US Trade Wars Will Hit Households Worldwide, BOE's Bailey Warns
In his annual Mansion House speech, Bailey called for greater cooperation between countries — particularly the US and China - to resolve 'unsustainable' trade and financial imbalances that are distorting economies and lie behind escalating political tensions.
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22 minutes ago
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Who are the suspended Labour MPs - and why did they lose the whip?
Sir Keir Starmer has suspended four Labour MPs today for "repeated breaches of party discipline". Brian Leishman, Chris Hinchliff, Neil Duncan-Jordan and Rachael Maskell were suspended from the parliamentary Labour Party and will sit as independent MPs. All four voted against the government's welfare reforms earlier this month, among 47 party MPs to rebel. Follow the latest at Politics Hub However, Sky News understands that this isn't the only reason behind the decision, and that more suspensions could come. But who are the four MPs suspended? And how critical were they of the government? Brian Leishman The MP for Alloa and Grangemouth was first elected in last year's general election. While the constituency was contested for the first time that year, it would have been an SNP seat notionally. Mr Leishman is also a member of the Socialist Campaign Group inside Labour and was previously elected to Perth and Kinross Council in 2022. A frequent voter against the government, he has criticised his party for not doing enough to save Grangemouth oil refinery, and rebelled against votes on the Winter Fuel Allowance and welfare. In a statement, he said: "I am a proud Labour member, and I remain committed to the party." He added that he wishes "to remain a Labour MP and deliver the positive change many voters are craving," but added he voted against the government on some issues to represent his constituents. "I firmly believe that it is not my duty as an MP to make people poorer, especially those that have suffered because of austerity and its dire consequences," he said. "It is the honour of my life to be the MP for Alloa and Grangemouth, and my priority remains representing and fighting for constituents, whether they voted for me or not." Chris Hinchliff Another 2024 newcomer to Parliament, the MP for North East Hertfordshire is one of the younger politicians at 31 years old. He won the constituency for the first time since it was established in 1997. As MP, Mr Hinchliff has supported rebellions on cuts to welfare and the Winter Fuel Allowance, and also proposed amendments to the government's Planning and Infrastructure Bill - criticising the government's consultation with private finance groups - in April. So far, the MP hasn't made a public statement, but he had previously said he didn't mind losing the whip over his opposition to the welfare cuts. Read more: Neil Duncan-Jordan The MP for Poole was also elected in the 2024 election, winning his seat from the Conservatives by just 18 votes. It was the first time Labour had won in the constituency. Before standing for election, Mr Duncan-Jordan was a regional officer for UNISON, one of the largest trade unions in the UK. He's been an outspoken critic of proposed cuts to welfare and disability payments, calling the welfare bill a "dog's dinner" and last year leading an early day motion to postpone an end to the Winter Fuel Allowance. In response to losing the whip, said in a statement: "I understood this could come at a cost, but I couldn't support making disabled people poorer". "Although I've been suspended from the Parliamentary Labour Party today," he added, "I've been part of the Labour and trade union movement for 40 years and remain as committed as ever to its values. "To my constituents: it's business as usual. I remain your hardworking local MP, I will continue to take up your concerns and speak up for Poole." Rachael Maskell Shortly before 4pm, the MP for York Central became the fourth MP to be suspended by the government for rebelling. In Parliament since 2015, Ms Maskell led the welfare rebellion against the government's reforms - and voted against them even after they were significantly watered down. Earlier this month, she told Sky News presenter Gareth Barlow: "No one feels comfortable when the family is arguing, and that's why listening is so important. "I want to see instituted back in the heart of the party a recognition of the role of backbenchers." And speaking to Sky's after her suspension, she said: "The reason I have been suspended is because I voted in the way I did. I believe I am fighting for people that really matter, the poorest people in society. "That is why the Labour Party was created - I will never give up that fight."
Yahoo
22 minutes ago
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Guinness Owner Diageo's CEO Steps Down as the Alcoholic Beverage Giant Struggles
Key Takeaways Diageo CEO Debra Crew resigned, effective immediately, as the maker of brands including Smirnoff vodka and Guinness beer struggles with weak sales. The company said CFO Nik Jhangiani is taking over on an interim basis. Diageo kept in place its fiscal 2025 and 2026 guidance given in (DEO) CEO Debra Crew resigned Wednesday, effective immediately, as the maker of brands including Smirnoff vodka and Guinness beer struggles with weak sales. In its news release, Diageo gave no reason for Crew's departure, only that it was 'by mutual agreement.' She has led the company since June 2023. The company has struggled during Crew's tenure. The Financial Times, which first reported she was leaving, suggested Crew failed to convince some investors that sales declines were due to cyclical changes, rather than reflecting operational issues or a structural drop in alcohol sales. It noted that Diageo shares have slumped over 40% since she became CEO. Diageo said that CFO Nik Jhangiani will take over on an interim basis. The board 'has begun a comprehensive formal search process, which will include consideration of internal and external candidates," Diageo said. The company added that its guidance for fiscal 2025 and 2026 offered in May remains unchanged. At that time, Diageo said it anticipated new Trump administration tariffs would negatively impact results by $150 million on an annualized basis. The company plans to release fourth-quarter and full-year results on Aug. 5, as scheduled. U.S.-listed shares of Diageo wavered between gains and losses following Wednesday's release. They've lost about one-quarter of their value since the start of the year. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22 minutes ago
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Instant View: Dollar, Treasury prices tumble after report Trump to fire Fed's Powell
LONDON/NEW YORK (Reuters -The dollar fell sharply on Wednesday after Bloomberg, citing an unidentified White House official, reported U.S. President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon. The dollar fell by as much as 0.7% against a basket of major currencies in a matter of moments after the news hit, while rate-sensitive areas of the market such as U.S. regional banking shares fell and gold rallied. Longer-dated Treasuries sold off, leaving the 30-year bond yielding 5.06%, up nearly 5 basis points on the day. It had traded earlier at a low of around 4.97%, down 5 bps from Tuesday. Investors had been on edge for weeks about the prospect of Powell being removed from his job before his term ends next May, as Trump has repeatedly criticised him for not cutting U.S. rates quickly enough. COMMENTS: FRANCESCO PESOLE, FX STRATEGIST, ING, LONDON: "If we get a headline today on Powell (removal), then we are looking at much more bigger sell-off in the dollar. Federal Reserve independence is the foundation the U.S.' status as the No.1 reserve currency." "Given the implications of removing a Fed chair, the reaction is still relatively contained. Euro/dollar is at $1.17 and should be trading higher on this, because the implications are massive. Markets are still not fully pricing this all in. You would expect that if Powell is removed today, then the Fed cuts in September." CHRIS BEAUCHAMP, CHIEF MARKET ANALYST, IG, LONDON: "The news has put the dollar firmly on the back foot but has dragged stocks lower too. The Fed chairman's departure would leave the independence of the central bank in question. It seems likely that his (Trump's) recent successes in passing his tax and spending bill, and the ceasefire in the Middle East, have emboldened the president to act." "Now we will see if the bond market vigilantes will put the U.S. in their sights again. Such a dramatic move also suggests there is no backing down from tariffs this time around, especially with stocks at record highs." LEE HARDMAN, SENIOR CURRENCY ANALYST, MUFG, LONDON: "If that does happen (Trump fires Powell), it would be very damaging for investor confidence in the dollar, that's why we're starting to see the heavy selling, and it could extend further if he were to do so. "It's not clear-cut whether Trump has the power to fire Powell, so we would expect to see a legal challenge very quickly, but even if it were overruled, the hit to confidence would be long lasting, and it reinforces our bearish outlook on the dollar." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
