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In the present day’s agenda: Taliban much less remoted; Swiss capital guidelines hit UBS; UK warship to be largely inbuilt Spain; and ECB children schooled in containers.
Good morning. We start within the UK, the place US President Donald Trump is on the ultimate leg of his state go to.
What lies forward: Having stayed the evening at Windsor Citadel, Trump will journey at present to Chequers, Prime Minister Sir Keir Starmer’s nation retreat, for bilateral talks. The 2 will then face reporters, who’re anticipated to ask tough questions on Palestinian statehood, the conflict in Ukraine and Jeffrey Epstein.
The 2 leaders may also attend a enterprise lunch with prime US executives, hosted by Chancellor of the Exchequer Rachel Reeves. A wave of US funding in Britain, together with some offers to be introduced through the state go to, has been touted by Downing Road as price £150bn.
A day of pomp and protest: King Charles and Queen Camilla yesterday hosted the US president and First Girl Melania Trump at a ceremonial welcome at Windsor Citadel, which included gilded carriage rides, army parades and pipe and drum salutes. Exterior the fort grounds and in London, there have been demonstrations towards the go to.
The day culminated with a lavish state banquet, the place the King acknowledged the president’s peacemaking efforts and Trump praised the US-UK relationship. Visitors on the desk ranged from prime officers in each governments to enterprise leaders from each international locations.
Nevertheless, Trump’s time with the royal household could be the excessive level of the go to for the president as today’s programme turns to political matters.
Right here’s what we’re conserving tabs on at present:
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UK: Monetary markets predict the Financial institution of England to maintain rates of interest at 4 per cent at its financial coverage assembly.
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Spain: FT Reside’s Covered Bond Congress is held in Seville.
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Outcomes: Allegro, Capricorn Power, Darden Eating places, FedEx, Judges Scientific, M&C Saatchi, Subsequent, Renishaw and Scholastic report earnings.
5 extra prime tales
1. European desperation to repatriate irregular migrants is proving a boon to Afghanistan’s Taliban rulers as they battle to ease their worldwide isolation, with western governments and politicians more and more eager to interact with Kabul. Nations together with Germany, Switzerland and Austria have this yr despatched delegations to Afghanistan or welcomed Taliban officers to their territory to facilitate repatriations.
2. The UK faces gruelling talks with the EU over the payment for collaborating in a €150bn defence procurement fund because it races to satisfy a November deadline to affix. Nick Thomas-Symonds, the UK’s EU relations minister, stated yesterday that an settlement to take part within the Safety Motion for Europe challenge was urgently wanted after four months of delay by Brussels.
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Shipbuilding contract: A UK warship will probably be largely constructed in Spain for the primary time in fashionable historical past as a result of a yard in Belfast is not ready.
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Extra geopolitics: Saudi Arabia has signed a “strategic mutual defence” pact with Pakistan, signalling the dominion is prepared to diversify its security alliances.
3. Unique: Switzerland’s stricter capital proposals will make it “not viable” for UBS to maintain its headquarters within the nation, Cevian Capital has stated. The activist investor, which holds about 1.4 per cent of the Swiss financial institution’s shares, says the proposals will give the lender “no other realistic option but to leave” to guard its competitiveness.
4. Unique: US shopper items group Mars has pledged to speculate €1bn in its European operations by the tip of 2026, as demand for packaged meals slows within the US and the group seeks EU approval for its $35.9bn acquisition of Pop-Tarts maker Kellanova. Barbara Moens has the details.
5. Unique: The European Central Financial institution has offered greater than €150mn of Worldline SA bonds, acquired as a part of its quantitative easing programme just a few years in the past. The embattled French funds processor was not too long ago accused of turning a blind eye to fraudulent prospects, individuals aware of the gross sales stated. Learn extra on the ECB’s move to exit the company.
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Containers for lecture rooms: The ECB is offering €6.9mn of emergency funding to Frankfurt’s oversubscribed European Faculty after town’s council failed to deliver on promises to discover a new web site.
The Huge Learn
Whereas consideration has been targeted on Gaza, Israel has been grabbing swaths of land and destroying refugee camps within the West Financial institution. It’s increasing settlements, constructing partitions and deepening its army presence within the territory, undermining the fragile structure of governance constructed up over three a long time by the Oslo peace accords. Learn extra on how Israel is dismantling the dream of a Palestinian state.
We’re additionally studying . . .
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Weapons and butter: Russia’s dairy business has been insulated from the slowing conflict financial system thanks to subsidies and a pause in funding by western rivals.
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$50 for monitoring you: Our private info powers the digital promoting business that underpins the web. However what is the true price for one’s data, Elaine Moore asks.
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North Sea drilling ban: The federal government can permit extra UK oil and gasoline manufacturing with out breaking its clean energy pledges, writes John Gapper.
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Away from the sidelines: ExxonMobil and Chevron are expanding energy trading operations to meet up with European rivals Shell and BP within the profitable sector.
Chart of the day
The US Federal Reserve has reduce rates of interest for the primary time this yr, decreasing borrowing prices by 1 / 4 level and signalling additional reductions within the months to come back because the labour market weakens. Read more on yesterday’s decision to lower rates.
Take a break from the information . . .
My Father’s Shadow, a semi-autobiographical movie from Wale Davies and Akinola Davies Jr, received the Caméra d’Or Particular Point out at this yr’s Cannes Movie Competition, the primary Nigerian characteristic in the official choice. Now the brothers wish to bring their story to the wider world.
