Trump and Harris spar in contentious presidential debate

📍Top line: Donald Trump and Kamala Harris shared the stage in an action-packed 90-minute debate in Philadelphia earlier this morning. The two clashed on key issues such as immigration, foreign policy and the economy.

💰 Economy: Trump emphasized his proposal for steep tariffs on foreign imports, framing it as a protective measure for U.S. businesses against unfair competition. However, Harris flipped this policy on its head, branding it a "Trump sales tax." She claimed that these tariffs would increase costs for middle-class families.

🌎 Foreign policy: Harris asserted that world leaders are "laughing at Donald Trump” and military leaders who had worked with him described him as "a disgrace." Trump, in turn, cited his relationships with authoritarian figures, notably Hungary's Prime Minister Viktor Orban, stating, "Viktor Orban loves me." On Ukraine, Harris accused Trump of being willing to "give up" Ukraine to Russia. Trump responded by saying his goal was to "get this war finished" by negotiating with Putin and prevent further loss of life.

👥 Immigration: Immigration became a heated point of contention as Kamala Harris and Donald Trump traded sharp barbs. Trump accused Harris of intending to transform the U.S. into "Venezuela on steroids" by allowing illegal immigrants unchecked entry if she were to win the election. Trump linked illegal immigration to a rise in "migrant crime," but Harris quickly hit back by pointing out Trump’s own criminal convictions.

Unemployment rate for young jobseekers hits 3-year high

📍Top line: Youth unemployment in the UK has surged to its highest level since the pandemic, with 597,000 young people aged 16 to 24 out of work between May and July 2024. This represents a significant increase of 51,000 from the previous year.

The rise has sparked concerns among unions, who are warning that "young people's futures are on the line." University graduates are particularly struggling in a "hostile and impersonal" job market, often accepting minimum wage roles despite their qualifications.

Contributing to this trend is a shift in hiring patterns, where companies are increasingly favoring older workers. Data shows that there were 127,000 fewer employees under the age of 25, while the 35 to 49 age group saw an increase of 114,000 workers.

Elsewhere in the economy:

💷 The UK state pension is expected to rise by approximately £460 annually from April 2025 due to wage growth figures that influence the triple lock system. This system ensures that pensions increase by the highest of three factors: inflation, wage growth, or 2.5%. As a result, the full state pension will now reach close to £12,000 per year.

🛢️Crude oil prices fell below £53.50 a barrel for the first time since December 2021, driven by lower demand forecasts and fears of oversupply. While this dip could lead to cheaper fuel at the pumps, analysts warn the savings might be wiped out as the Chancellor of the Exchequer, Rachel Reeves, seeks ways to boost public finances next month.

BMW share price crashes

📍 Top line: BMW shares plunged by 11% yesterday after the company announced a recall of 1.5 million vehicles due to a braking system fault, a move that is expected to cost the carmaker nearly £0.85 billion.

This recall comes amid broader challenges for BMW and the German automotive industry, with weakening demand from China and profit margins forecast to drop to 6% from a previously expected 10%. Additionally, Volkswagen has also warned of potential factory closures, marking tough times for the sector.

Elsewhere in business:

🇬🇧 The Spectator magazine has been sold to hedge fund tycoon and GB News investor Sir Paul Marshall for £100 million. Known for its political influence, past editors include Boris Johnson and Nigel Lawson. Marshall’s media expansion may not stop there, as he is still in pursuit of the Daily and Sunday Telegraph newspapers.

✈️ Wizz Air has announced the launch of a new daily route from London to Jeddah, Saudi Arabia, with tickets starting from just £134.99. The service will be operated using the airline’s first Airbus A321XLR aircraft, and begins on March 31, 2025.

Luxury jeweller Cartier has opened applications to its 6 month e-commerce internship in London. Successful candidates will assist the Head of e-commerce in executing existing strategy and developing new business opportunities. Apply now here.

Apple Loses £11 Billion EU Tax Battle in Landmark Defeat

📍Top line: Apple has been ordered to pay Ireland £11 billion in back taxes after a ruling by Europe's top court, concluding an eight-year legal battle. The European Commission initially accused Ireland in 2016 of granting Apple illegal tax benefits, but Ireland consistently defended its position, arguing that no additional tax was owed.

The ruling marks a significant win for the European Commission and the decision could reshape how multinationals allocate profits across borders.

On the same day, a separate ruling by the European Court of Justice (ECJ) also concluded a case involving Google. The tech giant was fined £2 billion for abusing its market dominance. Margrethe Vestager, the EU's antitrust chief, hailed both rulings as victories for "European citizens and tax justice.”

❓What next? Ireland must now release assets held in an escrow fund, a process which the government stated it would start at the end of the year. Experts predict the ruling will prompt EU member states and companies to rethink key tax strategies. The decision is a poignant example of the EU’s resolve to hold Big Tech accountable on tax affairs.

Elsewhere in tech

🎮 Sony has announced it plans to release the PlayStation 5 Pro on November 7 2024. The highly anticipated upgraded version of the popular console boasts advanced graphics and smoother gameplay for more complex games. At £699.99, however, the powerhouse console is hundreds of pounds more expensive than its predecessor. The PS5 Pro might just make your wallet cry, but your gaming rig will thank you! 

📱Huawei has unveiled its new £2,300 Mate XT, a tri-foldable smartphone, in a high-profile event in Shenzhen, China. The device can fold three ways, offering a unique accordion-like screen design, positioning Huawei to compete fiercely in the global foldable smartphone market. The launch occurred just hours after Apple announced its latest iPhone 16, setting the stage for intense competition.

2001: The United States experienced one of the deadliest terrorist attacks in its history. Four hijacked planes were used in coordinated attacks by al-Qaeda. Two crashed into the Twin Towers, a third hit the Pentagon, and a fourth crashed in Pennsylvania after passengers attempted to overpower the hijackers. Nearly 3,000 people were killed in the attacks.

🇻🇳 At least 127 people are dead and 54 missing in northern Vietnam after Typhoon Yagi, the country’s most powerful storm in 30 years, battered the region with heavy rain, landslides, and flooding. Thousands remain stranded on rooftops, and many posted desperate pleas for help on social media on Tuesday.

🦟 UK scientists have warned that dengue fever, spread by Asian tiger mosquitoes, could threaten popular European holiday spots like southern France, Italy, and Spain. Nicknamed "break-bone fever" due to its severe symptoms, the disease can now be tracked with a new system that predicts outbreaks within 10km accuracy. The mosquito was even spotted buzzing around the Paris Olympics this summer!

📺 The hunt for the next Harry, Ron, and Hermione is officially on! HBO has launched an open casting call for its upcoming TV adaptation of the Harry Potter franchise, seeking British and Irish kids aged 9 to 11. Aspiring wizards and witches, now’s your chance to step into the wizarding world!