantage compared to our European peers who are weathering current challenges relatively better. As a result, it is now vital that gover...

Politics

6 h. ago China hints at openness to trade talks with US; Tesla denies board search for Musk successor – business live

Live, rolling coverage of business, economics and financial markets as Chinese state-controlled social media says US has approached China for trade talksLloyds Banking Group has reported a 7% drop in pre-tax profit to £1.5bn in its first quarter, and is bracing for the ripple effect from Trump’s tariffs on its balance sheet.The high street bank said that it has set aside £309m to account for possible bad debts, compared with previous guidance of £274m, as it added a £35m net charge to prepare for the possible impact on the economic outlook from President Trump’s tariffs.The US has proactively reached out to China through multiple channels, hoping to hold discussions on the tariff issue.Yuyuan Tantian is not among China’s most authoritative state media outlets. The Global Times, which is owned by the newspaper of the governing Communist Party, People’s Daily, has often been first to report China’s next steps in trade disagreements over the past few years.Guo Jiakun, a spokesperson fo...

Politics

6 h. ago Tesla denies board search for Elon Musk’s successor; Trump tariffs to slash growth, says Bank of Japan – business live

Live, rolling coverage of business, economics and financial markets as US electric carmaker says report board is looking for next Tesla boss is ‘absolutely false’National Grid, the FTSE 100 company that owns the UK’s electricity network, has appointed Shell oil executive Zoë Yujnovich as chief executive after the retirement of John Pettigrew.Yujnovich was until recently working at FTSE 100 oil company Shell, where she was director of integrated gas and upstream (oil production) and a member of the executive committee. She previously led the Iron Ore company of Canada, part of Rio Tinto.I firmly believe in the vital function energy companies play in driving change and creating value. On both sides of the Atlantic National Grid has an essential role to play in making energy secure, affordable and reliable for our customers and communities. I’m excited about leading National Grid as it delivers on the growth opportunities ahead. Continue reading...

Economics

7 h. ago Ship broking giant Clarksons issues profit warning as Trump's tariffs hit rates

FTSE 250 listed company says profits will be in the range of £85 million to £95 million

Events

8 h. ago Canada election results live: Trump says ‘nice gentleman’ Carney to visit White House next week amid tariff row

Carney says Trump won’t succeed with his ambitions to expand US territory

Politics

12 h. ago Trump on tariff deals at town hall: ‘I’m in less of a hurry than you’

The president appeared to row back on claims he had already made agreements with hundreds of countries, downgrading them to just a handful of ‘potential deals’

Economics

17 h. ago Barclays boss warns of slowdown in dealmaking and lending due to Trump's tariffs

The bank, led by chief exec CS Venkatakrishnan (pictured) was boosted by frenetic trading activity as Trump's trade policies wreaked havoc on global markets.

Economics

17 h. ago Aston Martin cuts US exports as tariffs batter car industry: Mercedes, Stellantis and VW also sound the alarm over Trump trade war turmoil

The car industry was rocked when Trump announced a 25% charge on vehicle and part imports in a bid to ramp up domestic manufacturing.

Events

17 h. ago Trump’s stock market in his first 100 days wasn’t just among the worst ever

‘This is Biden’s Stock Market, not Trump’s,’ the president wrote on Wednesday morning

Politics

18 h. ago Trump says he does not know if El Salvador would return Kilmar Ábrego García and hasn’t asked – live

Trump said he hasn’t spoken to Bukele about mistakenly deported man – despite supreme court order requiring administration to facilitate returnKristi Noem says Ábrego García would be deported immediately if sent back to USTrump pressures journalist to accept doctored photo as realDonald Trump promptly claimed this morning that the contraction in the US economy had nothing to do with his tariff wars, repeated his habitual claim that this is all somehow his predecessor Joe Biden’s fault, and predicted the economy would boom when tariffs kicked in. He wrote on his Truth Social platform:This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden “Overhang.” This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE P...

Politics

19 h. ago World's biggest hedge fund boss warns it's 'too late' to fix Trump's tariff damage

A hedge fund manager, who previously joined a chorus of analysts correctly warning about the 2008 great recession, is speaking out again.

Events

19 h. ago Trump is already blaming Biden for future economic woes as he meets with Cabinet to mark 100 days: Live updates

President tries to deflect blame to predecessor as new GDP figures show U.S. economy contracted for first time in three years

Politics

20 h. ago Trump tries to blame Biden after U.S. economy shrinks amid fears of tariff

President tries to deflect blame to predecessor as new GDP figures show U.S. economy contracted for first time in three years

Politics

21 h. ago AP PHOTOS: US stocks sink after a weak report on the economy

U.S. stocks are sinking following a discouraging report suggesting the U.S. economy may have shrunk at the start of the year, before most of U.S. President Donald Trump’s announced tariffs could take effect.

Culture