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The Latest Breaking News from the Financial Times

Income tax – live: Markets spooked after Reeves U-turn on major Budget tax increase

Chancellor reported to have abandoned plans over fears they could anger both voters and backbench Labour MPs

The Independent UK

Despairing economists warn Reeves’s income tax U-turn will make system ‘too complicated’ – and will wipe out buffer zone

The chancellor has ditched plans to increase income tax, leading to fears she will not be able to create the buffer zone needed to protect the UK from economic shocks next year

The Independent UK

Government borrowing costs rise in wake of income tax U-turn speculation

Reports that the Chancellor has scrapped her plans to raise income tax at the Budget has sparked a sell-off in UK Government bonds.

Evening Standard

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Reeves not ‘playing fast and loose with people’s money’ amid tax U-turn reports

Culture Secretary Lisa Nandy would not be drawn into speculation that Ms Reeves has abandoned plans for the manifesto-breaking tax hike.

Evening Standard

Reeves dumps plan to raise income tax in screeching Budget U-turn sending spooked markets into slide

Chancellor abandons plans to raise income tax over fears they could spark a huge backlash among voters and backbench Labour MPs

Evening Standard

Rachel Reeves to ditch plan to raise income tax in Budget

Chancellor set to abandon income tax hike plan amid fears move could anger voters

The Independent UK

Rachel Reeves set to clamp down on high-end bike purchases in Cycle to Work scheme

It comes amid concerns about ‘Surrey Hills’ cyclists taking advantage of the scheme

The Independent UK

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Rachel Reeves to cut tax benefits for workers using salary sacrifice schemes to buy bikes

Chancellor expected to introduce new limit on how much can be spent on a bicycle through cycle to work scheme

The Guardian - UK

'Bonkers' AI Spending Spree Backfires — Google, Meta and Microsoft Debt Hit as Investor Anxiety Deepens

Companies like Google, Meta, and Microsoft are now turning to debt financing to scale up their AI infrastructures to meet market expectations.

International Business Times UK

Strongest Earnings Growth Since 2021: US Companies Beat Trade War Worries With Robust Q3 Results

The U.S. corporate sector is experiencing a significant surge in earnings, with the growth rate hitting a four-year high despite concerns over the impact of the trade war initiated by President Donald Trump.

Benzinga

Cameron Winklevoss Digs Up News Report From 2013 To Make A Point About Bitcoin: 'You Will Miss Out On The World's Greatest Opportunities...'

Gemini co-founder Cameron Winklevoss took potshots Sunday at the British daily newspaper Financial Times for its 12-year-old article that predicted Bitcoin (CRYPTO: BTC) would become the next “bubble.”

Benzinga

EU moves to weaken landmark AI Act amid pressure from Trump and U.S. tech giants, according to news report

The European Commission is considering softening parts of its flagship AI Act amid industry complaints that strict rules could stifle innovation and hurt competitiveness.

Fortune

Nvidia Rallies As Microsoft Expands AI Infrastructure In Middle East With US Backing

Nvidia Corp (NASDAQ:NVDA) shares are trading higher after the U.S. reportedly approved Microsoft Corp (NASDAQ:MSFT) to ship the U.S. chip designer’s artificial intelligence chips for use in the United Arab Emirates (UAE).

Benzinga

AI Tools Fuel Rise in Fake Business Receipts as Companies Lose Millions

A new Financial Times report reveals how AI tools like OpenAI's GPT-4o are fuelling a surge in fake expense receipts, forcing companies to adopt AI-powered fraud detection.

International Business Times UK

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Benzinga

Donald Trump Jr.-Linked Drone Maker Unusual Machines Wins Major Pentagon Deal

Donald Trump Jr. linked Unusual Machines Inc. (NYSE:UMAC) secured its largest Pentagon contract to date.

Benzinga

Elon Musk Loses Another Top Executive As X's Ad Chief Reportedly Quits

John Nitti, who served as global head of revenue operations and advertising innovation at X, has left the social media company after just 10 months in the role, according to a report by the Financial Times on Friday.

Benzinga

Saudi Arabia Reportedly In Talks With US For Defense Deal

Saudi Arabia is reportedly in talks with the Trump administration for a defense agreement that mirrors last month’s U.S.-Qatar pact, which commits Washington to view any attack on the Gulf nation as a threat to “American peace and security.”

The Independent UK

Reeves poised to make major change to cash ISAs

Several potential options are on the table regarding Isas, but no decisions have been made

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news in one place.

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Evening Standard

Housing targets could be derailed if cash Isa limit is cut – building society

Reports suggest that the Treasury could be considering cutting the annual cash Isa limit to £10,000.

Benzinga

OpenAI Is Reportedly Working On A Five-Year Plan To Fulfill Its Massive Spending Pledge

OpenAI is reportedly chasing new revenue streams, debt partnerships, and additional fundraising as part of a five-year plan to fulfill its $1 trillion spending pledge to advance artificial intelligence.

PC Gamer

Elon Musk has been snapping up ex-Nvidia specialists to help make AI world models, which is fine but please keep away from our games

Rockets are cool, AI slop games are not.

Tom’s Hardware

China issues port crackdown on all Nvidia AI chip imports, says report — enforcement teams deployed to quash smuggling and investigate data center hardware, targeting H20 and RTX 6000D shipments

Chinese customs authorities have launched a sweeping crackdown on unlicensed Nvidia chip shipments, with enforcement teams deploying at major ports to inspect hardware shipments.

Benzinga

China Tightens Grip On Rare Earth Exports To Protect 'National Security' As Tech Giants Brace For Impact

China tightened its grip on the export of rare earth minerals and related technologies, escalating tensions with Washington ahead of an expected meeting between President Donald Trump and Chinese leader Xi Jinping later this month. China Says New Rules To Protect ‘National Security’ Foreign companies will need approval to export…

Benzinga

Meta And Apple Nearing Settlement With EU Lawmakers On Antitrust Cases: Report

Apple Inc. (NASDAQ:AAPL) and Meta Platforms Inc. (NASDAQ:META) are reportedly close to settling their respective antitrust cases with the European Commission.

The Independent UK

Asahi forced to take orders by fax as Japan races to avoid beer shortage

Japan’s best-known beer maker struggling to restore normalcy after ransomware incident paralyses delivery

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