Friday 13 June 2025
The Mighty Headlines
Economics: China temporarily restores rare earth exports to US
Business and markets: Netflix and Amazon increase Pinewood profits
Foreign Affairs: Iran to build new uranium enrichment facility
Security and intelligence: Pentagon reviews US-UK-Australia defence deal
Domestic politics: IFS suggests UK Government to raise taxes at Budget
The Mighty Stats
FTSE = 8,884.92 (up 0.23%)
S&P500 = 6,045.26 (up 0.38%)
Nasdaq = 19,662.48 (up 0.24%)
CAC40 = 7,765.11 (down 0.14%)
£1 = $1.36 / €1.17
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The Mighty Detail
Economics: China is temporarily restoring export licences for rare earth metals to US car makers but for six-months only. The move is a partial win for the US but ensures China keeps leverage in trade talks.
Business and markets: UK film studio Pinewood has reported a turnover of £213.1 million in the year to March 2025. It recorded pre-tax profits of £35.3 million over the same period, an increase from the £24.5 million in 2024. Pinewood cites long-term deals with Netflix, Disney and Amazon as factors in the increase.
Foreign Affairs: Iran has said that it plans to build a new uranium enrichment centre. The plans are a response to a resolution adopted yesterday by the International Atomic Energy Agency (IAEA) which criticised Iran for failing to cooperate fully with IAEA investigations.
Security and intelligence: The Pentagon is considering ending a defence agreement with the UK and Australia. The so-called “AUKUS” deal, agreed under President Biden, is designed to counter Chinese influence in the Pacific and includes investment in nuclear submarines and hypersonic weapons. The US Defense Department said the review would determine whether AUKUS was “aligned with the President’s America First agenda”.
Domestic politics: There are suggestions that the UK Government will need to raise taxes in its Budget this autumn. Following the Spending Review on Wednesday and downbeat economic forecasts, the Institute for Fiscal Studies think tank suggested that the Government is only a “gnat’s whisker” away from having to raise taxes.
The Mighty Calendar
What’s happening today?
Assisted Dying Bill returns to the House of Commons for debate
Kemi Badenoch attends Scottish Conservative Party Conference
Lookahead to tomorrow
Saturday
Trooping of the Colour, London (King Charles’s official birthday)
US military parade for President Trump’s birthday, Washington D.C.
Rishi Sunak delivers Stanford Business School address
Sunday
Father’s Day (UK)
G7 Summit, Alberta, Canada
F1 Canadian Grand Prix
The US Men’s Open Golf Championship
The Mighty Finale
🌤️Weather today
Sunny in most places but rainy in Cornwall. High of 27C and low of 17C in London. Light rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Focusing on what you can’t control makes you stressed. Focusing on what you can control makes you powerful.” – Mel Robbins, writer
Mighty takeaway: Nothing more to add!
That’s it for this Friday morning. Thanks for reading and we hope you have an enjoyable weekend.
Cheerio!
The Mighty Memo team