Trump privately indicates he may soon fire Fed chair Jerome Powell

Donald Trump has privately indicated he is on the verge of firing the Federal Reserve chair, Jerome Powell, rattling Wall Street and renewing questions over the US central bank’s independence.The US president insisted on Wednesday that it was “highly unlikely” he would dismiss the Fed chair, after reports he had suggested he would and shown a draft letter dismissing Powell to political allies.“I don’t rule out anything, but I think it’s highly unlikely. Unless he has to leave for fraud,” said Trump. The president has recently criticized Powell for a $2

Rachel Reeves warned by City grandees not to weaken banking safeguards

Rachel Reeves has been warned by City grandees that her plan to slash financial red tape could have little benefit for British households while increasing risks in the banking industry.The chancellor used a speech to City bosses attending the annual Mansion House dinner on Tuesday to argue that in too many areas regulation was acting as a “boot on the neck of business”, as she pledged sweeping changes to help revive the economy.However, leading figures involved in Britain’s post-2008 drive to prevent a repeat of the financial crisis warned Labour against unpicking bank ringfencing – a key measure introduced after the collapse.Sir John Vickers, the architect of the UK’s ringfencing rules, deployed after the financial crisis to separate high street banking from riskier investment banking, said a wholesale retreat from the reform would be a “very bad idea”.Lord Turner, who took over as chair of the Financial Services Authority during the 2008 crash and played a leading role in the post-crisis redesign of the banking system, also warned the chancellor to proceed with caution

Ad agency WPP asked to work on campaign nudging UK savers to invest in shares

The advertising agency WPP has been asked to work up ideas for a government-endorsed advertising blitz to urge more consumers to invest in stocks through a “Tell Sid”-style campaign expected to cost tens of millions of pounds.Plans for the nationwide push were announced by chancellor Rachel Reeves on Tuesday at her Mansion House speech, as she unveiled a fresh deregulation drive meant to increase financial risk-taking across the UK to help spur growth.The government has thrown its support behind City lobbyists, which are desperate to get money out of cash accounts and into stocks, which they say will not only deliver better returns but help revive the UK stock market. It comes as the London Stock Exchange continues to lose stock market listings and floats to foreign rivals.The campaign – which the Treasury said “will help to explain the benefits of investing” – will be directed and funded by City firms including banks and investment platforms

Diageo CEO steps down after drink firm’s lacklustre performance

Diageo, which owns the Guinness and Johnnie Walker brands, is to replace its embattled chief executive, ending her rocky tenure in charge of the British alcoholic drinks firm.In a statement to the stock market, Diageo said it had begun the hunt for a successor to Debra Crew, who the company said had stepped down “by mutual agreement”.Her departure follows a lengthy period of investor disquiet about the company’s lacklustre performance under the former captain in US military intelligence.The London-based company’s chief financial officer, Nik Jhangiani, will lead the business on an interim basis and has been tipped as a frontrunner for the permanent job.The group, whose vast portfolio of labels also includes Tanquery gin and Smirnoff vodka, said it was looking at internal and external candidates

Aldi is trialling grocery delivery in Australia. We put it to the test against Coles and Woolworths

Aldi is known for its permanently discounted prices and its famously odd products sold in the middle aisle.Last week, the German-owned supermarket chain took another step into the Australian mainstream, trialling a grocery delivery service with DoorDash in Canberra ahead of a potential expansion around the country.Aldi has long resisted offering deliveries, given the service would make a basket of groceries more expensive, undercutting its price advantage over Coles and Woolworths.Guardian Australia tested it out.I normally take an ad hoc approach to grocery shopping and visit a few different stores, rather than doing a weekly shop

Diageo CEO Debra Crew steps down; UK inflation rises to 18-month high of 3.6% – as it happened

Shares in Diageo, which owns the Guinness and Johnnie Walker brands, rose by 3.5% today, making it the top riser on the FTSE 100 index, after its embattled chief executive stepped down.Debra Crew has quit with immediate effect, “by mutual agreement,” the drinks giant said. Her departure comes after investor disquiet about the company’s lacklustre market performance under the former captain in US military intelligence.Until a permanent successor is found, Nik Jhangiani, chief financial officer, will assume the role of chief executive on an interim basis