James Murray insists supplies are in the country to keep furnaces going Our First Edition newsletter today also has its focus on the crisis at British Steel. Here is my colleague Nimo Omer outlining where we are: The business secretary, Jonathan Reynolds now holds emergency powers that enable him to compel the company to buy the raw materials it needs, with the government covering the running costs, which Jingye estimates at approximately £700,000 per day in losses. Sign up for the First Edition newsletter: our free daily news email Continue reading...

A bear market occurs when stocks fall 20 percent from a recent peak. As global markets continue their meltdown, here’s what it means for your money and the economy.

Combatants’ testimonies describe how areas were destroyed to create ‘a death zone of enormous proportions’ Israel’s military razed huge swathes of land inside the perimeter of Gaza and ordered troops to turn the area into a “kill zone” where anybody who entered was a target, according to testimony by soldiers who carried out the plan. Israeli combatants said they were ordered to destroy homes, factories and farmland roughly 1km (0.6 miles) inside the perimeter of Gaza to make a “buffer zone”, with one describing the area as looking like Hiroshima. Continue reading...

Plus, Wayne Gretzky’s record finally falls.

Investors are losing their stomach for “buying the dip.”

Analysts warn of possible recessions in the UK, US and EU while world leaders weigh up retaliatory action Markets are braced for another rollercoaster week as the most punitive of Donald Trump’s tariffs kick in and world leaders weigh up retaliatory action, adding to fears of a global recession. Stock indices plunged by nearly $5tn (£3.9tn) last week, with markets in the UK and US experiencing losses not seen since the early days of the Covid-19 pandemic, as investors took cover from the opening salvoes of Trump’s trade war. Continue reading...

Commerce secretary insists on CBS that tariffs will ‘stay in place’ as treasury secretary tells NBC negotiation is possible Senior officials within Donald Trump’s administration officials gave conflicting messages on Sunday about the US president’s global tariffs that have caused a meltdown in stock markets, prompted warnings of a world recession and provoked rare expressions of dissent from within his Republican party. Cabinet members fanned out across Sunday’s political talk shows armed with talking points on Trump’s 10% across-the-board tariff on almost all US imports, with higher rates targeted at about 60 countries. If the intention was to calm nerves with a clear statement of intent, then it backfired as top officials gave starkly contrasting signals. Continue reading...