Eric Trump opens door to political dynasty

In the present day’s agenda: US-China commerce truce; UK automobile manufacturing hits 76-year low; how Starmer averted a “civil conflict” with Labour; and Iranian nationalism reawakened

Good morning. We’ll begin at present with a wide-ranging interview with the US president’s son Eric Trump. The co-executive vice-president of the Trump Group talked to Alex Rogers about, amongst different issues, the prospect of getting one other Trump search workplace after his father leaves the White Home. 

Opening the door to a household dynasty: Requested whether or not 2024 would be the final election with a Trump on the poll, the 41-year-old stated: “I don’t know . . . Time will inform.” But when somebody within the household decides to run, “the political path can be a straightforward one, which means, I feel I may do it”, he stated, including that “different members of our household may do it too”.

He additionally hit again at criticism that the household is in search of to revenue from the presidency, saying “if there’s one household that hasn’t profited off politics, it’s the Trump household”.

On crypto: Based on Eric Trump, the household embraced crypto after being shunned by conventional finance. He now describes it as a “very worthwhile enterprise” and a “good hedge” for his or her actual property portfolio. 

The president’s son, who has launched a crypto mining firm known as American Bitcoin, known as bitcoin the “gold asset within the fashionable period”, saying the cryptocurrency is “higher than gold” — “tradeable 24/7”, “transportable”, “digital”, “instant” and in restricted provide. 

Here’s the rest of the interview, during which he additionally mentioned his actual property dealings world wide and echoed lots of Donald Trump’s claims about political persecution. 

Right here’s what else we’re preserving tabs on at present and thru the weekend:

• Central banks: The Financial institution for Worldwide Settlements holds its annual convention in Basel, whereas the US Federal Reserve publishes outcomes from its annual financial institution stress take a look at at present. 

• EU: A two-day European summit concludes at present in Brussels, the place leaders are anticipated to debate a possible commerce take care of the US and their response to the Israel-Iran battle. In the meantime, the European Council on International Relations begins its two-day annual council assembly in Warsaw. European Fee president Ursula von der Leyen is facing a no-confidence vote linked to a Covid-19 pandemic scandal.

• Tesla: The electrical-car maker’s Robotaxi is predicted to take its first driverless take a look at on Saturday from the corporate’s manufacturing unit in Austin, Texas.

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5 extra prime tales

1. Unique: Centrica is ready to take a 15 per cent stake within the UK’s Sizewell C nuclear mission after years of delay and months of drawn-out negotiations. Based on individuals acquainted with the discussions, all sides are eager to succeed in a remaining funding resolution on the mission earlier than parliament’s recess on July 21. Here’s what we know.

2. The US Treasury has known as on Congress to scrap the international revenge tax provision in Trump’s flagship funds invoice, reversing a plan that had spooked Wall Avenue. Treasury secretary Scott Bessent stated that the measure was now not wanted as a result of he had secured concessions for US corporations to the brand new OECD world minimal tax regime. Read the full report.

3. Unique: The Financial institution of England is going through rising calls to reduce its bond-selling programme later this yr, as traders warn it dangers pushing up borrowing prices additional and including to stress on a weakening UK economic system. Critics of the BoE’s so-called quantitative tightening effort say active sales of bonds could “reignite” a sell-off.

4. UK automobile manufacturing collapsed in Could to the bottom degree since 1949 after Trump’s tariff conflict pressured British carmakers to halt their shipments to the US. Output declined for the fifth consecutive month, marking the worst month-to-month efficiency in 76 years, excluding when factories have been shut down throughout the Covid-19 lockdowns in 2020. However business representatives see “some optimism for the future”.

5. The six largest UK accounting corporations fail to trace how automated instruments and synthetic intelligence have an effect on the standard of their audits, the Monetary Reporting Council has discovered. The watchdog stated that, whereas AI is quickly reworking the audit sector, it may additionally current “dangers and challenges” together with moral points and the potential for bias in instruments’ outputs. Here’s more on the FRC’s findings.

The Huge Learn

Turkey’s economic system, as soon as tipped to repeat the success of South Korea’s transformation, is in a rut. The nation’s financial disaster has drained President Recep Tayyip Erdoğan’s widespread help, jeopardising his geopolitical aspirations and plans to remain in power.

We’re additionally studying . . . 

Chart of the day 

Few traders at present pay a lot consideration to the UK’s FT30 index, if certainly they find out about it in any respect. However Britain’s oldest steady inventory index has fairly a story to tell.

Take a break from the information

Do queues in espresso retailers really feel longer these days? More and more, chains are turning to cell ordering by a brand new wave of apps to make sure individuals can skip the road for his or her caffeine shot. However is it value it? Claer Barrett examines the trade-offs to downloading coffee apps.