Friday, 22 November 2024
The Mighty Headlines
Economics: OECD says UK receives highest number of permanent migrants
Business: Nissan cuts jobs in US and worldwide
Markets: Nvidia share price falls despite positive Q3 results
Foreign Affairs: US Justice Department seeks to break up Google
Security and intelligence: Russia fires ballistic missiles and ICC issues arrest warrants
Domestic politics: UK Environment Secretary talks about farmers’ inheritance tax
The Mighty Stats
FTSE = 8,149.27 (up 0.79 per cent at Thursday close)
S&P500 = 5,948.71 (up 0.53 per cent at Thursday close)
Nasdaq = 18,972.42 (up 0.033 per cent at Thursday close)
CAC40 = 7,213.32 (up 0.21 per cent at Thursday close)
£1 = $1.26 / €1.20
Second Trump Administration Cabinet Positions
*Matt Gaetz has withdrawn his name from consideration as Donald Trump’s attorney general, stating that he was “unfairly becoming a distraction” to the Trump/Vance Transition.*
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Matt Gaetz, Florida Congressman (2017 to 2024)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Commerce: Howard Lutnick, financier
Transport: Sean Duffy, former Wisconsin Congressman (2011 to 2019)
Education: Linda McMahon, formerly of the Small Business Administration (2017 to 2019)
Treasury, Labour, Housing: vacant
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The Mighty Detail
Economics: According to the OECD, the UK received the highest number of migrants settling permanently in the country relative to its population in 2023. In the absolute numbers, the UK was second only to the United States. The UK received 750,000 new arrivals, of whom half arrived under a Health and Care worker visa. The US received 1.2 million permanent migrants.
Business: Around 1,000 Nissan employees in the United States have accepted early retirement as the car maker restructures its business. In the six months to September, Nissan reported a 90 per cent drop in its operating profits and net income. The company is reducing its worldwide workforce by 9,000 people.
Markets: Shares in Nvidia dropped by over 1 per cent yesterday. Although its Q3 earnings results were better than expected, there is concern that revenue growth is slowing relative to previous quarters. Nvidia’s share price has increased by 190 per cent this year.
Foreign Affairs: The US Department of Justice is seeking to break up Google over concerns that it holds a monopoly on internet searches. Actions currently proposed include requiring Google to sell Chrome – the internet browser – and prevent Android phones from favouring the Google search engine. Google may also be prohibited from favouring its own platforms such as YouTube.
Security and intelligence: Russia has said that it has struck Ukraine with intermediate-range ballistic missiles in response to the use of “American and British long-range weaponry.” Separately, the International Criminal Court has issued arrest warrants for Israeli Prime Minister Netanyahu, former defence minister Yoav Gallant, and Hamas military commander Mohammed Deif for alleged war crimes.
Domestic politics: The UK Environment Secretary, Steve Reed, spoke to the Country Land and Business Association yesterday where he addressed concerns about plans to levy inheritance tax on agricultural estates. Reed said that although he had promised at the Conference last year not to levy the tax, he said he had not known the financial situation the Government would inherit. He added that “it's hard to be sorry for trying to make this country's economy work and our public services work again.”
The Mighty Calendar
What’s happening today?
UK, Canada retail sales data (October)
UK, United States, France, Germany, Eurozone manufacturing growth data (November)
Canada retail sales data (September)
Lookahead to the weekend
Saturday
Philadelphia Half Marathon, United States
Free entry to Hampton Court Palace (Saturday and Sunday)
Swedish Church Christmas Fair, Marylebone, London
Sunday
Stir Up Sunday (the traditional day to make a Christmas Pudding!)
England versus Japan, Autumn Rugby Nations Series
The Mighty Finale
🌤️Weather today
Sunny spells mixed with cloud in England. High of 7oC and low of 0oC. Same weather in Belfast but bright sunshine in Edinburgh.
✏️Life coaching quote of the day
“I say “Out” to every negative thought that comes to my mind. No person, place, or thing has any power over me, for I am the only thinker in my mind. I create my own reality and everyone in it.” – Louise Hay, motivational speaker
Mighty takeaway: What thoughts will you change to make your life better?
That’s it for this week. We hope you have an enjoyable weekend and see you again on Monday!
Au revoir!
The Mighty Memo team