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- EU and South Africa reinforce cooperation on the development of transport corridor.
- Ukrainian Drones Strike Saint Petersburg During Russia’s Economic Forum
- Muhammad Ali remembered as Louisville marks 10 years since his death
- State Senator Scott Wiener advances to general election for Nancy Pelosi’s seat in Congress
- US military intercepts Iranian missile and drone attacks targeting Kuwait
- Supreme Court allows Alabama to use congressional map favouring Republicans
- Libya’s national army conducts largest military exercise amid regional tensions
- Iranian Nobel laureate Narges Mohammadi released from hospital after treatment
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.
Jerome Powell, the head of the US Federal Reserve, dismissed speculation that former President Donald Trump could remove him from his position when he returns to office in January 2025. Speaking at a press conference after the Fed lowered its key interest rate to 4.5%-4.75%, Powell said he would not step down if asked, adding that the law protects his role from presidential interference.
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China, after decades of mostly export-based growth, must now deal with massive problems of industrial overcapacity. The country is now trying to encourage more domestic consumption and to diversify its trading partners.
In very traditional Republican terms, he’s talking about tax breaks and reduced regulation. In terms of some of his specific pledges on the economy, he’s talking about getting rid of income taxation on tips and overtime. These things combined have the potential to be quite domestically inflationary, I would say.
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