Moody’s cuts America’s pristine credit rating, citing rising debt May 17, 2025 Moody’s downgraded the US sovereign credit rating on Friday due to concerns about the nation’s growing $36 trillion debt pile, in a move that could complicate President Donald Trump’s efforts to cut taxes and send ripples through global markets. Moody’s first gave the United States its pristine “Aaa” rating in 1919 and is the last [...]
Three Iranian men charged with spying offences under National Security Act May 17, 2025 Three Iranian nationals living in London have been charged under the National Security Act with engaging in conduct likely to assist a foreign intelligence service, after an investigation led by counter-terrorism officers, the Metropolitan Police said. Mostafa Sepahvand, 39, of St John’s Wood, Farhad Javadi Manesh, 44, of Kensal Rise, and Shapoor Qalehali Khani Noori, [...]
Chancellor Rachel Reeves warned against slashing cash ISA allowance May 17, 2025 Finance chiefs have urged Rachel Reeves not to reform cash ISAs amid reports the Chancellor plans to slash the tax-free savings allowance. The Treasury is reportedly considering lowering the annual cash ISA allowance from £20,000 to £4,000, to encourage more people to put their money into investments, with Reeves looking for new sources of investment [...]
Cable fault causes London Underground disruption and fire May 12, 2025 A cable fault has caused travel disruption and a fire in London. The Elizabeth, Bakerloo, Jubilee and Northern lines were all disrupted on Monday afternoon after a fault on the National Grid’s transmission network. The malfunction also caused a blaze at an electrical substation in the Cunningham Place and Aberdeen Place area in Maida Vale, [...]
India and Pakistan ceasefire shaken by clashes in disputed Kashmir May 11, 2025 A ceasefire to end the conflict between India and Pakistan was shaken by overnight fighting in the disputed Kashmir region. People on both sides of the line of control, which divides the territory, reported heavy exchanges of fire between Indian and Pakistani troops, though the fighting subsided by Sunday morning. The two countries agreed to [...]
Government wants to ‘go further’ with US trading relationship May 11, 2025 The government wants “to go further in terms of the trading relationship with the US”, the Home Secretary has said, as an American economist warned the deal struck with Donald Trump this week “isn’t worth the paper it’s written on”. Joseph Stiglitz told Sky News that had the UK worked with the EU on a [...]
US and China resume tariff talks after Trump hails ‘great progress’ May 11, 2025 The US and China have resumed crucial tariff talks that have put the global economy on edge, with each side appearing to have diverging views of where the negotiations presently stand. President Donald Trump wrote on social media that “great progress” is being made and even suggested a “total reset” is a possibility as the [...]
Investors pin hopes on Burberry’s recovery amid China and US trade upheaval May 11, 2025 Investors are hoping Burberry can restore confidence in its turnaround efforts, as the brand weathers major trade disruption in China and the US and an under-pressure luxury market.
Kwik Fit founder Sir Tom Farmer dies aged 84, family says May 10, 2025 Scottish entrepreneur Sir Tom Farmer has died at the age of 84, his family has announced. Sir Tom, who founded the garage chain Kwik Fit, was also a former director of MyTravel Group and Scottish Power, died at his Edinburgh home on Friday. He owned a majority stake in Hibernian Football Club for 28 years, [...]
Work to recover Mike Lynch’s sunken superyacht paused after diver’s death May 10, 2025 Work to recover tech tycoon Mike Lynch’s sunken superyacht in Sicily has paused after a diver died. The man, believed to be a diver for Dutch firm SMIT Salvage, died during underwater work on Friday and an investigation will look into what happened. The vessel Bayesian was due to be raised from the seabed within [...]
