Affordability initiatives by the Trump administration, including tariff removals and a trade deal with Switzerland, aim to counter economic frustration, while the UK Labour party faces budget credibility challenges after several income tax policy U-turns and rising borrowing costs.

• New York Fed convened meeting with Wall Street firms over key lending facility — Financial Times -
• Trump Turns to Affordability Message Amid Economic Frustration — The New York Times Business -
• Trump removes reciprocal tariffs on common agricultural products — Financial Times -

• US clears the way for bids for Lukoil’s international business — Financial Times -
• A Reopened Government Hasn’t Ended Delays to Economic Data — The New York Times Business -
• Trump Administration Scraps Cash Payments for Delayed or Canceled Flights — The New York Times Business -
• UK politics as it happened — Gilts sell off on tax plan U-turn — Financial Times -
• Switzerland Reaches Agreement With U.S. to Cut Tariff to 15% — The New York Times Business -
• The Gold Bar Diplomacy That Won Switzerland a Trade Deal With Trump — Wall Street Journal -
• UK borrowing costs jump as investors lose faith in Reeves’ Budget — Financial Times -
• How did fiscal forecasts affect Reeves’ income tax U-turn? — Financial Times -
• US has reached a trade deal with Switzerland, say officials — Financial Times -
• Communication breakdown — Financial Times -
• Trump Officials Prepare Tariff Exemptions, Seeking to Lower Food Prices — The New York Times Business -
• Will Trump’s Trade War Break America’s Addiction to Cheap Stuff? — Wall Street Journal -
• The government’s latest reversal shows that Labour has no plan — Financial Times -
• Starmer and Reeves drop proposal to increase income tax rates in Budget — Financial Times -
• The meaning of the US shutdown — Financial Times -
• Reeves scraps Budget tax raid on partnerships — Financial Times -
• One in four to pay UK higher rate of tax if thresholds stay frozen, research shows — Financial Times -
• Budget U-turn hammers UK competitiveness — Financial Times -
• Cartier owner predicts US will soon lower punitive Swiss tariffs — Financial Times -
• Scotland to pay borrowing premium in £1.5bn bond market push — Financial Times -
• UK government considers linking rail fare rises to lower rate of inflation — Financial Times -
• Canada to reroute lumber exports as Trump’s tariffs bite — Financial Times -
• Why Trump’s team is betting on stablecoins — Financial Times -
• South Korea to Expand Support for Tariff-Hit Auto Industry — Wall Street Journal -
• Trump Administration Proposes a Drastic Cut in Housing Grants — The New York Times Business -

Walmart announced a CEO succession, Berkshire Hathaway adjusted its tech holdings, and the market saw a mix of volatile stock performance, numerous **M&A deals like Merck's acquisition of Cidara and RedBird's withdrawal from the Telegraph bid, alongside positive earnings reports from companies like JBS and Swiss Re**.

• Walmart Picks Insider to Take Over as Next CEO — Wall Street Journal -
• Berkshire reveals $4.3bn stake in Alphabet as it trims Apple holdings — Financial Times -
• Walmart CEO Doug McMillon to Retire, John Furner Named as Successor — The New York Times Business -

• US stocks steady after global tech rout — Financial Times -
• Stock Market Rally Is Dented as Signs of Worry Emerge — The New York Times Business -
• Walmart chief Doug McMillon ends reign at world’s largest retailer — Financial Times -
• AIG Hit by More Executive Churn as Incoming President Will No Longer Join — Wall Street Journal -
• GIP, Spain’s ACS Form Data-Center Venture With Initial $2.3 Billion Portfolio — Wall Street Journal -
• RedBird Capital Withdraws Takeover Bid for UK’s Telegraph — The New York Times Business -
• RedBird Drops $660 Million Bid for Britain’s Telegraph Newspaper — Wall Street Journal -
• H. Lundbeck Launches Bid for Avadel in Move to Scuttle Alkermes Deal — Wall Street Journal -
• Topgolf in Talks to Be Sold to Private-Equity Firm Leonard Green — Wall Street Journal -
• Who Is John Furner? Meet the Walmart Insider Named New CEO — Wall Street Journal -
• Oracle hit hard in Wall Street’s tech sell-off over its huge AI bet — Financial Times -
• Merck agrees $9.2bn deal for flu-prevention biotech Cidara — Financial Times -
• Enbridge $1.4 Billion Project Aims to Boost Canadian Oil Flow to U.S. Refineries — Wall Street Journal -
• SAP Makes Concessions to Allay EU Antitrust Concerns in Software Probe — Wall Street Journal -
• Cartier-Owner Richemont Fuels Hopes of Luxury Rebound Despite Lingering Tariff Clouds — Wall Street Journal -
• EU Conditionally Clears $13.7 Billion Adnoc-Covestro Deal — Wall Street Journal -
• FirstFT: Blue Origin makes progress in quest to rival SpaceX — Financial Times -
• As First Brands Headed for Failure, Its Founder Spent Big in Europe — Wall Street Journal -
• Siemens Energy Shares Jump on Lifted 2028 Targets — Wall Street Journal -
• Swiss Re Says Low Natural-Catastrophe Losses Lift Results — Wall Street Journal -
• Fanatics explores launch of prediction market with Crypto.com — Financial Times -
• How Apollo, Soros and others spotted red flags at First Brands — Financial Times -
• BlackRock moves to take on hedge fund giants — Financial Times -
• Inside the Frantic Push to Reverse Verizon’s Decline — Wall Street Journal -
• Wall Street stocks slide as tech jitters return — Financial Times -
• JBS Third-Quarter Revenue Jumps on Demand for Protein — Wall Street Journal -

Concerns about AI in cybersecurity emerged as Anthropic reported Chinese hacking using its AI tools, while Tether invested in AI robotics and Palantir's defense AI work drove its valuation, and the job market for college graduates faces AI-driven shifts.

• Tech, Media & Telecom Roundup: Market Talk — Wall Street Journal -
• Anthropic Says Chinese Hackers Used Its A.I. in Online Attack — The New York Times Business -
• Tether eyes €1bn funding deal with AI robotics start-up Neura — Financial Times -

• White House memo claims Alibaba is helping Chinese military target US — Financial Times -
• What’s a Digital Passport and How Does It Work? — The New York Times Business -
• Anthropic Says Its A.I. Agents Aided Chinese Hacking — The New York Times Business -
• Palantir, the Market’s Most Valuable Military Contractor, Doesn’t Make Bombs or Guns — The New York Times Business -
• Apple’s iPhone Pocket by Issey Miyake Is Confusing by Design — The New York Times Business -
• China-U.S. Robotaxi Race Kicks off in U.K. — Wall Street Journal -
• The bond market crashes the AI party — Financial Times -
• EU invests more in ‘traditional’ weapons development than drones and AI — Financial Times -
• Companies Predict 2026 Will Be the Worst College Grad Job Market in Five Years — Wall Street Journal -

Geopolitical tensions persist with Russian missile strikes in Kyiv and US sanctions impacting Lukoil, while Purdue Pharma's bankruptcy settlement offers billions for opioid plaintiffs, and climate talks in Belém feature a strong Indigenous presence.

• The soaring price of a steak — Financial Times -
• UK poised to reduce settlement rights for many asylum seekers — Financial Times -
• Energy & Utilities Roundup: Market Talk — Wall Street Journal -

• Indigenous People Take the Stage at COP30 Climate Talks in Belém, Brazil — The New York Times Business -
• Judge to Approve Purdue Pharma Bankruptcy, Releasing Billions for Opioid Plaintiffs — The New York Times Business -
• F.D.A. Sharply Limits Use of Drug Linked to Two Teen Deaths — The New York Times Business -
• Modi boosted by BJP election triumph in India’s poorest state — Financial Times -
• RFK Jr. Walks a Tightrope on Trump Deal for Obesity Drugs — The New York Times Business -
• An Escape From India’s Air Pollution for Those Who Can Afford It — The New York Times Business -
• Meloni’s government eyes Italian family gold in hunt for budget funds — Financial Times -
• How to Deal With Higher Home Heating Bills — The New York Times Business -
• Sharon Camp, Mother of the ‘Plan B’ Contraceptive Pill, Dies at 81 — The New York Times Business -
• Russian drones and missiles strike Kyiv in big air attack on Ukraine — Financial Times -
• Communist and far-right leaders battle for Chile’s presidency — Financial Times -
• Japan enlists drones and ex-soldiers to battle surge in bear attacks — Financial Times -
• China investment falls by most since the pandemic — Financial Times -
• In charts: Is the NHS on the ‘road to recovery’? — Financial Times -
• Young adults are growing increasingly economically dislocated — Financial Times -
• The militias seeking to fight Israel’s shadow war in Gaza — Financial Times -
• Gas deflates momentum of European heat pump rollout — Financial Times -
• ‘No Closure, No Transparency’: Harassment Victims Seek Resolution — The New York Times Business -
• Xi’s military purge raises doubts about China’s war readiness — Financial Times -
• India’s private sector wants government to spend more — Financial Times -
• US military to ‘intensify exercises’ in Trinidad and Tobago — Financial Times -

Investigations into Jeffrey Epstein's ties with Bill Clinton and JPMorgan were announced, Hollywood faced a dismal box office quarter, and BHP was found liable for the Mariana dam disaster, highlighting a busy period for media, recreation, and legal disputes.

• Jim Avila, Former ABC News Correspondent, Dies at 70 — The New York Times Business -
• US justice department to probe Bill Clinton and JPMorgan ties to Epstein — Financial Times -
• Maga fractures over far-right interview — Financial Times -

• Opinion | New York Is Making a Hash of Its Legal Marijuana Industry — Wall Street Journal -
• JPMorgan Had to Pay for Charlie Javice’s Legal Fees — and Her Restaurant Bills — The New York Times Business -
• Restaurant Executives Tell Us How They Get Customers When Times Are Hard — Wall Street Journal -
• The best exhibitions to see in London this weekend — Financial Times -
• A War on Top Investor Advisers Is Growing — The New York Times Business -
• Want a Meeting With the Girl Who Invented a Board Game? Get in Line. — Wall Street Journal -
• Conservative Media Picks an Epstein Story Line and Sticks to It — The New York Times Business -
• Why Hollywood’s Star-Studded Movies Are Failing at the Box Office — The New York Times Business -
• 25 Movies, Many Stars, 0 Hits: Hollywood Falls to New Lows — The New York Times Business -
• BHP found liable over Mariana dam disaster — Financial Times -
• The tax-efficient wheels of British government — Financial Times -
• ‘He’s played a blinder’: How Wes Streeting won the week — Financial Times -
• That’s annoying — Japan is no longer cheap — Financial Times -
• Why would cutting the cash Isa limit hit mortgages? — Financial Times -
• The law firm, the hedge fund and the fights behind a £36bn lawsuit — Financial Times -
• China’s secretive gold purchases help fuel record rally — Financial Times -
• Ukrainian jewellers forge network to guard heritage and nurture future — Financial Times -