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President Donald Trump announced on Fox Business that he will dismiss Federal Reserve Chair Jerome Powell if the central‑bank chief does not vacate the post by the statutory end of his term on May 15. “I’ll have to fire him, OK, if he’s not leaving on time,” Trump said, adding that he had previously held back the decision to avoid controversy. Powell, who has just over a month left in his tenure, has repeatedly been criticized by Trump for what the president calls a “bad job” and for refusing to lower interest rates despite Trump’s repeated demands since his return to the White House in January 2025. In January, Trump nominated former Fed governor Kevin Warsh to replace Powell. Warsh, known for his criticism of the Fed’s relatively high rates, is expected to align more closely with Trump’s push for rate cuts. His confirmation hearing before the Senate Banking Committee is slated for April 21, but the outcome remains uncertain. Republican Senator Thom Tillis of North Carolina, a member of the banking committee, has signaled he will block Warsh’s nomination until the Department of Justice concludes its criminal investigation into alleged misconduct surrounding the Fed’s headquarters renovation in Washington, D.C. Tillis described the probe as “reaching the point of absurd,” yet insists the investigation must be resolved before moving forward. The probe appears active: prosecutors made an unannounced visit to the construction site this week, as reported by the Wall Street Journal, underscoring the seriousness of the inquiry. During the same interview, Trump dismissed the investigation’s relevance, claiming the project was “probably corrupt, but what it really is is incompetence,” and questioned whether a $25 million renovation could balloon to a $4 billion expense. Powell responded in January with a rare public rebuke, labeling the investigation a “pretext” aimed at pressuring the Fed to lower rates. He warned that political intimidation could jeopardize the Fed’s ability to set monetary policy based on economic evidence. The legal backdrop adds another layer of uncertainty. The Supreme Court has yet to rule on Trump’s authority to fire a Fed board member without cause—a question that resurfaced after the president’s attempted removal of Fed governor Lisa Cook last summer. Justices appeared skeptical of such unilateral action during oral arguments in January. With the Fed’s independence at stake, the coming weeks will determine whether Trump’s threat translates into action, whether Warsh can secure Senate confirmation, and how the renovation investigation will influence the broader debate over political interference in U.S. monetary policy.

The Brexit debate has taken a significant turn, with Keir Starmer's government now openly acknowledging the need for closer ties with the EU. This shift in approach comes as the UK faces increasing global uncertainty, including Vladimir Putin's territorial aggression, Donald Trump's geopolitical vandalism, and China's emergence as a superpower.In opposition, Starmer had pushed Brexit to the margin of debate. However, in government, he has learned that Europe is central to Britain's interests, whether discussed or not. The avoidance of painful arguments from the past has turned out to be a handicap when making plans for the future.Labour's 2024 general election manifesto had pretended that Brexit was a historical event, something Boris Johnson got 'done' in 2020. However, the relationship with the EU cannot be settled due to its evolving nature and the UK's position as an ex-member on its border.The options are now more Brexit or less, never a steady state. Johnson's Brexit deal was structured to accelerate separation over time, with the theory that divergence from EU rules would give Britain a competitive advantage. However, this Eurosceptic fantasy has been exposed as wrong, with the UK now seeking to put Johnson's divergence ratchet into reverse.Downing Street's acceptance of this logic has been flagged by a gradual change in rhetoric, with the prime minister now listing Brexit as an affliction in the same category as the Covid pandemic. The chancellor, Rachel Reeves, identifies closer integration with Europe as 'the biggest prize' in a dash for growth.To facilitate a more intimate relationship, the government proposes legislation that will give ministers open-ended powers to adopt EU standards for various sectors of the economy. This 'dynamic alignment' is supposed to make it easier for businesses to move goods into the single market and make Britain a more attractive destination for investment.However, the Conservatives and Reform UK are appalled, objecting to the circumvention of future legislative scrutiny by the use of so-called Henry VIII powers. The real grievance is the old ideological one, equating any application of single market rules to colonisation by Brussels.As Starmer tries to go in this direction, he will collide with familiar Brexit obstacles. The European Commission will insist there can be no 'cherrypicking' from the single market; that non-member states wanting to enjoy the benefits of a European club can expect to pay subscription fees into European budgets.Opinion polls routinely show a clear majority of voters think Brexit has gone badly. The logic of pooling resources with continental neighbours can only grow in the light of wildfires started by Trump along the international horizon.Starmer knows these conditions permit a more assertive agenda of EU integration. However, it is hard to take bolder strides within red lines – no free movement; no single market membership; no customs union – drawn when Labour's Europe policy was defined by the preference to change the subject.

UK officials have entered exclusive talks with a Norwegian startup, Blastr, to buy the former Liberty Steel works in South Yorkshire, in a significant step towards its rescue. Blastr, owned by Vanir Green Industries, a Norwegian investor in renewable industries, is understood to be the bidder preferred by the government’s official receiver to take on ownership of the UK’s largest existing electric arc furnace in Rotherham and other works in Stocksbridge, both in South Yorkshire.The business, formally named Speciality Steel UK (SSUK), has been under the official receiver’s control since August, after the previous owner Sanjeev Gupta lost ownership in London’s high court. Finding a new buyer would remove a headache for the government, which also a year ago took control of the Chinese-owned British Steel blast furnaces in Scunthorpe, Lincolnshire.Blastr is run by Mark Bula, who has worked for and run large steel businesses in India and the US. The company does not yet operate any steel plants, although it is developing a site in Finland to use green hydrogen to produce iron and steel. It is likely to have to secure financing to take on the SSUK sites in South Yorkshire, but it would allow them to progress rapidly.Union officials welcomed the news after employees were informed. Charlotte Brumpton-Childs, a former steelworker and a national secretary of the GMB union, said Liberty Steel workers “have been at the sharp end of years of uncertainty at this point – this needs to be a deal that secures the long-term future of steelmaking in South Yorkshire”. She added: “Any sale of SSUK must include due diligence which guarantees ongoing operations and stability of the sites.”

Barratt Redrow, the UK's largest housebuilder, has announced plans to dramatically cut back on buying new land, citing the impact of geopolitical events in the Middle East. This move is expected to put additional pressure on Labour's ambitious target of building 1.5m new homes over five years.The company intends to approve between 7,000 and 9,000 plots of land for purchase in its current financial year, significantly lower than its previous guidance of 10,000 to 12,000 plots. This reduction follows an already cautious approach to land buying this year.The decision to curtail land buying plans has been attributed to geopolitical uncertainty, which is expected to impact mortgage rates and build costs. As a result, Barratt Redrow now expects to spend between £700m and £900m on land this year, down from its previous guidance of £800m to £900m.This move comes after another major UK housebuilder, Berkeley Group, announced plans to stop buying new land and implement a hiring freeze due to similar concerns over geopolitical volatility.Labour's housebuilding target of 1.5m new homes over five years has already faced challenges, with only 116,000 new homes started in England in the first year of Labour's term, falling short of the required 300,000 annually. The Centre for Policy Studies thinktank has highlighted the significant gap between the current rate of housebuilding and the target.Oli Creasey, head of property research at Quilter Cheviot, noted that Barratt Redrow's reduced land purchase guidance, combined with Berkeley Group's decision to slow land purchases, raises concerns about the housebuilding sector's outlook.In related news, Barratt Redrow has confirmed its £100m target for cost cuts following its £2.5bn takeover of Redrow in 2024, with £20m in savings achieved last year and £50m expected this year.

Kevin Warsh, a former Federal Reserve governor nominated by President Donald Trump to replace Jerome Powell, has filed ethics disclosures showing personal assets well above $100 million. If confirmed, he would become the wealthiest central‑bank leader in U.S. history. The 69‑page filing, released on Tuesday, lists two private‑fund investments each valued at over $50 million in the Juggernaut Fund LP, plus $10.2 million in consulting fees from the investment office of Wall Street titan Stanley Druckenmiller. Many holdings are described only in broad categories because “pre‑existing confidentiality agreements” prevent full disclosure; Warsh has pledged to divest these assets should his nomination be approved. Federal Reserve ethics rules, tightened in 2022, prohibit officials and their families from owning bank stocks, crypto‑related assets, and impose strict limits on buying and selling securities. The Fed’s own standards, set by the Federal Open Market Committee, are stricter than those governing other federal employees. Beyond the large private‑fund stakes, Warsh’s disclosures reveal a portfolio concentrated in emerging sectors such as artificial intelligence and cryptocurrency. Notable entries include the robotic‑coffee‑bar platform Cafe X, wearable‑tech firm Cionic, an Ethereum layer‑two project dubbed “Blast,” and a reversible male‑contraceptive solution called Contraline. Details for many of these positions are omitted, again citing confidentiality. The filing also enumerates assets held by Warsh’s spouse, Jane Lauder—a member of the Estee Lauder family with an estimated net worth of $1.9 billion. Her holdings feature municipal bonds listed simply as “over $1 million.” Liabilities appear modest in comparison: a 2015 mortgage of up to $5 million with JPMorgan Chase at a 2.75% rate, a revolving credit line of up to $5 million from PNC Bank at roughly 6%, and a $1.95 million capital commitment to THSDFS LLC, an interest Warsh has also pledged to divest. Ethics analyst Heather Jones of the Office of Government Ethics confirmed that Warsh’s divestiture promises would bring him into compliance with the Ethics in Government Act. Nonetheless, the breadth of undisclosed holdings is likely to dominate his upcoming confirmation hearing, scheduled for April 21. Political dynamics add further uncertainty. A key Republican senator has signaled intent to block Warsh’s confirmation until a Department of Justice investigation into Powell’s oversight of Fed‑headquarters renovations concludes. Although a federal judge recently dismissed two subpoenas targeting Powell—citing a perceived attempt to pressure him on interest‑rate policy—the Justice Department plans to appeal, potentially delaying any Senate vote. Powell has indicated he will remain “pro tem” if Warsh is not confirmed by the end of his term on May 15, and he could retain his governor seat until 2028 if he chooses.

The UK's culture secretary, Lisa Nandy, has cleared Axel Springer's £575m takeover of the Telegraph titles, paving the way for the end of almost three years of uncertainty over the ownership of the newspapers. Nandy stated that she does not believe there are grounds to intervene and refer the deal to the media regulator, Ofcom, for an in-depth regulatory investigation. The culture secretary has the power to call in mergers for further scrutiny on public interest grounds, as well as the new foreign state influence regime. Axel Springer, a German media group, had tabled a significantly superior offer to Lord Rothermere's Daily Mail and General Trust (DMGT), prompting the United Arab Emirates-backed group that controls the Telegraph to seek UK government approval to switch the permission to sell the right-to-buy option to Axel Springer. The Telegraph titles will add to Axel Springer's media portfolio, which includes Europe's biggest newspaper, Bild, Politico, and Business Insider. Axel Springer CEO, Mathias Döpfner, has promised to invest in the Telegraph to make it the “leading centre-right media outlet in the English-speaking world”, with a rapid expansion planned for the US supported by the expertise of Politico and Business Insider. The sale of the newspapers was kicked off in 2023 when the Barclay family lost control of the group over £1.16bn of unpaid debts owed to Lloyds bank. RedBird IMI, which is 75% controlled by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the UAE and the owner of Manchester City, took control of the publishing group after agreeing to pay the Barclays' debts.

West Bromwich Albion is facing a potential points deduction that could lead to their relegation from the Championship after the season has ended. The club is contesting charges of breaching the English Football League's (EFL) profit and sustainability (P&S) rules, specifically an alleged breach of the £39m loss limit in the three-year period culminating in the 2024-25 season.The EFL's sanctioning guidelines state that any punishment for a P&S breach must be applied in the campaign after it took place. However, the rulebook does not provide a definitive cutoff point for the end of the season, creating uncertainty about when the punishment would be applied.West Brom's situation is complicated by their current relegation battle in the Championship. With four games remaining, they are two points clear of third-bottom Oxford United. A small points deduction could send them down to League One.The EFL has until the end of the season to conclude the case, but the exact timing is unclear. Possible dates include the final round of league games on May 2, the Championship playoff final on May 23, or even the publication of next season's fixtures on June 25.In a similar case, Derby County was fined £100,000 and later docked 21 points for P&S breaches and entering administration, resulting in relegation. West Brom insists it has complied with P&S rules despite recorded combined losses of £55.6m since 2022.The dispute centers on the treatment of interest payments on loans taken out during the sale process of the club. West Brom is determined to fight the charges, and any sporting sanction imposed would likely lead to an appeal with significant legal ramifications.

Nissan announced a sweeping overhaul that places AI‑defined vehicles at the core of its revival strategy. Chief executive Ivan Espinosa said the automaker will eventually embed autonomous‑driving technology in 90% of its cars, positioning the brand for a future where self‑driving functions become standard. As part of the same initiative, Nissan will reduce its lineup from 56 to 45 models, redirecting capital toward higher‑margin offerings. The move follows a painful restructuring that has already seen seven factory closures and the loss of 20,000 jobs since Espinosa took the helm last year. Speaking at Nissan’s Yokohama headquarters, Espinosa warned that “structural challenges have compounded over time,” noting that the company’s portfolio has aged faster than the market and that fixed costs remain high despite declining scale. The Japanese automaker also unveiled its new battery‑electric Juke, a crossover SUV that will be built at the Sunderland plant in northern England. This model is a keystone of Nissan’s broader electrification push in Europe. While accelerating its EV agenda, Nissan reaffirmed a commitment to hybrid technology, unveiling a new hybrid Rogue (known as the X‑Trail in some markets) aimed at the US, where recent policy shifts have reduced incentives for fully electric cars. To fuel growth, Nissan set ambitious sales targets: an additional 550,000 units in Japan by 2030 and one million units each in the United States and China. The rapid rollout of autonomous capabilities is expected to boost demand for the technology, benefitting partners such as Wayve, the British AI startup that signed its first deal with Nissan a year ago. Bernstein analyst Masahiro Akita called the plan “reasonable” but cautioned that “ongoing macro uncertainty makes it unclear whether Nissan can sustain top‑line growth and achieve a genuine turnaround.”

Effective 10:00 a.m. ET (14:00 GMT) today, the United States military will block all maritime traffic entering and exiting Iranian ports through the Strait of Hormuz, a move that marks a significant escalation in regional tensions. The directive, announced by U.S. defense officials, aims to prevent any vessel—commercial or otherwise—from using the narrow waterway that links the Persian Gulf with the Gulf of Oman. By sealing off the strait, Washington seeks to exert pressure on Tehran amid ongoing diplomatic disputes. In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) issued a stark warning: any military vessel that approaches the strait will be deemed a breach of the cease‑fire and will be "dealt with severely". The IRGC’s statement underscores the risk of a rapid military confrontation should either side perceive a violation. Analysts note that the Strait of Hormuz handles roughly 20% of global oil shipments, so a full blockade could disrupt international energy markets and amplify economic uncertainty worldwide. The action also raises questions about the legal basis for such a blockade under international maritime law. Both the United States and Iran have signaled that the situation remains fluid, and further developments are expected as diplomatic channels attempt to defuse the standoff.