Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) French Prime Minister Francois Bayrou proposed scrapping two national holidays, part of a drastic effort to repair public finances that’s set to unleash a parliamentary backlash in the fall.
(2) Chancellor of the Exchequer 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.
(3) 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.
(4) The UK’s previous government set up a secret immigration route for Afghans affected by a data breach three years ago and then kept it secret from the British public, Defence Secretary John Healey said.
(5) Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.
(6) As Donald Trump’s tariff policies roiled markets almost everywhere, on Wall Street they were helping the biggest banks set records. JPMorgan’s stock traders scored their best second quarter ever, while Citigroup Inc.’s, trading division saw its best result for that period in five years. Analyst predictions were easily surpassed by the banks’ respective hauls, and even investment banking businesses did better than expected despite fears the same volatility might stymie deals.
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