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Business
Russia’s economic situation is deteriorating after two years of growth linked to a shift to a war economy, according to IMF Managing Director Kristalina Georgieva. Despite raising the 2026 growth forecast slightly, Georgieva warned that inflation and sanctions severely restrict long-term prospects.
James Murdoch has finalised a deal to acquire New York Magazine and the Vox Media Podcast Network for over £300 million, enhancing his media portfolio. The transaction includes Vox’s news site and popular podcasts, while CEO Jim Bankoff will continue to lead operations under Lupa Systems.
The EU’s trade deal with South America’s Mercosur bloc has begun provisional implementation after 25 years of negotiations. This agreement forms one of the world’s largest free trade areas, encompassing 720 million consumers and aiming to reduce tariffs on over 90% of bilateral trade.
“We don’t think we should be implementing certain tax cuts now, essentially that are paid for by uncertain spending cuts that might never be delivered,” IFS deputy director Carl Emmerson said.
The front page of the London business paper CITY AM reports Britons are ditching business cards, leading to predictions that they will soon die out altogether.
The widespread drop in global house prices that hit advanced economies has largely petered out, according to a front-page lead story.
The FT’s main story reports that a “bumper earnings report” from chipmaker Nvidia has sparked a global stock market rally, with the company’s shares surging 15% in early trading, adding £205bn ($260bn) to its value in the process.
The bank said that approach was in line with guidance from the Royal Household and aimed at minimising the environmental and financial impact of the change.
The London business newspaper CITY AM leads on share plunges in Bytes Technology. Elsewhere the news that BT Tower has been bought and will be turned into a hotel makes the paper’s front page headlines.
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