Thursday, 21 November 2024
The Mighty Headlines
Economics: European Central Bank warns of rising national debt
Business: Ford to cut 4,000 jobs in Europe because of weak demand
Markets: Shares in Comcast, a media company, rise following plans to sell subsidiaries
Foreign Affairs: Pro-democracy activist Jimmy Lai testifies in Hong Kong
Security and intelligence: British-made missiles used by Ukraine against Russia
Domestic politics: UK Government outlines priorities for online safety
The Mighty Stats
FTSE = 8,085.07 (down 0.17 per cent at Wednesday close)
S&P500 = 5,895.01 (down 0.37 per cent at Wednesday close)
Nasdaq = 18,869.64 (down 0.62 per cent at Wednesday close)
CAC40 = 7,198.45 (down 0.43 per cent at Wednesday close)
£1 = $1.26 / €1.20
Second Trump Administration Cabinet Positions
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, former head of the Small Business Administration (2017 to 2019)
Treasury, Labour, Housing: vacant
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The Mighty Detail
Economics: The European Central Bank is warning that rising national debt levels in the Eurozone is reviving concerns about a debt crisis. It said that high national debt, high budget deficits, slow growth and fiscal slippage – where a government’s actual budget deficit is more than expected – are to blame.
Business: Ford is to cut 4,000 jobs in Europe by the end of 2027. The automaker has said that the decision is based on economic problems in Europe, weaker than expected sales of electric vehicles and increased competition. The job cuts represent around 14 per cent of Ford’s European workforce.
Markets: Shares in Comcast, the US media company, rose by over 1 per cent yesterday after it announced that it would sell of some of its networks including CNBC and MSNBC. Shares in chipmaker Nvidia fell by over 1 per cent ahead of its earnings results which were published after the markets closed.
Foreign Affairs: Jimmy Lai, a prominent pro-democracy activist in Hong Kong, testified in court yesterday for the first time since he was charged in 2020. Lai founded Apple Daily, a pro-democracy newspaper, and is charged with endangering National Security. He said in court that he wanted to give people information so that they could enjoy freedom.
Security and intelligence: British-made Storm Shadow missiles are reported to have been fired by Ukraine into Russia for the first time yesterday. This required approval from the UK and the US as the missiles use American-supplied navigation technology. Separately, the US closed its embassy in Kyiv yesterday as it anticipated a large-scale Russian attack on the city.
Domestic politics: The UK Technology Secretary, Peter Kyle, has set out the Government’s priorities on online safety for Ofcom. The regulator is preparing to implement the Online Safety Act next year. Priorities include seeking more transparency from tech companies and embedding safety in online platforms from the start. The UK Government has separately announced a study on the effects of smartphone and social media use on children.
The Mighty Calendar
What’s happening today?
Transport Questions in UK Parliament
Former UK Health Secretary Matt Hancock gives evidence to the Covid-19 Inquiry
EU ministerial meeting on trade relations with the United States
UK public sector borrowing data (October)
United States jobless data (weekly)
United States home sales data (October)
Eurozone consumer confidence data (November)
Japan CPI inflation data (October)
Company results: Royal Mail Group, Intuit
Lookahead to tomorrow
UK, Canada retail sales data (October)
UK, United States, France, Germany, Eurozone manufacturing growth data (November)
Canada retail sales data (September)
The Mighty Finale
🌤️Weather today
A mixture of sun and cloud in England but dry. High of 4oC and low of -1oC. Rain in the afternoon in Belfast. Sunny all day in Edinburgh!
✏️Life coaching quote of the day
“You don't have to get it perfect, you just have to get it going. Babies don't walk the first time they try, but eventually they get it right.” – Jack Canfield, motivational speaker
Mighty takeaway: Never stop trying. Eventually, if you persist, you will get to where you want to be.
That’s about it for today’s edition. If you find this newsletter helpful, do pass it on to someone who might find it helpful too.
Adios!
The Mighty Memo team