Author: Andrew Rogers

The US and China have agreed on a framework to transfer TikTok to US-controlled ownership, resolving a long-standing dispute over the app amid Washington’s security concerns. US trade representative Jamieson Greer confirmed the deal, while treasury secretary Scott Bessent said commercial terms have been settled but declined to disclose specifics. Chinese negotiator Li Chenggang said both sides had reached a consensus on resolving TikTok-related issues through cooperation. The agreement follows US legislation signed in April 2024 requiring ByteDance, TikTok’s Chinese parent company, to sell the platform to a US-approved buyer or face a ban. The TikTok saga dates back to…

Former members of the Bank of England’s monetary policy committee (MPC) have urged governor Andrew Bailey to scale back or halt the central bank’s bond-selling programme, warning it is driving up government borrowing costs. Britain’s long-term gilt yields have hit a 27-year high, adding pressure on chancellor Rachel Reeves ahead of the 26 November autumn budget. While global factors, including Donald Trump’s trade war and concerns over the US Federal Reserve, are partly responsible, the Bank has acknowledged that its £100bn quantitative tightening (QT) programme is also contributing. The Bank has sold around £100bn of gilts over the past year…

New Rating: Fitch cut France’s credit rating from AA- to A+.Reason: Political instability following repeated government collapses after the 2024 snap elections and uncertainty over controlling public finances.Debt Outlook: France’s debt is forecast to rise from 113.2% of GDP in 2024 to 121% by 2027, with no clear signs of stabilisation.Deficit: The 2024 deficit is 5.8% of GDP, well above the stabilising target of ~2.8%. Fitch sees little chance of reducing it below 3% by 2029.Political Risks: Fitch warned that the run-up to the 2027 presidential election will limit fiscal consolidation, and the political impasse is likely to continue. Government…

AstraZeneca has paused its £200m Cambridge research site expansion, halting its entire £650m UK investment plan.The Cambridge project had been expected to create 1,000 jobs, following the scrapped £450m vaccine facility in Merseyside.An AstraZeneca spokesperson cited ongoing reassessment of investment needs and declined further comment.In contrast, the company plans $50bn in US investments by 2030, including new facilities in Virginia and labs across six states.The pause comes amid broader UK pharma setbacks, including Merck scrapping a £1bn London research centre and cutting 125 jobs.Sir John Bell warned major pharmaceutical firms are halting UK investments due to uncertain business conditions.Sanofi said…

The European Central Bank kept its key deposit rate at 2% during Thursday’s policy meeting, as widely expected.The rate has remained at its lowest level in over two years since June 2024.Other rates were also held steady: main refinancing at 2.15% and marginal lending at 2.40%.ECB President Christine Lagarde said inflation is stabilizing at 2% in the medium term, near the target.Flash data showed eurozone prices rose 2.1% in August, following 2% readings in June and July.The ECB’s decision follows the EU-US trade agreement, though its impact on growth remains uncertain.Political turmoil in France and weak global demand pose challenges…

Oracle co-founder Larry Ellison overtook Elon Musk after Oracle shares surged 40% in early trading.Ellison’s 41% stake is now worth $393bn, slightly ahead of Musk’s $384bn, Bloomberg reports.The rise marked Oracle’s largest single-day increase and the biggest one-day wealth gain on Bloomberg’s index.Ellison, 81, also owns Tesla shares, a sailing team, the Indian Wells Open, and a Hawaiian island.He served on Tesla’s board from 2018 to 2022 and invested $1bn in Musk’s Twitter purchase.Musk frequently visits Ellison’s island, Lanai, and the two share a long-standing personal and business relationship.Both men have ties to Donald Trump, though Musk’s relationship reportedly soured…

Apple will unveil its thinnest iPhone at Tuesday’s “awe-dropping” event in Cupertino’s Steve Jobs Theater.The iPhone 17 lineup will include standard, Pro, Pro Max, and a new iPhone Air.Observers predict iPhone Air will be Apple’s lightest flagship phone, following the slim MacBook design trend.Apple will also reveal the Apple Watch series 11 and updated AirPods during the event.Rumors suggest the new AirPods may offer live translation, matching Google’s Pixel Buds features.Apple will announce launch dates for iOS 26 and macOS Tahoe.Trump’s tariffs threaten the iPhone supply chain and could raise device prices globally.Apple shifted production to India and shipped iPhones…

Poland announced it will temporarily close its border with Belarus during the upcoming Zapad military exercises, citing security risks. Prime Minister Donald Tusk confirmed the measure on September 9, emphasizing it is preventive and limited in duration. “The border will be shut down for the period of Zapad drills, with exceptions only for humanitarian and diplomatic reasons,” Tusk said. He stressed that the move aims to ensure the safety of Polish citizens amid heightened regional tensions. The Zapad drills are large-scale joint military exercises conducted by Russia and Belarus every four years. This year’s exercises are expected to involve tens…

Volkswagen is close to a US tariff deal, CEO Oliver Blume said, as the carmaker targets affordable electric vehicles in Europe. Trump’s tariffs announced in April, combined with a turbulent market, have already cost the group “several billions.” Even with a reduction from 27.5% to 15%, Blume called it a “burden for Volkswagen Group.” The company plans major US investments and may localise Audi production. Blume noted Porsche is hit hardest, with US-bound models almost exclusively made in Germany, while also unveiling a small electric car concept aimed at Europe’s compact EV market. BMW is preparing a Chinese-made iX3 SUV…

This Sunday, 7 September, Europe will witness a total lunar eclipse—a “blood moon”—the longest since 2022 at around 82 minutes. During this event, the Earth passes directly between the sun and the moon, casting its shadow across the lunar surface. Only red light, bent through Earth’s atmosphere, reaches the moon, giving it its distinctive reddish hue. Historically, blood moons have carried both ominous and hopeful meanings. Across civilizations—from Babylon to China to Central America—they were often interpreted as warnings of wars, natural disasters, or the deaths of rulers. Conversely, some African cultures, such as the Batammaliba of Togo and Benin,…