Good morning. Donald Trump kicks off his state visit to the UK. A proposal to abolish a century-old property tax in Switzerland is losing support. And we review the most exciting musicals coming to Broadway. Listen to the day’s top stories.
The UK has paused negotiations with the US to remove tariffs on British steel ahead of Trump’s visit, accepting a 25% levy instead of the hoped-for elimination, according to people familiar with the matter. The countries are also expected to sign a deal to bolster nuclear ties.
Photographer: Alessandro Della Bella/Bloomberg
A proposal to abolish a century-old property tax in Switzerland is losing support among voters ahead of a ballot in less than two weeks on overhauling housing levies. The plan is to remove the tax owner-occupiers pay on the theoretical rent they could earn from their property, which Switzerland first introduced early last century.
More drama at Nestlé. Chairman Paul Bulcke will step down early after investors questioned his handling of the ouster of the food company’s former CEO due to an undisclosed romantic relationship with a subordinate. Read more about the challenges Bulcke faced on the cusp of retirement.
Federal Reserve officials are expected to backstop a faltering US labor market by lowering interest rates Wednesday. Read our decision guide here. The policy pivot will take place amid unrelenting pressure from Trump, who has pushed for a “big cut.” Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets.
Sebastien Lecornu Photographer: Benjamin Girette/Bloomberg
France’s Prime Minister Sebastien Lecornu will meet with the Socialist party for budget negotiations as his bid to form a government and avoid another chaotic election has become more complicated.
Socialists are key for the survival of the 39-year-old government chief, who was appointed by President Emmanuel Macron last week following the ousting of François Bayrou after a failed confidence vote.
Lecornu will attempt to court them with tax proposals, which include a levy on non-productive assets, a new contribution on personal wealth and a temporary increase in corporate tax.
If Lecornu fails to strike a deal with the moderate left, he may be ousted like Bayrou and Michel Barnier, forcing Macron to find another PM—and face the same problem of a deeply-divided National Assembly.
OpenAI and Nvidia’s data-center investments distract from how Britain and other non-US nations should forge their own paths in the AI race, Parmy Olson writes. Britain should focus on making its finance sector work harder for homegrown tech.
The Amazing Adventures of Kavalier & Clay. Photographer: Evan Zimmerman
Heading to New York City this autumn? The fall season on Broadway and off features a range of new and revived works. Notable shows include Punch and Masquerade, while Ragtime and Chess are getting revivals. Here’s the list of the 15 most exciting shows.
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