FedEx axing up to 2,000 jobs across Europe to cut costs

The Telegraph
Starmer could bring back benefits Britain
“Working people want success more than state support” is a phrase that could have been uttered by any Conservative Party leader since Ted Heath. That Keir Starmer said it last weekend suggests one of two things. Either he is truly going to address the question of growing dependency on the state, or that he is making a cynical appeal to wavering Tory voters.
The Telegraph
We’re being lied to about the ‘benefits’ of the Single Market
The UK establishment is attracted to the EU single market like a mouse to a mousetrap. They will never understand how damaging it has been. They fail to grasp that it is not so much a market as a way of grabbing power and exercising control. Labour’s belief that if they align us more closely with the EU we will grow faster is the opposite of what will happen. The EU is a low growth zone. EU per capita GDP is now just half that of the US. They watch the US grow much faster while killing too much
The Telegraph
Emmanuel Macron has done more damage than Liz Truss ever did
The director of the Bruegel think tank in Brussels once asked what would happen if a eurozone state ever attempted a variant of Trussonomics, without the protection of its own sovereign central bank and policy instruments. We may find out as soon as the first round of voting in the French elections this Sunday.
The Telegraph
Britain’s paltry savings are in Labour’s crosshairs
There’s little more than a week to go before the almost inevitable handover of power from the Conservatives to Labour, and still it’s hard to make out precisely what to expect from the new government.
The Telegraph
Households ‘must brace for tax rises over next five years’
Households must brace for tax rises for the next five years amid uncertainty over how the next government will fund its spending plans, the Institute for Fiscal Studies (IFS) has warned.
The Telegraph
Reform’s manifesto pledges ‘are poisoning public debate’
Reform UK’s manifesto pledges are “poisoning the public debate” in Britain by promising unrealistic spending plans which undermine other parties’ policies, the Institute for Fiscal Studies (IFS) has said.
The Telegraph
The ‘conspiracy of silence’ behind Labour’s secret plan for a wealth tax raid
Perhaps the most notable part of the Labour manifesto was what it did not say.
Reuters
Russian oil and gas revenues set to rise by 50% y/y in June, Reuters calculations show
Russia's oil and gas revenue in June is set to rise by more than 50% year on year to $9.4 billion, Reuters calculations showed, after a decrease in subsidies to refineries and reflecting the Russian economy's ability to limit the impact of sanctions. These revenues have been the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceedings for the last decade. The military conflict in Ukraine has prompted the West to impose multiple sanctions aimed at curbing Russian oil and gas income that accounts for about a third of the country's federal budget.
Associated Press
Spain eliminates sales tax on olive oil to help consumers cope with skyrocketing prices
Spain will temporarily eliminate the sales tax on olive oil to help consumers cope with skyrocketing prices, the government said Tuesday. Spain is the world’s leading producer and exporter of olive oil, but its cost for domestic consumers has risen dramatically due to global inflationary pressures and a prolonged drought that decimated supplies. The price of olive oil has increased by 272% since September 2020, according to Spain’s agriculture ministry.
CNN Business
China warns against ‘vicious cycle’ of decoupling from the West
Chinese Premier Li Qiang has warned against a “vicious cycle” of economic decoupling from the West, as Beijing struggles to contain rising global pushback over soaring electric vehicle (EV) exports.
The Guardian
Mortgage of first-time buyer tops £1,000 a month as house prices and rates rise
Average monthly payment has risen by 61% since 2019, pushing borrowers into smaller homes or ultra-long loans
CityAM
Top economists say Labour will have to raise more taxes if it wins election
The UK's leading economists widely agree that Labour will put up more taxes if it wins the general election on 4 July, a City A.M. poll suggests, as the party comes under pressure to explain how it will fund its plans.
Fortune
The national debt is over $34 trillion. It’s time to tell the truth about the U.S. government’s finances
The U.S. government will pay close to $900 billion this year just in interest payments on the national debt.
CityAM
Next government will have to increase taxes ‘aggressively’ or ‘do a Liz Truss’
UK government debt could be at risk of a sell-off if the next government needs to increase borrowing by more than expected, a major investor in gilts has warned.
Bucks Free Press
‘No excuse’ for increase in abuse of road workers, warns Bucks Council highways chief
There is ‘no excuse’ for the increasing abuse road workers have been faced with in Buckinghamshire, a council highways chief has warned.
Yahoo Finance Video
Food inflation putting most strain on low-income consumers
In an exclusive interview with Yahoo Finance, US Secretary of the Treasury Janet Yellen discussed the recent sticker shock seen in grocery stores and restaurants across the country and what may be driving these inflationary prices. Citi Senior Global Economist Robert Sockin joins Wealth! to break down Secretary Yellen's explanation and give insight into how grocery prices may develop moving forward. Sockin comments on fast-food adopting value meals to help ease the burden on consumers: "If you see more adoption of these types of policies, it would be helpful. But as you said, in a broader sense, the bigger problem is that you've had large gains in food prices over this cycle. And really, it's taking time for people to adjust to these much higher prices. As I've noted, as we've gotten income gains, that real purchasing power has improved and is likely to continue to improve given that food inflation is still running at relatively low levels." He affirms: "So I do expect that the problem will feel less burdensome over time, but hopefully we will see more policies like we've seen from Target (TGT) and these other fast food chains." Watch Yahoo Finance's full, exclusive interview with US Secretary of the Treasury Janet Yellen. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Nicholas Jacobino
Investing.com
UBS: The Fed will cut in September
UBS economists on Monday reaffirmed their outlook for a soft landing for the US economy, expecting the Federal Reserve to begin cutting interest rates in September.
Reuters
Spain passes 3 billion euro tax relief package to cope with inflation
Spain's government passed an inflation relief package worth nearly 3 billion euros ($3.21 billion) on Tuesday, including measures such as a lower income tax for minimum wage workers and an extension of zero value-added tax on basic food items. The income tax cut will cost the treasury 1.4 billion euros and the 0% VAT extension 1.36 billion euros, Budget Minister Maria Jesus Montero told a news conference. The government last week added olive oil to the list of essential foods, which also include bread, milk, fruits and vegetables.
The Telegraph
Britain snubs GSK in favour of US pharma giant for RSV vaccine
The NHS has turned to US drugs giant Pfizer over its British rival GSK for vaccines against Respiratory Syncytial Virus (RSV), the winter infection known as the “silent killer” of the elderly.
Business Insider
What rate cut? The Fed's next move could be a hike if inflation stays stubbornly high, legendary investor says
Given how low last year's inflation was, CPI data might rebound in the latter half of this year. That could mean further rate hikes, Rob Arnott said.

NIKKEI 225

HANG SENG

CRUDE OIL

GOLD FUTURES

DOW

Bitcoin GBP

CMC Crypto 200

NASDAQ Composite

UK FTSE All Share

How to save for a good retirement income

FedEx axing up to 2,000 jobs across Europe to cut costs

Latest stories

Starmer could bring back benefits Britain

We’re being lied to about the ‘benefits’ of the Single Market

Emmanuel Macron has done more damage than Liz Truss ever did

Britain’s paltry savings are in Labour’s crosshairs

Households ‘must brace for tax rises over next five years’

Reform’s manifesto pledges ‘are poisoning public debate’

The ‘conspiracy of silence’ behind Labour’s secret plan for a wealth tax raid

Russian oil and gas revenues set to rise by 50% y/y in June, Reuters calculations show

Spain eliminates sales tax on olive oil to help consumers cope with skyrocketing prices

China warns against ‘vicious cycle’ of decoupling from the West

Mortgage of first-time buyer tops £1,000 a month as house prices and rates rise

Top economists say Labour will have to raise more taxes if it wins election

The national debt is over $34 trillion. It’s time to tell the truth about the U.S. government’s finances

Next government will have to increase taxes ‘aggressively’ or ‘do a Liz Truss’

‘No excuse’ for increase in abuse of road workers, warns Bucks Council highways chief

Food inflation putting most strain on low-income consumers

UBS: The Fed will cut in September

Spain passes 3 billion euro tax relief package to cope with inflation

Britain snubs GSK in favour of US pharma giant for RSV vaccine

What rate cut? The Fed's next move could be a hike if inflation stays stubbornly high, legendary investor says