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Latest news from trusted sources around the world

Economy Financial Times
Trump’s 10% global tariff ruled illegal by US court

Court of International Trade says levies applied under Section 122 of trade act are ‘unauthorized by law’

Gold Rises as Buying Interest Counters Concern Over Hormuz Clash
Economy Bloomberg
Gold Rises as Buying Interest Counters Concern Over Hormuz Clash

Gold rose as signs of buying interest emerged in the wake of strong purchases by China’s central bank, even as fresh clashes in the Middle …

US Stocks Rise as Tech Outlook Offsets War Worries: Markets Wrap
Economy Bloomberg
US Stocks Rise as Tech Outlook Offsets War Worries: Markets Wrap

A rally in technology stocks is lifting US index futures as investors wait for the monthly jobs report. Oil fluctuated while the Trump administration pushed …

Economy Financial Times
UK local and devolved elections: Hour-by-hour guide to key battlegrounds

Stephen Bush breaks down the contests that are set to confirm Britain’s shift to seven-party politics

Gundlach Warns About the Risks Facing Private Credit
Economy Bloomberg
Gundlach Warns About the Risks Facing Private Credit

Jeffrey Gundlach, CEO and CIO of DoubleLine, discusses the current state of the private credit market. Gundlach compared the present moment in private credit to …

Blackstone-Led Group Set to Inject $100 Million Into Medallia
Economy Bloomberg
Blackstone-Led Group Set to Inject $100 Million Into Medallia

A group of private credit investors led by Blackstone Inc. is preparing to inject at least $100 million of fresh funds into Medallia Inc. as …

Elliott Said to Tap Banks to Run Barnes & Noble’s London IPO
Economy Bloomberg
Elliott Said to Tap Banks to Run Barnes & Noble’s London IPO

Elliott Management Corp. has selected banks to lead a combined initial public offering of book retailers Barnes & Noble Inc. and Waterstones Booksellers Ltd., according …

Economy Financial Times
McDonald’s warns of price pressures from rising beef and energy costs

Fast food group beats expectations but executives say rising expenses are constricting cash flows for franchisees

Economy Financial Times
US fund threatens to divest TotalEnergies stake over offshore wind exit

Symbolic move indicates growing resistance to Trump administration’s payments to stop such projects

Economy Financial Times
Trump halted ‘Project Freedom’ after Saudi Arabia withheld support

Riyadh has now lifted suspension after call between Crown Prince Mohammed bin Salman and US president on Wednesday

Economy Financial Times
‘Blissful ignorance’: Milken elite bask in glow of roaring markets

Financiers at the Beverly Hills gathering brush aside concerns over Iran conflict and private market strains

Oil Market Liquidity Dries Up as Traders Sit Out War Volatility
Economy Bloomberg
Oil Market Liquidity Dries Up as Traders Sit Out War Volatility

Oil market liquidity has evaporated since the start of the US-Iran war, amplifying price moves in a benchmark seen as a bellwether for the global …

Ethiopia Inflation Back in Double Digits on Biting Fuel Shortage
Economy Bloomberg
Ethiopia Inflation Back in Double Digits on Biting Fuel Shortage

Ethiopia’s inflation rate is back above 10% for the first time in five months, after fuel supply challenges pushed up the cost of almost everything.

Economy Financial Times
NBA offers $3bn sweetener for European basketball league bids

US league looks to reassure potential team owners over slow path to profits

IMF Warns Demand for Angola’s Bonds to Cool If Iran War Drags On
Economy Bloomberg
IMF Warns Demand for Angola’s Bonds to Cool If Iran War Drags …

The International Monetary Fund said demand for Angola’s bonds will wane if the Iran war continues, putting pressure on inflation and the southern African nation’s …

Economy Financial Times
Kalshi valuation quadruples to $22bn in less than a year

Platform raises $1bn in fundraise led by Philippe Laffont’s investment firm Coatue

Economy Financial Times
FT quiz: the week in news

Ten topical questions to test your news nous

Economy Financial Times
China hands two former defence ministers suspended death sentences

Punishment underlines severity of Xi Jinping’s sweeping purge of powerful military

I Squared, Blackstone Eye €2.5 Billion Stroeer Buyout
Economy Bloomberg
I Squared, Blackstone Eye €2.5 Billion Stroeer Buyout

I Squared and Blackstone Inc. are edging closer to making a bid for Stroeer SE & Co. that could value the German media group at …

Merz Slams UniCredit for Destroying Trust In Commerzbank Bid
Economy Bloomberg
Merz Slams UniCredit for Destroying Trust In Commerzbank Bid

Chancellor Friedrich Merz reinforced his criticism of UniCredit SpA’s bid for Commerzbank AG, saying the Italian lender was destroying trust as it attempts to take …

BASF Coatings’ €3.9 Billion Debt Deal Lures Threefold Demand
Economy Bloomberg
BASF Coatings’ €3.9 Billion Debt Deal Lures Threefold Demand

A debt package for the auto paint and finishing division of European chemicals firm BASF SE drew demand of over three times the deal’s size, …

Fed’s Collins Agreed With FOMC Dissenters Over Statement
Economy Bloomberg
Fed’s Collins Agreed With FOMC Dissenters Over Statement

Federal Reserve Bank of Boston President Susan Collins said she agreed with colleagues who dissented at last week’s monetary policy gathering over wording in the …

Economy Financial Times
FirstFT: US fuel exports surge as pump prices rise

Also in today’s newsletter: virus-hit ship sails for the Canary Islands, and Wall Street’s salacious lawsuit

Economy Financial Times
Trump is his own worst enemy

Previous US presidents have been undone by oil price shocks, but rarely ones of their own making

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