Friday 14 March 2025
The Mighty Headlines
Economics: Jobless claims for US federal employees high again
Business: John Lewis scraps staff bonus for a third year
Markets: Intel shares increase by nearly 15 per cent with new CEO
Foreign Affairs: Syria signs temporary constitution guaranteeing women’s rights
Security and intelligence: Huawei’s Brussels HQ searched by police
Domestic politics: UK Cabinet reportedly concerned about welfare cuts
The Mighty Stats
FTSE = 8,542.56 (up 0.019 per cent)
S&P 500 = 5,521.52 (down 1.39 per cent)
Nasdaq = 17,303.01 (down 1.96 per cent)
CAC40 = 7,938.21 (down 0.64 per cent)
£1 = $1.30 / €1.19
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The Mighty Detail
Economics: Weekly jobless claims in the US for federal employees remain high for a third week. There were 1,066 initial jobless claims in the week ending 8 March although this is down from 1,580 the previous week. The decision by Elon Musk’s Department of Government Efficiency to cut federal staff is likely to be a significant factor in the news.
Business: John Lewis has scrapped its famous staff bonus for a third year in a row. John Lewis says, however, that it is spending £114 million to increase employee pay this year. Profits before tax at the retailer have nearly tripled from £42 million in 2023 to £126 million in 2024.
Markets: Shares in Intel increased by nearly 15 per cent during trading yesterday. It comes as the technology company appointed Lip-Bu Tan as the new CEO. Tan was formerly CEO of a semiconductor software company. It is hoped that he can turn around Intel’s fortunes after the company’s value fell below $100 billion for the first time in 30 years last December.
Foreign Affairs: Syria’s interim president has signed a new temporary constitution that requires the separation of powers, guarantees women’s political rights and women’s rights to education and work but also puts the country under Islamist rule for a five-year transition phase. This means that Islamic law continues to be the main source of jurisprudence and the head of state is required to be a Muslim. A new committee will draft a permanent constitution.
Security and intelligence: Belgian police have searched Huawei’s headquarters in Brussels amid a corruption probe. There are reports that the Chinese technology company allegedly bribed former and current Members of the European Parliament. Homes in Belgium and Portugal have also been searched for evidence of money laundering, bribery and forgery.
Domestic politics: It is being reported that over half of the UK Cabinet has asked Chancellor Rachel Reeves to reconsider cuts to welfare and spending. Last week, the BBC reported that “several billion pounds” in draft spending cuts to welfare had been planned.
The Mighty Calendar
What’s happening today?
Mark Carney is sworn in as Canada’s Prime Minister
China, Russia and Iran meet to discuss nuclear capabilities
Private Members’ Bills in the UK Parliament
Cheltenham Gold Cup
UK GDP data (January)
UK industrial and manufacturing production data (January)
France, Germany, Spain CPI inflation data (February)
Company results from: Daimler, BMW
Lookahead to the weekend
Saturday
Rugby Six Nations: Italy vs Ireland
Rugby Six Nations: Wales vs England
Rugby Six Nations: France vs Scotland
Sunday
Miami Tennis Open begins
Australian F1 Grand Prix
All England Open Badminton Final 2025
Rome and Los Angeles Marathons
Bath, Surrey, and New York City Half Marathons
The Mighty Finale
🌤️Weather today
Wet in the southwest and northeast of England. Largely dry elsewhere. High of 9C and low of 1C in London. Dry in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Go to bed smarter than you woke up.” – Charlie Munger, investor
Mighty takeaway: Nothing to add!
That’s it for this week. We hope you enjoy the weekend and we’ll see you next week.
Adios!
The Mighty Memo team