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Starmer aims to lower steel tariffs as US president arrives in UK

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US president will talk trade with the UK premier and the EU’s Ursula von der Leyen on golf-focused trip

AI start-up Anthropic seeks valuation of over $150bn from Mideast funds

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Rival to ChatGPT maker OpenAI has so far shunned Gulf sovereign investors that ‘enrich dictators’

‘All the banks were lying’: Tom Hayes on his decade-long battle for justice

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Ex-UBS trader accused of Libor-rigging had his conviction overturned by UK Supreme Court

Trump brings war against the Fed to Powell’s home turf

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Current and former officials view the US president’s widening assault on the central bank with alarm

How to live in a G minus one world

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As America disengages, other countries are having to work together to find solutions to global problems

Monsoons claim hundreds of lives across South Asia

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Death toll rises to more than 250 people in Pakistan, with rains destroying crops and stranding tourists

Capital gains tax receipts fall after big cuts in allowances

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Revenue falls 18 per cent in 2023-24 to £12.1bn as the UK’s efforts to increase revenues from the levy backfire

EU’s von der Leyen says she will meet Trump in Scotland on Sunday

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European commission president’s trip comes as bloc races to secure trade deal with Washington

Cracks widen in Japan and US’s interpretation of tariff trade deal

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Tokyo officials contest Washington’s claim that American investors assured of vast share of profits from joint investment

Trader who claims he made 97% of hedge fund’s revenues sues over bonus

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Robert Gagliardi was denied payout, with Evolution Capital blaming ‘abrasive attitude’

Feud between former ‘god brothers’ fuels Thailand-Cambodia border conflict

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Relations have soured between Thai political heavyweight Thaksin Shinawatra and Cambodian strongman Hun Sen

Wall Street ‘euphoria’ sparks bubble warnings

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Analysts point to signs of market froth as bitcoin soars and ‘meme stocks’ re-emerge

Chinese investment into Hong Kong surges to record high

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Inflows through Stock Connect show how city’s fortunes have become increasingly dependent on capital from mainland

Trump swings by Scottish oil hubs as UK energy debate flares

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US president to meet the UK and Scottish leaders, as trade and renewables policies loom large in push for growth

Rightmove calls for stamp duty reform

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Property listings site says ministers should adjust zero-rate bands to boost housing affordability

Volkswagen cuts forecasts as carmaker reveals €1.3bn tariff hit

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Carmaker lowers return-on-sales estimate as second-quarter operating profit fell by one-third

Thai authorities evacuate 100,000 amid border clashes with Cambodia

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More than a dozen killed in worst fighting in more than a decade

Blackstone greases the hedge fund world

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Plus, the $200bn rail deal a century in the making and challenges at Macquarie

Starmer to press Trump over deal to cut tariffs on UK steel imports

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Prime minister will also make the case for closer ties as US president visits golf courses in Scotland

Why are young adults in the English-speaking world so unhappy?

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Society sold the dream of home ownership — then cruelly snatched it away

It’s fear, not greed, that drives the stock market

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‘Fomo’ is powering today’s frothy asset prices — but the fear of loss may be about to take over

Chinese kindergartens in crisis as enrolments plunge 25% in 4 years

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Demographic decline hits vast education system as drop-off in births leads to school closures

US regulators approve Skydance acquisition of Paramount

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Deal gets go-ahead just weeks after Hollywood studio paid $16mn to settle a lawsuit by the US president

UK households prioritise saving more than at any point since 2008 crash, survey finds

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Results reflect concerns over tax rises in the autumn and impact of inflation, analysts say

Trump risks market revolt if he threatens Fed independence, Pimco says

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Warning from $2.1tn fund manager comes as US president publicly quarrels with central bank chief Jay Powell

Trump and Powell spar as US president visits Federal Reserve

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Clash with central bank chief comes during tour of $2.5bn renovation project of institution’s headquarters

FirstFT: Nvidia chips worth $1bn smuggled to China despite Trump export controls

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Also in today’s newsletter, Thai fighter jets strike Cambodia, and Trump clashes with Fed chair

Trump administration allows Chevron to restart Venezuela operations

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Shift in policy comes after US hostages were released by authoritarian leader Nicolás Maduro

British carmakers left underwhelmed by UK-India trade deal

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Accord means tariffs for UK petrol and diesel car manufacturers will fall to headline 10% rate only in 2031

South Africa sells staff mansion seized from infamous Gupta brothers

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Two bigger properties belonging to family who were at centre of ‘state capture’ scandal fail to sell at auction

What Trump should tackle next to boost growth

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Permitting and housing reforms as well as R&D investment and more highly-skilled immigrants are needed

Starmer and Modi seal UK-India trade deal

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Tariffs on more than 90% of British exports to Asian country will be cut, including cosmetics, clothes, food and drink

Can US progress on methane pollution survive Trump?

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Environmentalists fear that recent headway in curbing emissions of the planet-warming gas is now in jeopardy

Nvidia AI chips worth $1bn smuggled to China after Trump export controls

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Roaring black market for US semiconductors operates despite efforts to curb Beijing’s high-tech ambitions

Von der Leyen tells Xi EU-China ties are at ‘inflection point’

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EU leaders press Beijing over trade surplus and support for Russia’s war in Ukraine at summit

Thai fighter jets strike Cambodia as border clashes erupt

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At least 11 killed as Bangkok accuses Phnom Penh of targeting civilian areas

TotalEnergies warns of oil supply glut in weakening global economy

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Prediction comes as French energy major books 30% annual drop in quarterly net income

Brussels warns Beijing its running out of patience on improving relations

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Also in this newsletter: EU simplification savings worth €8.5bn and Zelenskyy’s anti-corruption power grab

The risk to poor countries’ exports from the whims of the rich

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Donald Trump’s tariff threat to Lesotho shows the danger of relying on preferential trade access

China’s price wars hit investment banking as underwriters charge $100 fees

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Bankers say pressure to undercut rivals has become acute as price-sensitive state-owned issuers dominate market

Big US toymakers seek to diversify away from China as tariffs bite

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Uncertainty around levies weigh on Mattel and Hasbro

America mustn’t surrender its best weapon in the critical minerals battle

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Congress cannot afford to allow the Defense Production Act to expire

Botswana pushes for controlling stake in De Beers

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Comments come days before bids due for Anglo American’s diamond business

The Groucho Marx dilemma facing corporate climate schemes

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New framework from Science Based Targets initiative highlights tensions between scale and rigour

Big Pharma’s China gamble

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Despite looming tariffs, global pharma companies rely on Chinese biotech

Bonds in Mexican state oil company Pemex jump on debt sale plan

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Move part of ‘series of measures’ to support group in managing and improving its balance sheet

South Africa averts budget crisis after Ramaphosa sacks minister

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President’s main coalition partner says it will now support crucial vote after scandal-hit cabinet member removed

The growing Brics divide between carbon nations and electrostates

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Energy systems can shape political institutions and make some nations more vulnerable to trade wars than others

Nigeria’s economy 30% bigger after GDP recalculation

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First statistical rejig in more than a decade makes debt ratios appear healthier

England’s farmers battle drought as river flows fall ‘perilously’ low

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The driest spring in 132 years is endangering river wildlife as well as severely affecting crops