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Business
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.
Meta is laying off 8,000 workers, about 10 per cent of its workforce, to enhance efficiency and focus on artificial intelligence investments. Concurrently, Microsoft is offering voluntary buyouts to approximately 8,750 employees, marking a significant shift for the company amid industry-wide cost adjustments.
Analysts warn that Section 899 of the “One Big Beautiful Bill”—Donald Trump’s proposed retaliatory tax on foreign entities—could deter investment by imposing a tax starting at 5 %, rising to 20 %, on companies from countries that levy “unfair” taxes on US entities.
UK events guide for the week of 16–22 June 2025, covering arts, entertainment, business, festivals and more.
Cliff Notes Metro Bank has been approached by Pollen Street Capital for a private equity-backed…
More than 240 die as Air India flight crashes in Gujarat following take-off The FT has…
The FT says the NHS, defence and education are the winners from the review but the Home Office, Foreign Office and Culture Department face a “squeeze”.
The UK Economy shrank by 0.3% in April, exceeding economists’ expectations of a 0.1% contraction, largely due to President Trump’s tariff policies.
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