Plus, CBS cancels Stephen Colbert's late-night show.

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Daily Briefing

Daily Briefing

By Linda Noakes

Hello. Trump requests the release of the Epstein grand jury transcripts, the EU approves new Russia sanctions, and fears about doing business in China resurface.

Plus, why foreign investors are warming to London's unloved stocks.

 

Today's Top News

 
People walk out of the West Wing of the White House with 'The Epstein Files: Phase 1' binders in February

People walk out of the West Wing of the White House with 'The Epstein Files: Phase 1' binders in February. REUTERS/Kevin Lamarque/File Photo

United States

  • President Donald Trump's administration will ask a court to allow the release of grand jury testimony in the case of deceased convicted sex offender Jeffrey Epstein, after some of his supporters reacted in fury to a report concluding there was no evidence to support long-running theories about his case.
  • The Department of Agriculture said it has fired 70 foreign contract researchers after a national security review intended to secure the US food supply from adversaries including China, Russia, North Korea and Iran.
  • California Governor Gavin Newsom vowed to fight the "illegal" move by Trump's administration to cancel some $4 billion in federal grants for the state's ambitious but much-delayed high-speed rail project.
  • 'The Late Show with Stephen Colbert', the most-watched late-night program on US broadcast television and a frequent platform of satire aimed at Trump, will end its 10-year run on CBS in May 2026, the network said.

In other news

  • A cockpit recording of dialogue between the two pilots of the Air India flight that crashed last month supports the view that the captain cut the flow of fuel to the plane's engines, said a source briefed on US officials' early assessment of evidence.
  • The European Union agreed an 18th package of sanctions against Russia, including measures aimed at dealing further blows to the Russian oil and energy industry. Ukraine will let foreign arms companies test out their latest weapons on the front line, Kyiv's state-backed arms investment and procurement group Brave1 said.
  • More than 5,000 people in South Korea have been forced into shelters as heavy rain pounded parts of the country for a third day, with the deluge killing at least four people and destroying property and infrastructure.
  • Sixteen- and 17-year-olds celebrated their newly granted right to vote in all UK elections, but cautioned that proper education was vital to boost turnout and protect young voters from political misinformation on social media.
  • Austrian extreme sports pioneer Felix Baumgartner, famed for a record-breaking 2012 skydive from the edge of space, died in a paragliding accident in central Italy. He was 56.
 

Business & Markets

 
A chart showing the FTSE versus the S&P 500
  • Britain's stock market finally appears to be reversing years of underperformance against the rest of Europe, as a UK/US trade deal, lighter regulation and cheap stocks deliver juicy returns that are starting to attract foreign investors.
  • The Bank of England has asked some lenders to test their resilience to potential dollar shocks, three sources said, the latest sign of how the Trump administration's policies are eroding trust in the US as a bedrock of financial stability.
  • Fears that employees of foreign firms risk entanglement with Chinese authorities have resurfaced after news that an employee of US bank Wells Fargo has been banned from leaving the country.
  • Mark Zuckerberg and current and former leaders of Meta have settled an investor lawsuit seeking $8 billion in damages over a privacy scandal. We discuss the case and why the settlement may prove a disappointment on today's Reuters World News podcast. 
  • The US House of Representatives passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to Trump, who is expected to sign it into law. Crypto backers rejoiced.
  • Amazon cut at least hundreds of jobs in its Amazon Web Services cloud computing unit, two sources said, just a month after CEO Andy Jassy warned that adoption of generative AI tools would trigger a workforce reduction.
 

The Week Ahead

  • Much is riding on Sunday's Japan upper house election, which could, at least in the near- to mid-term, shape the fiscal and policy trajectory for one of the world's most indebted nations.
  • The European Central Bank is set to pause on Thursday after eight consecutive rate cuts that halved its policy rate to 2%, amid the threat of a 30% US tariff. 
  • US corporate earnings season kicks into high gear with market heavyweights Alphabet and Tesla leading the charge.
  • Here's your heads-up on the week ahead for financial markets.
 

North Korean defectors make debut in new K-pop boy band

 
Members of K-pop boy band 1VERSE perform their new single

Members of K-pop boy band 1VERSE perform their new single. REUTERS/Kim Soo-hyeon

A new K-pop boy band made their global debut with two members who defected from North Korea and an album that includes a song about the consequences of escaping one of the world's most repressive states.

1VERSE, pronounced 'universe', is made up of five men in their 20s from North Korea, Japan and the United States, who go by their first names, Hyuk, Seok, Aito, Nathan, and Kenny.

Read more
 

Photos of the Week

A wild cow jumps over revellers at the San Fermin festival in Pamplona, Spain.

A wild cow jumps over revelers at the San Fermin festival in Pamplona, Spain. REUTERS/Albert Gea