Risk of ‘Trumpcession’ rising, economists say, as global markets fall

The risk that the US economy will enter recession this year is rising, according to economists, as Donald Trump’s chaotic approach to tariffs continued to hit markets.Shares on Wall Street fell sharply on Monday as investors bet the president’s unpredictable tariff trade war and handling of the economy would hit growth, amid a recent plunge in business and consumer confidence.On another day of selling pressure in global markets, the Dow Jones industrial average was down 1.5%, while the S&P 500 was down 2.4%

Lloyd’s of London expects $2.3bn losses from California wildfires

Lloyd’s of London expects losses of $2.3bn (£1.78bn) from the California wildfires that ravaged Los Angeles this year, but fine art losses were limited because rich residents took their prize possessions with them.The Eaton and Palisades blazes in Los Angeles in early January killed 29 people and were only fully contained after 24 days, having burned more than 14,973 hectares (37,000 acres) and destroyed more than 16,000 buildings.The world’s oldest insurance market reported a 10% drop in annual pre-tax profits, to £9

Barclays chair did not ask Staley if he was in touch with Epstein before ruling it out to FCA, court hears

The chair of Barclays has said he did not ask Jes Staley whether he was still emailing or calling Jeffrey Epstein before declaring to the regulator that the last contact between the ex-boss and the child sex offender was “well before” he joined the bank, a court has heard.Nigel Higgins admitted that he did not inquire about the kind of contact that the pair had, nor the exact date of their last meeting, before attempting to reassure the Financial Conduct Authority (FCA) that he had no concerns about the nature of Staley and Epstein’s relationship.The FCA is alleging that, while the pair’s last in-person meeting was in April 2015, the two men continued to speak to each other, including via email, in the lead-up to Staley’s appointment as Barclays chief executive in October 2015.“I was told in interview with the FCA (without being shown the underlying evidence) that, in October 2015, Mr Staley was in email and telephone contact with Mr Epstein,” Higgins said in a witness statement submitted to the upper tribunal. Higgins took over as chair two years before Staley stepped down in late 2021

Top shipping broker Clarksons says war and Trump tariff fears have hit revenues

The world’s biggest ship broker has said that geopolitical turmoil from war and Donald Trump’s tearing up of US foreign policy have hurt its revenues, sending its share price tumbling by almost a fifth on Monday.Clarksons, which is listed on London’s FTSE 250 index of mid-sized companies, said the rates charged by shipping companies had dropped since the start of 2025, hit by concerns over the impact of tariffs.Trump has imposed tariffs on the US’s largest trading partners, Mexico, Canada and China, only to then temporarily withdraw levies on Canada and Mexico. He has also threatened steep tariffs on the EU, another key goods trade partner, and announced tariffs on all steel and aluminium imports to begin later this week.The company said: “Following a year of extensive political change, [and] ongoing conflicts in the Middle East and Russia-Ukraine, adding further complexities, markets have softened as economies grapple with the immediate impacts of this phase of change

Mark Carney, the ‘boring guy’ whose economic acumen could help Canada tackle Trump

Mark Carney, soon to become Canada’s new prime minister, is a two-time central banker and crisis fighter about to face his biggest challenge of all: steering Canada through Donald Trump’s tariffs.The 59-year-old will be the first person to become Canadian prime minister without having ever been an MP.Carney’s credentials as a political outsider would in normal times have killed his candidacy in Canada but his distance from unpopular incumbent Justin Trudeau and a high-profile banking career played to his advantage, and Carney argues he is the only person prepared to handle Trump.“I know how to manage crises … in a situation like this, you need experience in terms of crisis management, you need negotiating skills,” Carney said during a leadership debate last month.He said in an interview last month: “President Trump probably thinks Canada will cave in

People living near new pylons in Great Britain could get £250 a year off energy bills

People living near power cables could receive £250 a year off their energy bills as the UK government hopes to speed up construction of infrastructure vital to the transition away from fossil fuels.Households within half a kilometre of new or upgraded power infrastructure could receive up to £2,500 over 10 years under Labour government plans that aim to prevent a backlash against increased building of pylons and substations.It came as the government also promised to reduce the number of government bodies whose advice is needed for planning applications for housing or for energy.Keir Starmer has said that speeding up building is a key part of his plans to grow the UK economy, arguing that planning rules have held back housing and infrastructure.The building boom is particularly important for the energy minister, Ed Miliband, as he plots a rapid shift to renewable power generation