Author: James Carter

Global stock markets staged a sharp rally on Thursday after US President Donald Trump said he had called off planned strikes against Iran for that night and suggested a peace deal with Tehran could be signed within days, marking a dramatic reversal of the tensions that had been driving markets lower in recent sessions. Wall Street’s benchmark S&P 500 closed nearly 1.8 per cent higher on Thursday, its biggest single-day gain since April and an end to a three-day losing streak. The tech-heavy Nasdaq Composite climbed 2.5 per cent, while the Dow Jones Industrial Average rose more than 900 points,…

Sir Keir Starmer has defended Chancellor Rachel Reeves and the Treasury after John Healey’s unexpected resignation as Defence Secretary, with the Prime Minister insisting the government’s defence funding plan would deliver “the resources our military needs to keep us safe” amid a fierce row over whether enough money has been committed to protect Britain. Healey quit the frontbench on Tuesday afternoon, hours ahead of the publication of the Defence Investment Plan, in a resignation letter that took direct aim at the Treasury. He wrote that “the excellent and extensive cross-government work that completed in January — overseen by you, me…

Labour’s deputy leader has complained that Britain’s leadership is being decided by a contest between “three men” — and suggested it will fall to a woman to “clear up the mess” they leave behind, in remarks that have fuelled speculation about her own ambitions amid the party’s escalating leadership crisis. Lucy Powell, the Manchester Central MP, vented her frustration to Politico that party attention had become consumed by “the moves of three men — or maybe it’s two men now” rather than substantive debate about “big ideas.” The comments come as Sir Keir Starmer fights to remain in Downing Street…

A north-east England wine merchant has extended its pioneering partnership with the Mining Remediation Authority through to 2044, after becoming the first private business in Great Britain to harness heat from disused coal mines to power its operations. Lanchester Wines, based in Gateshead, has installed two open-loop water source heat pumps with a combined capacity of 4 megawatts, capable of heating more than 33,000 square metres of warehouse space using heat drawn from flooded former coal mines beneath the region. The company has invested approximately £13 million in renewable heat and energy generation across its sites as part of a…

The Government is to introduce new powers requiring social media platforms to take down illegal content more rapidly during periods of civil unrest, Technology Secretary Liz Kendall has announced — with the Belfast riots serving as the immediate backdrop for legislation that critics warn could be used to suppress legitimate debate about immigration and policing. Kendall announced via X that an update to the Online Safety Act will be laid before Parliament next week, compelling platforms to act faster in removing content that incites violence during “times of crisis.” Ofcom, which regulates the existing Act, has already issued warnings to…

Six major banks are competing for new customers this summer with switching bonuses worth up to £200 in cash — and for high earners, Barclays is dangling a premium rewards package worth up to £600 including dinners at Gordon Ramsay restaurants and hotel stays. First Direct and NatWest are currently offering the largest direct cash incentives, both paying £200 to eligible switchers. First Direct’s 1st Account requires customers to complete a full switch, move at least two direct debits or standing orders, deposit £1,000 within 45 days and make five debit card transactions. Beyond the bonus, the account offers a…

Reform UK has opened a ten-point lead over both Labour and the Conservatives in a new poll, with Nigel Farage’s party hitting 30 per cent as the two traditional parties of government slump to just 20 per cent each in a dramatic sign of the political realignment gripping Britain. The More in Common survey of more than 2,000 adults, conducted between 5 and 9 June, puts Reform up one point to 30 per cent, Labour down two to 20 per cent and the Conservatives off one to match them at 20 per cent. The Liberal Democrats hold at 12 per…

The artificial intelligence revolution is no longer just a story about Nvidia, Microsoft and the tech giants splashing hundreds of billions on data centres. It has quietly become one of the most powerful forces reshaping commodity markets — and for investors who missed the tech rally, the picks-and-shovels trade in raw materials and energy may now offer the more compelling opportunity. That is the argument made by Thomas McMahon, head of investment companies research at Kepler Partners, in the latest of This is Money’s Investing Analyst series. McMahon’s thesis is straightforward: building AI infrastructure requires enormous quantities of copper, uranium,…

Pauline Hanson has attempted to shift attention away from growing questions about one of her own senators by reviving her long-running attack on Labor senator Fatima Payman’s dual citizenship — as polling shows One Nation has become Australia’s most popular party for the first time. The One Nation leader posted on social media on Tuesday accusing Coalition MPs calling for an investigation into her senator of being “pure hypocrites,” before pivoting to renew claims that Payman, who holds Afghan citizenship, remains the more pressing eligibility question in the Senate. “The most questionable Senator in Parliament, Fatima Payman, holds Afghan citizenship.…

China’s wholesale prices surged at their fastest pace in nearly four years in May, driven by the twin forces of the Iran war’s disruption to global commodity flows and an artificial intelligence investment boom pushing up demand for semiconductors and tech equipment — while consumer inflation came in below forecasts, highlighting the divergence between rising production costs and subdued household spending. The producer price index jumped 3.9 per cent from a year ago, according to data released by China’s National Bureau of Statistics on Wednesday — the highest reading since July 2022, ahead of economists’ forecasts of 3.8 per cent…