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Business
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.
President Trump announced that the US blockade of Iranian ports is proving effective, urging Tehran to “just give up” amid escalating tensions. Iran’s Parliament Speaker dismissed the blockade’s impact, stating it has only increased global oil prices, while tensions in the Strait of Hormuz continue to disrupt markets.
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The ongoing market chaos caused by Donald Trump’s tariffs continues to dominate the business newspapers, as do reports about inflation, job risks and a UK-US trade deal that comes at a price. Tech stocks suffered a Wall Street sell-off on Wednesday after Nvidia revealed new US controls on sales to China will wipe billions of dollars from its earnings. The US dollar has continued to weaken for the fifth straight day, amid real fears that the world could start the process of de-dollarisation.
US stock markets experienced substantial losses, particularly in AI chipmakers like Nvidia and AMD, which plummeted after new export restrictions to China were announced.
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