And Trump’s ‘done deal’ with China gets cautious welcome on Wall Street.
- The Daily Telegraph: Donald Trump was on Tuesday night poised to enter the war between Israel and Iran.
- The Times: Global investors are shunning the dollar and pulling money out of US stocks in President Trump’s second term, according to the latest snapshot of securities market sentiment from Bank of America.
Business and economics
- The Daily Telegraph: Keir Starmer will delay the opening of HS2 as a damning official report reveals a ‘litany of failure’ that has driven up costs by £37bn.
- The Guardian: Sky, ITV and Channel 4 are to fight back against the social media companies Facebook and YouTube by pooling their streaming advertising services to make it easier and more affordable for millions of small businesses to run ad campaigns.
- Financial Times: Keir Starmer will send his top business aide Varun Chandra to the US next week in an attempt to resolve the trade issues over steel and pharmaceuticals between the countries.
- Daily Mail: Morgan Sindall shares soared on Tuesday after the construction company said that its annual pre-tax profits were set to surpass previous estimates.
- Daily Mail: Outsourcing giant Capita has outlined plans to reinvest cash saved during recent cutbacks into artificial intelligence-powered tech.
- The Times: Continued weakness in the US construction market has prompted Ashtead Group to warn that rental revenue growth in its current financial year will slow.
- The Guardian: Air India has cancelled at least eight international flights operated by Boeing 787-8 Dreamliners, the aircraft model involved in the crash last week that killed at least 270 people.
- The Guardian: Donald Trump is threatening to keep 25% tariffs on some or all of its steel imports from the UK unless it gives specific guarantees over the Indian-owned steelmaking plant at Port Talbot in south Wales, sources have told the Guardian.
- The Guardian: Poundland is to shut 68 shops and two distribution centres and aims to close at least 80 more stores, putting more than 2,000 jobs at risk.
- The Guardian: Councils in England face being overwhelmed by billions of pounds in debts and reforms that are divorced from reality, according to an influential committee of MPs.
- The Times: Elon Musk’s artificial intelligence company xAI is on the cusp of raising $9.3bn despite his recent clash with President Trump.
- The Guardian: Elon Musk’s X Corp filed a lawsuit on Tuesday against the state of New York, arguing a recently passed law compelling large social media companies to divulge how they address hate speech is unconstitutional.
- The Daily Telegraph: A Franco-German pact to build Europe’s next-generation fighter jet is in danger of falling apart after a public spat between the two companies leading the programme.
- The Times: Ninety One Asset Management, formerly part of Investec, has told clients that unloved UK stocks have gone from ‘undervalued’ to “unmissable” as it seeks to reverse the flood of redemptions draining the entire sector.
- The Times: The already frosty relationship between Unilever and Ben & Jerry’s looks set to get colder with the appointment of a contentious new ice cream boss.
- The Times: China’s demand for oil will peak within two years thanks to its unexpectedly ‘breakneck’ switch to electric vehicles, the International Energy Agency has predicted.
- The Daily Telegraph: Ed Miliband has pledged to beat the critics of his net zero policies by creating thousands of new jobs in the UK’s declining industrial regions.
- The Daily Telegraph: Rachel Reeves is considering reversing an inheritance tax raid on non-doms amid mounting evidence that it has sparked an exodus of the wealthy.
- Financial Times: US retail sales fell 0.9% in May, the most in two years.
- The Daily Telegraph: Artificial intelligence (AI) chatbots risk making people less intelligent by hampering the development of critical thinking, memory and language skills, research has found.
- The Times: Economic growth is on course to slow this year and next as businesses face higher employment costs, rising inflation and headwinds from the global trading environment, the CBI has warned.
- Financial Times: Packaged food company Kraft Heinz has pledged to remove artificial dyes from all US products.
Source: City Wire
