Trump steps up attacks on Fed’s independence amid interest rates row

Donald Trump called on top Federal Reserve officials to seize control from its chair, Jerome Powell, if he fails to cut interest rates, stepping up his extraordinary attacks on the central bank’s independence.The US president called Powell “a stubborn MORON” in a series of critical social media posts on Friday, days after the Fed held rates steady for the fifth consecutive time.It comes as Trump faces heightened questions over the impact of his aggressive economic policy, and the White House presses forward with plans for a fresh wave of tariffs next week.Hours before the federal government released data which underlined a significant deterioration in the jobs market, Trump again broke with precedent to pin blame on the Fed – and urge it to change course.“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW,” Trump wrote on Truth Social, his social network

Barclays follows HSBC in exit from banking industry’s net zero alliance

Barclays has become the second UK bank to withdraw from a UN-backed net zero target-setting group, claiming that a wave of defections by international lenders meant it was no longer fit for purpose.It marks a fresh blow for the Net-Zero Banking Alliance (NZBA), after HSBC left in early July. It came months after a wave of exits by US banks, which departed in the run-up to Donald Trump’s inauguration in January.Lenders and other finance firms have come under fresh pressure over their green commitments as a result of Trump’s return to the White House, which caused a climate backlash as he pushed for higher production of oil and gas.The UN environment programme’s finance initiative, which is led by banks, required members to ensure their lending, investment and capital markets activities would lead them to hitting net zero emissions targets by 2050 or earlier

Labour MPs urge Thames Water to recover £2.5m paid to executives in April

Thames Water should claw back £2.5m in bonuses that were paid to executives in April, 27 Labour MPs representing constituencies served by the utility have urged.The MPs said it was “disgusting” that the company was hiking water bills “to pay for executives’ failings when those same executives were receiving multimillion-pound bonuses”.In a letter to Thames Water’s director of corporate finance, Fred Maroudas, they called for the company to scrap its next planned round of bonuses in September and reinvest the money into water infrastructure.The letter from 27 Labour MPs in areas served by Thames Water, coordinated by Yuan Yang, the MP for Earley and Woodley, set out demands for the company, including resolving the most severe cases of pollution and failure highlighted by their constituents

US adds just 73,000 jobs in July amid pressure from Trump’s trade war

The US economy added 73,000 jobs in July, far lower than expected, amid ongoing concerns with Donald Trump’s escalating trade war.Forecasters surveyed by Bloomberg had predicted the July jobs report would show a drop in added jobs to about 109,000. The unemployment rate rose to 4.2% from 4.1% in June

Trump to blame for high cost of living, Americans say in new poll

Americans are struggling financially, grappling with debt and the rising cost of living, and are blaming the Trump administration and corporate interests for worsening economic outlooks for working families, according to a new poll.Six out of 10 Americans place blame on the Trump administration for driving up their cost of living, according to a poll conducted by Morning Consult for the Century Foundation, which asked 2,007 Americans how they are managing the high cost of living in the US economy, who they think is to blame and what are the solutions.Sixty three per cent said Trump had had a negative impact on grocery prices, and 61% said he had had a negative impact on the cost of living. Nearly half, 49%, said the Trump administration had had a negative impact on their finances. Nearly eight out of 10 Americans, including 70% of Republicans, fear that Trump’s tariffs will increase the price of everyday goods

Car finance scandal: UK supreme court poised to rule on hidden commissions

The UK’s highest court is poised to give its verdict on the £44bn car finance scandal, which could pave the way for millions of motorists to claim billions of pounds in compensation for mis-selling.The supreme court judgment, which will be handed down after financial markets close at 4.35pm on Friday, will decide whether or not to uphold a finding by the court of appeal in October that hidden commissions paid to car dealers by lenders were unlawful.That ruling, based on test cases, said making such payments to brokers who arrange car loans without disclosing the sum and terms to borrowers was unlawful. The lenders involved in the case – FirstRand Bank and Close Brothers – appealed against that decision to the supreme court