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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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Today’s business news – in the UK and beyond amid concerns about the world’s largest economy and the fall in the Asian, US and UK markets.
UK shares dropped on Wednesday morning following falls in Asian and US markets as concerns grow about the US economy – which is the world’s largest.
Data showed US manufacturing activity remains subdued, with investors now focussed on US jobs figures due on Friday.
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