Washington and Beijing agreed a limited trade détente after a leaders’ summit: a one-year pact on minerals and chips, halving tariffs linked to fentanyl precursors and fresh talks on supply chains. Export controls largely stay in place, and there was no discussion on Taiwan.
A refinery co-owned by Lakshmi Mittal’s group bought at least four crude shipments this year, worth nearly $280m, carried on sanctions‑listed tankers via ship‑to‑ship transfers. The company says purchases comply with rules, but the case highlights due‑diligence gaps and weak enforcement of the price cap.
Microsoft’s value topped $4tn after OpenAI completed a restructuring designed to unlock new funding and simplify governance. Investors expect the tighter partnership to accelerate AI product rollout and cloud demand. Microsoft now joins Apple and Nvidia in the $4tn club.
An OBR productivity downgrade has blown a £20bn hole in Reeves’ Budget plans, raising the risk of tax rises and tighter spending. The weaker outlook lifts borrowing and cuts headroom. No 10 is unhappy at the timing, while Labour highlights the legacy it says it inherited.
Washington expects Beijing to postpone curbs on rare earth exports, lifting hopes of a trade truce. Officials cite a preliminary consensus and a planned leaders’ meeting. A delay would ease pressure on tech supply chains and tariffs while talks continue over market access and industrial policy.
Donald Trump signalled he could impose further tariffs on Chinese imports as a meeting with Xi nears, while delivering a sharp rebuke to Canada’s trade stance. The remarks raised fears of renewed disruption to global commerce, adding uncertainty for businesses and supply chains.
Indian and Chinese refiners are weighing cuts to purchases of sanctioned crude after new US measures. Shipments have been paused as banks, insurers and shippers review exposure. The shift may tighten supply, raise prices and reroute flows as Western enforcement intensifies.
Law and accountancy groups are pushing back against potential changes to partnership taxation, as the chancellor weighs scrapping the NI exemption on partners to help close a £50bn gap. Firms warn of higher costs and a brain drain; the Treasury says it will not comment on Budget speculation.
Andrew Bailey warned the surge in private credit could threaten financial stability after recent large US corporate failures. He saw 2008-style risks from complex structures, high leverage and weak covenants, urging greater transparency, tougher stress tests and restraint by lenders and investors.
Accounts say Trump told Zelenskyy in an Oval Office meeting that his country could be “destroyed”, urged conceding eastern regions, and echoed a neighbouring power’s narrative. The claims raise concerns over his reliability for allies and the wider security of Europe.