Good morning. Donald Trump zeroes in on drug tariffs. Rachel Reeves pledges to overhaul banking ring-fence rules. And Labubus are paying off big for this toy company. Listen to the day’s top stories.
President Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors may come soon as well. He plans to meet with the UK’s Keir Starmer during an upcoming visit to Scotland to “refine” their trade pact.
More trade: Indonesia will buy 50 Boeing jets as part of a broader trade agreement, Trump said in a social media post. He also said while some countries had indicated a willingness to “open” trade after his threats, others had not.
Chancellor Rachel Reeves pledged to shake up post-crisis rules that are meant to shield consumers’ money from the vagaries of investment banking as the UK government looks to the finance sector to help spur economic growth.
Renault lowered its profitability outlook for the year and named company veteran Duncan Minto interim CEO after the surprise departure of the previous leader. Read more about how the French automaker’s fragile turnaround has been thrown into doubt.
The UK tax authority cannot identify how much tax the nation’s billionaires pay on their wealth, hampering its ability to properly impose levies on the ultra-wealthy, according to lawmakers.
The lender has been adding dozens of software engineers to help it develop a new platform to determine margin requirements for hedge fund clients.
Already, the division has amassed more than half a trillion dollars worth of prime balances and has a line of sight to add another $40 billion by year end.
The explosive growth of prime brokerage—the business of lending hedge funds cash and securities to help execute their trades—mirrors the surge in both the number and size of hedge funds around the world.
A bevy of European banks are now jockeying for more of that action.
Friedrich Merz’s half measures may not reverse the decline of Germany’s heavy industry, Katja Hoyer writes for Bloomberg Opinion. He needs to undo his predecessors’ mistake of considering manufacturing as thing of the past.
The Labubu—the plush, pointy-eared, serrated-tooth monster that’s taken the world by storm—has paid off big for Chinese toymaker Pop Mart, which is expecting at least a 350% increase in half-yearly profit.
