Trump reiterates call for Fed to cut rates
"I think he has to," Trump, speaking alongside British Prime Minister Keir Starmer following their meeting in Scotland, said of Federal Reserve Chair Jerome Powell on benchmark rates.
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BreakingNews.ie
10 minutes ago
- BreakingNews.ie
Conditions ‘really tough' for running UK businesses, says Gary Neville
Former footballer and entrepreneur Gary Neville has said conditions are 'really tough' for UK businesses in the face of surging costs and tight margins. The former England and Manchester United player has built up a business empire including commercial properties, hotels and media companies since retiring. Advertisement On Tuesday, Mr Neville was also appointed brand ambassador of business software firm Sage as it launched a new long-term partnership with the English Football League (EFL). Gary Neville stressed the importance of successful football teams to local economies (Sage/PA) He told the PA news agency that there are 'huge opportunities' for how football clubs and businesses can join forces to help drive growth in regions across the UK. Mr Neville said: 'The impact of having Football League clubs, and those crowds and attendance, is massive for the local economy and businesses. And not just in terms of actual financial terms but in terms of the spirit of a city and a town too. 'A successful football club and a football club that's thriving can definitely have a big impact on small businesses in the surrounding town or city. Advertisement 'Local businesses thrive upon those local match days, and the successful team having more matches at home so they can make more money, because it's bloody hard work to make money for local businesses, and they need supporting on a regular basis.' Nevertheless, he stressed that it was a 'challenging' time to run a business in the UK after sharp recent cost increases and pressure on consumer demand. The Sky Sports pundit runs a raft of businesses including League Two club Salford City, which he owns as part of a group including David Beckham and US businessman Declan Kelly. 'It's tough. It's really, really tough because cost of products gone up, cost of everything, utilities, rents, everything, has gone up,' Mr Neville said. Advertisement 'It is challenging at this moment in time – there are certain sectors where it's tough to operate, just purely because of rising costs and people finding it tough to be able to find the money to go and support those local businesses.' His work with Sage comes as the firm becomes the official accounting software partner for the EFL. The group has launched a new UK campaign to champion local businesses, with fans across all 72 EFL clubs invited to nominate the matchday heroes in their community. Steve Hare, chief executive of Sage, said: 'We've been supporting British small businesses since we were founded, including many football clubs up and down the country. Advertisement 'It's fantastic to bring all of this together in support of the small businesses that power the football experience week in, week out.' Mr Neville added: 'I've seen it from my time as a player and now as an owner, just how vital these businesses are. I'm proud to join Sage in celebrating their contribution and helping them thrive.'
Reuters
10 minutes ago
- Reuters
PREVIEW Visa, Mastercard set for higher profits on solid spending trends
July 29 (Reuters) - Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab are expected to report higher quarterly profits this week on steady consumer spending, and analysts will scrutinize how demand for travel and discretionary purchases is shaping up in the face of tariff uncertainty. The results from the world's biggest payment processors will help flesh out the broader financial outlook that major banks such as JPMorgan Chase (JPM.N), opens new tab and Wells Fargo (WFC.N), opens new tab presented earlier this month, signaling a resilient consumer. "Visa and Mastercard remain top ideas, particularly in an uncertain macro environment, given their broad-based exposure to discretionary and non-discretionary spend, geographic reach, and proven ability to stabilize their expense increase in downturns," Oppenheimer analysts said in a note. Billions of people worldwide use Visa and Mastercard for their everyday spending and other purchases, making the card networks better equipped to weather downturns. They also have more expense flexibility to support profit growth. In recent years, the companies have diversified their business model by building out value-added services such as threat intelligence and fraud reduction. Still, some analysts expect a potential spending slowdown in the back half of 2025. Cross-border travel, a high-margin business for payments companies, has come under some pressure due to trade tensions and geopolitical risks. Slower travel from Canada to the U.S. and fresh tensions in the Middle East in June have raised concerns over a potential drag on growth. Analysts will also examine whether elevated volumes are being driven by a pull-forward in spending, as consumers pre-purchase goods they expect to get costlier after tariffs are imposed. In the second quarter, total card spending volumes modestly increased across bank issuers. Across credit and debit cards, Bank of America (BAC.N), opens new tab showed an increase of 110 basis points, while JPMorgan Chase showed a 40 bps rise, according to data compiled by RBC Capital Markets. "On balance and relative to expectations, data seems neutral for the networks and acquirers, considering overall spending trends appear at least stable compared to last quarter's growth, which we think should be good enough considering the macroeconomic volatility since last quarter's earnings," J.P. Morgan analysts said in a note. Investors will also zero in on the forecast around stablecoins. While both the card giants plan to launch products linked to the cryptocurrency, the recent passing of the Genius Act has raised some concern that stablecoins could eliminate the need for payment intermediaries in the long term. Visa, the larger of the two by market value, will announce quarterly results after markets close on Tuesday, while Mastercard will report on Thursday. American Express (AXP.N), opens new tab surpassed quarterly profit expectations earlier this month, helped by resilient spending by its affluent customer base. Visa and Mastercard shares have gained nearly 13% and 8% year-to-date as of Friday's close, respectively, while the benchmark S&P 500 index (.SPX), opens new tab has gained 8.6%. Source: LSEG, Company Statements
The Independent
11 minutes ago
- The Independent
Regina Spektor confronts pro-Palestine protesters who interrupted concert
Singer-songwriter Regina Spektor 's concert in Portland, Maine, was interrupted by pro-Palestine protesters on Saturday. Spektor, who is Jewish and emigrated from the Soviet Union to the US as a child, confronted the protesters, stating her show was 'not the place for that conversation' and that they were 'just yelling at a Jew'. She encouraged those disrupting the performance to leave, with some audience members subsequently departing the venue. Spektor referenced her family's history of escaping persecution, noting she only speaks English because they fled a country where Jews were 'othered'. Spektor, 45, has voiced her support of Israel in the past, including two days after Hamas's 7 October 2023 attack at Nova Music Festival.
