Mark Sweney

Donald Trump delivered a more than hour-long speech at the rescheduled White House Correspondents’ Association dinner that began with light banter but shifted into partisan attacks on Democrats, journalists and media organizations. He criticized CNN’s Kaitlan Collins and Wall Street Journal reporter Josh Dawsey, revived attacks on political rivals and defended his plans for a White House ballroom. The event followed an April security incident that had interrupted the original dinner. Other developments included a court defeat for the administration’s proposed $100,000 H-1B visa fee, new tariff-related lawsuits and criticism, South Carolina’s selection to lead the Democrats’ 2028 primary calendar, and a temporary halt to the proposed Warner Bros.–Paramount merger.

Netflix’s binge-release model helped transform television but is now facing slowing audience growth, declining engagement across later seasons and a less distinctive position in the streaming market. Although its cancellation rate is broadly comparable with other streamers, its data-driven approach contrasts with traditional broadcasters’ longer commissioning cycles. Investors are concerned about a patchy content pipeline, the approaching ends of major franchises and Netflix’s proposed $83bn acquisition of Warner Bros Discovery’s studios and streaming business. Disney+, Apple TV and other rivals have benefited from slower weekly releases, while YouTube has become the most significant threat by surpassing Netflix in daily viewing and establishing television screens as its primary viewing device. Netflix may need to diversify its release strategy and rethink its content model to remain a leading destination for viewers.

European equities recovered as Brent crude fell below $100 a barrel, though oil remained sharply higher for the week amid renewed Middle East tensions. Donald Trump’s new tariffs on more than 80 countries prompted warnings that the UK could lose its previous advantage over the EU, despite exemptions for sectors including automobiles, pharmaceuticals, steel and aluminium. Scotch whisky producers gained from the removal of a 10% US tariff. China condemned unilateral tariffs, while Asian markets fell sharply. Volkswagen cut its revenue outlook amid weak Chinese sales and raised its potential job cuts to 100,000. UK retail sales and business activity exceeded expectations in June and July, helped by warm weather and the World Cup, but retailers continued to face inflation, energy costs and fragile consumer confidence.

Volkswagen reported a 9.5% year-on-year fall in second-quarter operating profit to €3.5bn and cut its full-year revenue forecast, citing a sharp decline in Chinese sales. Global vehicle deliveries fell 6.3% in the first half, with China down more than 31%. Chief executive Oliver Blume is pursuing a restructuring plan that could eliminate up to 100,000 jobs, reduce the model range by half and potentially close German factories, but unions and the supervisory board oppose parts of the plan. The downturn highlights pressure on Western automakers from cheaper Chinese rivals and the difficult shift to electric vehicles.

Retail sales volumes in Great Britain rose 1% month on month in June and 4.2% year on year, substantially exceeding analysts’ expectations. Record heat boosted online shopping, air-conditioner and outdoor-goods demand, while clothing and footwear sales also performed strongly. Online retailers recorded a 4.4% monthly increase, taking online sales to their highest share of retail spending since spring 2021. Analysts cautioned that higher energy costs, elevated interest rates, inflationary pressures and uncertainty over government cost-of-living policies could weaken consumer confidence in the months ahead.

The Trump administration imposed 10% to 12.5% tariffs on more than 80 countries under section 301 of the US Trade Act, claiming that affected countries have failed to enforce bans on goods made with forced labor. The rationale drew bewilderment from the EU, Australia, Brazil, Norway, China, New Zealand, Japan and others, many of which said they already had robust safeguards or had received insufficient evidence. The measures triggered sharp declines in Asian stock markets and followed the US supreme court’s rejection of many of Trump’s earlier tariffs. Critics, including congressional Democrats and former US trade officials, argued that forced labor was being used as a convenient legal basis to rebuild the administration’s tariff regime. Further duties could follow from separate US investigations into excess industrial capacity.

Bloomsbury is set to receive about $19m from a $1.5bn settlement between Anthropic and authors over the use of copyrighted material for training AI models. The payout covers more than 14,000 Bloomsbury titles included in the agreement, with funds to be shared between the publisher and affected authors after legal fees. The settlement, stemming from a 2024 lawsuit led by novelist Andrea Bartz, covers 482,000 works, 91% of which have been claimed. A US district judge approved the deal as meaningful relief, marking the first major resolution among numerous ongoing AI copyright cases. Anthropic expressed satisfaction with the participation rate, while Bloomsbury continues to pursue additional AI licensing opportunities.

Andy Burnham’s new government announced an £850m VAT reduction on household electricity bills, funded through the cancellation and reprioritisation of a planned digital ID programme, while promising a broader cost-of-living focus. Anas Sarwar is reportedly preparing to leave as Scottish Labour leader and enter government as a minister after being elevated to the House of Lords. Burnham’s reshuffle has prompted accusations from Keir Starmer’s allies of factional retribution, although supporters say it reflects the arrival of a new prime minister. The government also signalled higher defence spending, stronger devolution through a No 10 North office, continued support for Ukraine and possible reforms across the courts, NHS and economy.

Oil prices rose above $90 a barrel as US strikes on Iran, Iranian attacks on US sites and Houthi threats against Saudi ports heightened fears about disruptions through the Strait of Hormuz and Bab el-Mandeb. The International Energy Agency warned that energy-security risks remain serious despite alternative supplies and emergency stock releases. UK public borrowing was lower than expected, but job vacancies fell and unemployment remained at 4.9%, underscoring a fragile labour market. Prime Minister Andy Burnham’s VAT cut on household electricity was welcomed but criticised as too modest and less useful to households reliant on gas. Defence stocks rallied after John Healey became chancellor, while Thames Water investors offered the government a golden share to prevent nationalisation. Other developments included the London Stock Exchange’s plan for near-continuous trading, a £3.1bn Mitie takeover, easing grocery inflation and Novo Nordisk’s lawsuit against Eli Lilly over weight-loss drug advertising.

Thames Water’s creditors, grouped under London & Valley Water, have proposed a revised £10bn rescue deal that includes granting the UK government a golden share, offering veto power over major decisions and expanding public oversight to avoid nationalisation. Investors pledged to forgo dividends for a decade and expand social tariffs while warning that special administration could cost taxpayers up to £2bn. The company’s future remains uncertain as the new government considers greater public control and evaluates concerns previously raised by Ofwat.

JP Morgan chief executive Jamie Dimon warned that higher taxes on UK banks under a government led by Andy Burnham could have adverse consequences, including the possible cancellation of the bank’s planned £3bn Canary Wharf headquarters. Dimon argued that an uncompetitive tax system would drive capital and companies overseas, while trade unions say reversing a previous cut to the bank surcharge could raise £9bn over four years. JP Morgan currently faces a 28% corporation tax rate and a separate bank levy, and the planned headquarters would accommodate more than half of its 23,000 UK employees.

Andy Burnham became UK prime minister and pledged a new economic model, a 10-year plan, immediate cost-of-living measures, greater devolution, council-house building and adherence to fiscal rules. Gilt yields edged up to about 4.98% as investors assessed whether his ambitious programme could be delivered amid high debt, weak growth and constrained public finances. Business groups welcomed the focus on regional growth but urged tax stability and relief from operating costs, while the TUC backed stronger action on living standards and workers’ rights. Global markets were affected by escalating US-Iran tensions: oil remained elevated, European gas prices reached a four-month high on supply concerns, and the Houthis threatened a maritime embargo against Saudi Arabia. The EU also fined AliExpress a record €550m for failing to prevent illegal and counterfeit goods from being sold on its platform, while Ryanair defended the safety of its aircraft after a passenger was nearly pulled from a plane window.

European gas prices briefly exceeded €60 per megawatt hour as the escalation of the US-Iran conflict raised fears that disrupted Qatari LNG exports and threats to shipping through the Strait of Hormuz could leave Europe short of gas for winter. Storage is below 54%, compared with 64% at the same point last year, while LNG shipments from the Gulf have fallen sharply. ICIS estimates that European countries may need to pay about €54 per MWh to replenish supplies, or up to €60 in a colder winter, potentially requiring costly state intervention, although storage targets may still be reached by late November. Brent crude briefly rose above $90 a barrel before easing as Iran said diplomatic contacts with the US remained open.

Ryanair has reassured passengers that its fleet remains safe after Ljubisa Karović was nearly pulled through a shattered window when an engine failure sent debris into the aircraft during a flight from Thessaloniki to Memmingen. His wife, Svetlana Grković, and other passengers saved him. The US National Transportation Safety Board will lead an independent investigation, while Ryanair says regulators have ordered no operational changes. Chief financial officer Neil Sorahan also criticized the EU’s digital entry-exit system for causing airport delays. Ryanair reported a 34% year-on-year fall in quarterly after-tax profit to €538m, despite a 6% increase in passenger numbers, as fuel costs rose and average fares declined.

Jeff Bezos and the UK government have invested in Cambridge-based CuspAI, a startup valued at $2.6bn that uses frontier AI to accelerate the discovery of new materials for chipmakers and other industries. The company launched a 48-member coalition, the AI Materials Foundry, to reduce research times and cut reliance on rare metals. Funds from the $450m series B round will support international expansion and new offices. UK officials highlighted the project’s potential to advance energy, climate and economic goals, while industry leaders emphasized the transformative impact of AI-driven materials research.

Median FTSE 100 CEO remuneration rose 8.6% to a record £5.06m in the latest financial year, reaching 130 times the £39,000 median salary of a full-time UK worker—the widest gap in eight years. The High Pay Centre said executive pay has increased for four consecutive years and called for reforms including a fat-cat tax, worker representation on company boards and implementation of Labour’s employment rights measures. AstraZeneca CEO Pascal Soriot was the highest-paid FTSE 100 boss at £17.7m, followed by GSK’s Emma Walmsley, Barclays’ CS Venkatakrishnan, Shell’s Wael Sawan and Standard Chartered’s Bill Winters. The High Pay Centre is closing after 15 years, while its director warned that unchecked pay inequality could undermine confidence in the economic system and fuel rightwing populism.

Creditors representing most of Thames Water’s debt signal willingness to discuss increased public control while preparing for potential legal action as Andy Burnham considers temporary nationalisation through a special administration regime. The London & Valley Water consortium continues to pursue a solvent restructuring plan aimed at avoiding taxpayer-funded administration, while simultaneously strengthening its legal position. Government engagement remains a crucial factor, with concerns raised by the environment secretary adding uncertainty to the proposed rescue deal.

The Guardian’s live coverage reports that Donald Trump and Homeland Security Secretary Markwayne Mullin claimed more than 250,000 noncitizens were registered to vote in California, New Jersey, Nevada and Pennsylvania. Election experts questioned the opaque methodology, warning that DHS immigration records can misidentify naturalized citizens and that registration does not prove illegal voting. The coverage also fact-checks Trump’s claims about Chinese and Russian interference in the 2020 election, noting that US intelligence primarily identified a Russian effort to help Trump by spreading allegations against Joe Biden. Other developments include Trump’s attacks on Canada over wildfire smoke, his endorsement of Darline Graham Nordone for a South Carolina Senate race, controversy over paid priority access to Truth Social posts, a shooting involving a Geo Group employee, and Trump’s appearance with FIFA president Gianni Infantino ahead of the World Cup final.

Rising demand among Gen Z and millennials for premium experiences is pushing UK festivals to offer luxury add‑ons including fine dining, private toilets, spas and high‑end camping. As smaller festivals struggle with rising costs and cancellations, these high-margin upgrades have become increasingly important for revenue. Some events, such as Wilderness and Love Supreme, lean heavily into upscale amenities, while others like Shambala are adopting more affordable, sustainability-focused versions. The shift reflects younger audiences’ willingness to spend on experiential comfort despite broader economic pressures.

Trump Media & Technology Group plans to launch Truth PSI, a paid service giving trading firms and other institutions faster access to posts from prominent Truth Social accounts. Critics warn that the service could let investors profit from Donald Trump’s market-moving presidential posts while directly enriching him as TMTG’s majority shareholder. Legal scholar Kathleen Clark describes the plan as an improper exploitation of government power, though the president and vice-president are technically excluded from the relevant conflict-of-interest law. The initiative is part of Trump Media’s broader expansion into cryptocurrency, financial services and other businesses after its stock lost more than 70% since Trump returned to office.

Sky, owned by Comcast, will acquire ITV’s UK broadcasting and streaming operation for £1.6bn, with an additional payment dependent on future advertising revenues. ITV Studios remains independent, while Sky commits to keeping major ITV shows free-to-air and investing £2.1bn in studio content over four years. The deal faces extensive regulatory scrutiny from the Competition and Markets Authority and Ofcom, particularly regarding news operations and ITN stakes. Both companies expect cost synergies, with limited job cuts, and plan reciprocal transactions including ITV’s purchase of Love Productions. ITV anticipates returning significant funds to shareholders as the transaction reshapes the UK commercial broadcasting landscape.

BT’s share price has risen 80% under chief executive Allison Kirkby, who has been well rewarded amid the company’s recovery. Although her predecessor Philip Jansen laid much of the groundwork through difficult restructuring, Kirkby has driven progress, including resolving issues in BT’s international division and raising cost‑saving targets. Competition from VodafoneThree and customer losses at Openreach remain major challenges, as does realising the value of Openreach, considered the group’s most valuable asset. With branding strategy shifts, shareholder pressure and long‑term pension complexities, Kirkby faces significant decisions as BT seeks sustained growth.

Meta’s shift to promoting creator content has triggered steep traffic declines for digital publishers, causing LBG Media’s advertising-related revenues to fall sharply and prompting major drops in its share price. Publishers are simultaneously hit by Google’s AI Overviews, which reduce referral traffic and spur strategic changes such as Future Publishing’s “Google Zero” plan and new membership offerings. Industry analysis warns of an existential crisis as search and social referrals fall dramatically, while regulators signal that publishers can block AI usage of their content without harming search agreements. Despite the turbulence, LBG Media is increasing direct revenues, expanding in the US and betting on long-term diversification through branded partnerships and owned intellectual property.

Ben Francis is in discussions to repurchase part of the 21% Gymshark stake he sold to General Atlantic in 2020, seeking greater control of the now £1.25bn sportswear company. Gymshark’s growth has slowed amid rising competition and consumer caution, prompting restructuring and job cuts, though revenue rose 6.5% to £647m last year while profits declined. Talks with General Atlantic and banks concern valuation and financing of the proposed transaction. The company continues focusing on direct‑to‑consumer sales and selective store openings, with recent efforts to reduce discounting and strengthen marketing improving sales growth.

UK house prices stalled for a second month in June as higher interest rates linked to the war in Iran dampened buyer demand. Nationwide reported a slight monthly decline and slowing market activity, while mortgage rates remained elevated despite easing oil prices. Analysts noted cautious valuers and price‑sensitive buyers, and shares in major housebuilders fell. Annual price growth nevertheless rose to 2.2%, with all UK regions posting increases, led by Northern Ireland. Lower oil prices and easing inflation may reduce pressure on the Bank of England to raise interest rates further, potentially helping mortgage costs to stabilise.

Airlines and airports urged the European Commission to suspend the new EU biometric border system during the peak summer season, citing queues of up to five hours, half‑empty departing planes, and operational strain on border facilities. Industry groups warned that the system’s delays are damaging tourism, Europe’s reputation, and connectivity, and called for flexibility to suspend checks when passenger volumes exceed capacity. Some EU countries, including Greece and France, have already paused the checks temporarily, and airports anticipate handling 40 million more passengers in July and August than in prior months. The groups argued that suspensions should continue until staffing levels and automated systems are adequate to manage demand.

Axel Springer completed its £575m acquisition of Telegraph Media Group after securing regulatory approval in the UK, Ireland and Austria, ending years of uncertainty over the titles’ ownership. Mathias Döpfner outlined plans to accelerate the Telegraph’s digital transformation and expand its reach, while maintaining editorial independence. Leadership changes follow the deal, with Anna Jones departing and several Axel Springer executives taking key roles. The sale process was shaped by debt issues involving the Barclay family, restrictions on foreign state ownership and competing bids from RedBird Capital and DMGT.

The UK culture secretary signaled a potential intervention in Paramount’s $110bn acquisition of Warner Bros Discovery, citing concerns over media plurality and competition, particularly regarding major UK-facing outlets such as Channel 5, TNT Sports and CNN International. Ofcom and the Competition and Markets Authority may be tasked with formal assessments, and new legislation could be introduced to cover streaming services in merger reviews. Paramount expects timely clearance, while Middle Eastern sovereign wealth funds and the Ellison family remain key financial backers. EU regulators are close to approving the deal with conditions, and the US Department of Justice has already granted approval.

Nationwide will cut 600 jobs as it begins integrating Virgin Money following a £2.9bn takeover, targeting overlapping back‑office roles while keeping branches open until at least 2030. The lender is consulting with staff unions NGSU and Unite and is simultaneously recruiting for new roles that will not be reserved for those facing redundancy. The acquisition has drawn criticism over the lack of a member vote and the chief executive Debbie Crosbie’s increased pay package, with bonuses lifting her annual compensation to £4.7m. The cuts follow earlier rounds of job losses and policy changes implemented before the takeover.

Comcast will separate NBCUniversal and Sky into a newly listed media company while retaining its broadband and mobile operations. The restructuring raises questions about the long-term funding of Sky News as Comcast’s original commitments near expiration. NBCUniversal’s new unit will be led by Mike Cavanagh and include assets spanning film, television, streaming and theme parks. The move comes amid wider divestments and industry shifts, including Sky’s pending acquisition of ITV’s media and entertainment arm and global rebranding efforts. Analysts suggest the new structure could make NBCUniversal an attractive takeover target for major streaming companies such as Netflix.

BT and Verizon will merge their international operations into a 50/50 joint venture generating about $4bn in annual revenue, with Verizon paying a $625m equalisation fee to ensure shared governance. The move concludes BT’s lengthy effort to divest its global business as CEO Allison Kirkby advances a UK‑focused strategy and cost‑reduction programme. Both companies continue restructuring, with significant job cuts at Verizon and ongoing savings targets at BT. The new entity, led by Martijn Blanken, will be based in the UK and remain subject to regulatory approvals while the companies’ international units continue operating separately until completion.

Three new pumped storage hydropower projects in northern Scotland received provisional approval from the UK energy regulator, marking the first major hydropower developments in Great Britain in more than four decades. The facilities, led by SSE, Statera Energy and Gilkes Energy, aim to increase long-duration energy storage capacity using regional lochs as reservoirs. Additional approved projects include lithium‑ion battery systems, vanadium flow batteries and a compressed air storage facility. Officials highlighted the role of these technologies in strengthening energy security, reducing reliance on imports and stabilizing electricity supply as renewable generation fluctuates.

Heathrow forecasts a drop in passenger numbers and profits this year, citing reduced travel demand caused by the Iran conflict. Despite a slight rise in early-year traffic, the airport expects profits to fall by £147m and continues talks with the Civil Aviation Authority on costs for a proposed third runway. Government analysis suggests the runway would offer far smaller economic gains than previously estimated and could significantly harm local health and wellbeing. Heathrow disputes the findings, arguing that major trade and investment benefits were not counted. The project faces ongoing tensions with airlines and local stakeholders.

The UK Advertising Standards Authority banned ads from Adidas, Uniqlo and Calvin Klein after ruling that claims about clothing being “recycled” were insufficiently substantiated and risked misleading consumers. The regulator said the companies failed to clarify whether products were entirely made from recycled materials despite using absolute environmental terms. The action forms part of broader scrutiny of green claims in the fashion sector, following earlier bans involving Nike, Superdry and Lacoste.

Royal Mail’s parent group IDS tripled chief executive Martin Seidenberg’s remuneration to £6.9m after its takeover by Daniel Křetínský’s EP Group triggered the vesting of incentive awards, despite a 20% decline in group operating profits. IDS directors collectively earned £9.8m, while revenues rose 3.6% amid higher wage‑related costs driven by national insurance and minimum wage increases. Royal Mail improved its profits modestly but continued to miss delivery targets, prompting another Ofcom investigation and adding to £37m in fines. The takeover included commitments to keep IDS and Royal Mail headquartered and tax resident in the UK, maintain control structures for several years and uphold union recognition.

StubHub UK was fined nearly £900,000 and ordered to refund more than 50,000 customers after the Competition and Markets Authority found it used hidden mandatory fees during ticket purchases. The regulator said the refunds will exceed £590,000, with average payments of about £10 per transaction. StubHub admitted the breach, attributing it to a platform error, and cooperated with the investigation. The penalty is part of a broader CMA crackdown using new enforcement powers, which have also resulted in fines for other companies including Marks Electrical. Ongoing investigations continue into Viagogo, Gold’s Gym, Wayfair and Appliances Direct.

Nissan has halted development of an all-electric Qashqai as part of a cost-cutting program that includes reducing its model range and closing production lines at its Sunderland plant. The company is seeking government support while exploring options such as contract manufacturing with China’s Chery. Despite earlier commitments, a Qashqai EV would not arrive before the early 2030s. Nissan continues to face financial pressures and volatile European EV demand but plans to expand its electrified lineup and pursue autonomous driving technologies. The announcement comes amid ongoing debates about Brexit’s impact on UK car manufacturing and broader industry challenges from Chinese competitors and shifting EU regulations.