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Initiatives including cutting permits just to serve ice-cream amount to a sweeping program of deregulationRed Scare? The democratic socialist mayor of New York City spent this week talking about red tape.On Tuesday, Zohran Mamdani – the politician at the center of a revived rightwing panic about socialists and purported communists winning elections across America - posted a video on X of himself putting a sheet of paper with the phrase “RED TAPE” into a paper shredder. Other pieces of

IBM issued profit warning after weak second quarter, triggering selloff in software sector including MicrosoftShares in IBM plunged more than 25% on Tuesday after the US tech giant released disappointing preliminary second-quarter results. IBM’s stock was on track for an even steeper single-day decline than it suffered during ⁠the 1987 “Black Monday” crash.IBM had issued a profit warning and blamed shifts in corporate customers’ spending. The company said revenue for the three months e

Brent crude jumps 3.4% and European markets drop, with airlines including Ryanair among hardest hitBusiness live – latest updatesOil prices jumped and stocks fell after the US launched a fresh wave of attacks against Iran amid an escalating standoff over the strait or Hormuz.Brent crude, the international benchmark for oil prices, rose 3.4% to $78.59 a barrel on the renewed hostilities in the Middle East. It had been trading at $72.48 before the outbreak of the war in February, and hit

Carmakers welcome ruling against suit claiming manufacturers including Nissan, Ford and Peugeot fitted devices to defeat emission testsCar manufacturers have welcomed a high court verdict that rejected most of the allegations in a “dieselgate” claim brought on behalf of 1.6 million UK owners of polluting cars.In her judgment, Lady Justice Cockerill said that “in the majority of instances, the court found that the relevant strategy did not constitute a prohibited defeat device” – softwa

Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economyThe Bank of England has been handed powers to regulate important tech firms including Amazon and Google from next week, amid fears that system failures could threaten financial stability and harm consumers.From Monday, the Bank and fellow City regulator the Financial Conduct Authority (FCA) will be in charge of ensuring that four large-scale pr

Gigs by Gallagher brothers, Coldplay, Lana Del Rey and Beyonce gives £11bn boost to the economyBig name artists including Oasis with their highly anticipated reunion tour, Coldplay and Beyoncé helped to attract a record number of fans to travel to watch live music last year, helped by a surge in overseas visitors at UK gigs.A report from the industry body UK Music estimated that 24.7 million “music tourists” attended concerts and festivals last year, up 4.8% on 2024, leading to an unpr

Economists including Jim O’Neill write an open letter calling for a single levy to replace six major taxesProminent economists including Jim O’Neill, an ally of Andy Burnham, are urging the MP for Makerfield to pursue radical tax and spending reform to “unlock the gridlock that plagues the country” when he is confirmed as prime minister.O’Neill joins Jonathan Portes, an economics professor at King’s College London, and Danny Sriskandarajah, the chief executive of the New Economics Foun