Senate Democrats move to stall Trump’s ‘absurd’ bid to install new Fed chair

Democrats have moved to stall Donald Trump’s effort to exert greater control over the US Federal Reserve, condemning the president’s “absurd” bid to install a new leader of the central bank while it is targeted with criminal investigations.Democratic lawmakers on the Senate banking committee urged its Republican leadership on Thursday to postpone the planned confirmation hearing for Kevin Warsh, the financial executive and former Fed governor Trump has nominated to replace Jerome Powell as Fed chair.In a letter to banking committee chair Senator Tim Scott, a Republican from South Carolina, the 11 Democrats called for a hearing currently scheduled for Tuesday to be delayed until investigations into Powell and Lisa Cook, a current Fed governor, are closed.Powell – whom the president has frequently and publicly chastised over his refusal to dramatically lower interest rates – is facing a criminal investigation into the renovations of the central bank’s headquarters, which he dismissed as a “pretext” tied to the Fed’s refusal to bow to Trump’s demands.The Trump administration also tried to fire Cook, an appointee of Joe Biden, for alleged mortgage fraud

Next chief Simon Wolfson paid record £7.4m – and could get far more this year

The Next chief executive, Simon Wolfson, took home more than £7m last year, his highest ever pay package, and could be handed up to £9.27m this year after the retailer announced plans to increase his basic salary and bonuses.The listed company said it was increasing its pay deal for the long-term leader of the fashion and homewares retailer, which now controls a string of brands in the UK including Gap, Victoria’s Secret, Cath Kidston, Reiss and FatFace, as his remuneration was 30% below the average for FTSE 100 bosses.The directors on its remuneration committee said in the annual report published on Thursday that the changes were also being made as Next’s returns to shareholders had been higher than other leading listed companies over several years.“Given this sustained outperformance, the committee does not consider the current levels of remuneration to be appropriately aligned with performance,” the report said

It will take more than £600m a year to boost UK industrial competitiveness | Nils Pratley

It is “bold action” to boost UK competitiveness, claimed the government. Not everybody shared that assessment of the British industrial competitiveness scheme (Bics), the long-awaited plan to cut electricity bills for UK manufacturers by up to 25% – or, at least, to cut them for a subset of firms that are aligned with the eight chosen sectors of the “modern” industrial strategy.“Gas intensive industries in the UK have been shamefully ignored by the government in this announcement – it’s a total disgrace,” said Gary Smith, the general secretary of the GMB union, banging the drum for the likes of ceramics-makers and brickmakers that aren’t deemed modern enough for support. Employer bodies mostly did the polite thing of welcoming government assistance of any form before using phrases such as “drop in the ocean”.And, it’s true, £600m a year across 10,000 companies isn’t much

IMF chief Georgieva warns ‘everyone will feel the impact’ of energy price shock, as UK growth beats forecasts – as it happened

Over in Washington DC, the International Monetary Fund is holding a debate on the global economy.IMF chief Kristalina Georgieva says the world economy is facing another, large, shock:double quotation markThe world economy has been, very resilient over the last few years, facing shock after the shock. And this resilience is tested yet again, this time by a shock that is large.Twenty percent of oil and gas is stuck in the Strait of Hormuz, depriving primarily Asia, but also Europe, and other parts of the world of a vital resource. It is global

Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief

Europe has only six weeks of jet fuel left before shortages will hit because of the Iran war, according to the head of a global energy watchdog.Fatih Birol, the executive director of the International Energy Agency, said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks.“I can tell you soon we will hear the news that some of the flights from city A to city B might be cancelled as a result of lack of jet fuel,” he told the Associated Press.KLM, part of the Air France-KLM group, said on Thursday it would cut 160 flights in the coming month because of high kerosene jet fuel prices. Although less than 1% of its schedule, the cancellations underline the financial pressures on the airline industry

Metro Bank boss handed record £2.6m a year after slashing 1,000 jobs

Metro Bank’s chief executive has been handed a £2.6m pay packet – the largest in its history – a year after slashing 1,000 jobs in response to the lender’s near collapse.The figure is more than double the £1.2m Dan Frumkin was paid in 2024. Metro pushed through the pay bump and complex bonus scheme for the former RBS and Northern Rock banker at a shareholder meeting last year