White House extends deadline for tougher tariffs
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Times
4 minutes ago
- Times
Britain is missing its chance to divert investment from America
The uncertainty around the US economy created by President Trump's trade war and his domestic agenda should be a golden opportunity for the UK to attract more international capital. John Flint, the outgoing chief executive of Britain's National Wealth Fund, which has been capitalised with £28 billion to help accelerate private investment into the UK's clean energy and growth industries, told MPs last week: 'The world has got very strange in the last few months. The UK looks good right now on a relative or comparative basis. 'There is a government with a big majority, institutions that work, respect for the rule of law … The biggest consumer of capital internationally [America] is on a different track right now. We have a window and a moment where we can appear to be different.' However, the view among some powerful Wall Street investors is that while more opportunities for investing outside the US would be welcome, the UK government hasn't given them any good reason to deploy their capital. As one Wall Street executive told me: 'I think the UK has really significant challenges. It's not leading in enough places to attract capital. It doesn't have the innovation engine going and it has other structural challenges still lingering: inflation, very sluggish growth, very high social spend. 'They've got an entitlements problem, just like we have an entitlements problem. But we have a more innovative, dynamic economy. I don't see a real plan. And they're chasing away capital, not attracting capital.' Flint, who is due to leave his role in August, told MPs that the UK does not yet have a list of investable projects ready to present to prospective investors. When asked how long it would take to create the list, he said: 'I cannot give you an answer, because it depends on so many different factors. Planning is one of them, which I know the government are reforming.' Meanwhile, the government has no apparent plan to stop the decline in UK-listed growth companies. Overseas takeovers of UK-listed companies have accelerated, while those companies have not been replaced with new listings. Worryingly, it was revealed last week that Sir Pascal Soriot, chief executive of AstraZeneca, Britain's most valuable public company, would like to move its stock market listing to the United States. The government's series of U-turns and the rebellion within the Labour Party over welfare reforms have not helped improve the UK's image to global investors, instead raising questions about the government's ability to manage spending. The uproar on Wall Street over Trump's 'liberation day' tariffs in April raised hopes elsewhere that Europe could reverse the increase in global inflows to the US since the pandemic. The US received 41 per cent of global gross capital inflows in 2022-23, the highest share of any country and nearly double its pre-pandemic share of 23 per cent, according to the US Council of Economic Advisers. So far this year, outflows from US equity funds have more than doubled to nearly $87 billion, while more than $100 billion has flowed into European equity funds — up threefold on the same period last year, analysis from LSEG's Lipper Fund research database showed. However, Wall Street is warning that the minor reallocation of capital from the US at the start of the year could be coming to an end as the early impact of Trump's tariffs is less severe than feared. Stuart Kaiser, Citi's head of US equity trading strategy, said: 'There was a period of probably six out of nine weeks where you saw net selling of US ETFs [exchange-traded funds] and long-term mutual funds. So I think the initial shock of the tariff headlines did hurt consumer sentiment and did hurt investor sentiment, but it does also feel like those investors are kind of re-engaging back in.' The UK cannot only rely on America's problems alone to attract more investment. Policymakers need to come up with a catalyst to entice more investment away from the US. Louisa Clarence-Smith is US Business Editor of The Times
Scottish Sun
10 minutes ago
- Scottish Sun
Humiliating moment Putin's giant new five-tonne AI war drone smashes into RUSSIAN house in fiery blunder on test mission
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THIS is the humiliating moment a hulking six-tonne Putin drone "guided by AI" crash landed on a Russian house during a test mission. The Altius unmanned plane with a giant 94ft wingspan hit and destroyed a home on the outskirts of Kazan, southwest Russia after suffering a "navigation failure". Sign up for Scottish Sun newsletter Sign up 3 A long-range Altius reconnaissance and strike drone Credit: East2West 3 The drone crashed into a Russian house Credit: East2West 3 The device suffered from a 'navigation' failure Credit: East2West The reconnaissance drone - with a range of 6,200 mile range - was on a test flight for possible use in Ukraine. But it all went wrong when the AI system navigating the plane reportedly stopped working and the drone landed on a Russian civilian home instead. Miraculously, no-one was hurt. Terrifying footage shows the device travelling overhead before panning to the burning home. Giant flames are pictured engulfing the scorched residence as locals watch with horror. Billowing black smoke fills the air as charred debris and rubble covers the ground and surrounding trees. Residents escaped injury as the long-range UAV smashed into their house, and then scrambled to put out the fire before the emergency services arrived. Developers blamed 'unidentified electronic warfare equipment' for the navigation failure which occurred just under a mile away from Kazan Gorbunov Aircraft Plant. The drone can hold a precision-guided bomb or missile payload. An eyewitness said: 'At first, we didn't even think it was a plane. Bloodthirsty Putin hits Ukraine with almost 1,000 missiles a DAY as he faces his biggest dilemma yet 'But when we saw the wing, we understood everything.' This type of monster drone has been in service with the Russian military since 2021 but there is no record of it so far being deployed in the war in Ukraine. The failed drone attack comes as Russia increases its blitz on Ukraine, hammering the country with 1,000 drones and missiles every day. Yesterday, was the second massive assault in the four days since Trump's call with Putin, and represents a brazen defiance of the President's peace agenda. Moscow's firepower capacity is constantly increasing and his forces have regularly broken the record for the largest daily volley of weapons in recent weeks. On June 1, a 479-strong wave of drones and missiles became Russia's largest unmanned aerial assault of the war. June 9 saw that broken with 499, then again on June 29 with 537. And finally, just last Friday, Putin terrorised Kyiv with a firestorm of 550 drones and missiles - just as he and Trump finished a phone call. Russia's defence industry is ballooning as projects come to fruition - such as an expanded missile plant in Votkinsk and rapidly expanding supply chains. With an expanding arsenal, the size of Russia's regular salvos look set only to increase - meaning they could soon nudge 1000 weapons per day.
The Sun
10 minutes ago
- The Sun
Humiliating moment Putin's giant new five-tonne AI war drone smashes into RUSSIAN house in fiery blunder on test mission
THIS is the humiliating moment a hulking six-tonne Putin drone "guided by AI" crash landed on a Russian house during a test mission. The Altius unmanned plane with a giant 94ft wingspan hit and destroyed a home on the outskirts of Kazan, southwest Russia after suffering a "navigation failure". 3 3 The reconnaissance drone - with a range of 6,200 mile range - was on a test flight for possible use in Ukraine. But it all went wrong when the AI system navigating the plane reportedly stopped working and the drone landed on a Russian civilian home instead. Miraculously, no-one was hurt. Terrifying footage shows the device travelling overhead before panning to the burning home. Giant flames are pictured engulfing the scorched residence as locals watch with horror. Billowing black smoke fills the air as charred debris and rubble covers the ground and surrounding trees. Residents escaped injury as the long-range UAV smashed into their house, and then scrambled to put out the fire before the emergency services arrived. Developers blamed 'unidentified electronic warfare equipment' for the navigation failure which occurred just under a mile away from Kazan Gorbunov Aircraft Plant. The drone can hold a precision-guided bomb or missile payload. An eyewitness said: 'At first, we didn't even think it was a plane. 'But when we saw the wing, we understood everything.' This type of monster drone has been in service with the Russian military since 2021 but there is no record of it so far being deployed in the war in Ukraine. The failed drone attack comes as Russia increases its blitz on Ukraine, hammering the country with 1,000 drones and missiles every day. Yesterday, was the second massive assault in the four days since Trump's call with Putin, and represents a brazen defiance of the President's peace agenda. Moscow's firepower capacity is constantly increasing and his forces have regularly broken the record for the largest daily volley of weapons in recent weeks. On June 1, a 479-strong wave of drones and missiles became Russia 's largest unmanned aerial assault of the war. June 9 saw that broken with 499, then again on June 29 with 537. And finally, just last Friday, Putin terrorised Kyiv with a firestorm of 550 drones and missiles - just as he and Trump finished a phone call. Russia's defence industry is ballooning as projects come to fruition - such as an expanded missile plant in Votkinsk and rapidly expanding supply chains. With an expanding arsenal, the size of Russia's regular salvos look set only to increase - meaning they could soon nudge 1000 weapons per day.
