Friday 20 June 2025
The Mighty Headlines
Economics: Switzerland lowers interest rates to zero
Business and markets: Shares in Hayes fall by 10 per cent
Foreign Affairs: Iran races to export its oil
Security and intelligence: US holds direct talks with Iran on conflict
Domestic politics: £725 billion UK infrastructure plan announced
The Mighty Stats
FTSE = 8,791.80 (down 0.58%)
S&P 500 = 5,980.87 (down 0.031%)
Nasdaq = 19,546.27 (up 0.13%)
CAC40 = 7,553.45 (down 1.34%)
£1 = $1.35 / €1.17
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The Mighty Detail
Economics: The Swiss central bank has lowered interest rates to zero. It comes after inflation in Switzerland fell to -0.1 per cent in May 2025 compared with a year earlier. Between 2015 and 2022 Swiss interest rates were -0.75 per cent which meant savers were effectively penalised for keeping their money in banks.
Business and markets: Shares in the international recruitment company Hays fell by nearly 10 per cent yesterday. The company said it expects operating profits of around £45 million in 2025. Profits of £56.4 million had been expected. It said that global economic uncertainty was a factor in a weaker jobs market.
Foreign Affairs: There are reports that Iran is rushing to export its oil and protect its revenues as the US considers joining Israel in bombardments. Satellite images show that oil storage tanks in Iran’s key export terminal at Kharg Island have been almost entirely filled up in the last week. Recent data also suggest that Iran’s oil shipments have increased by 44 per cent since the 13th June.
Security and intelligence: It is being reported that US special envoy Steve Witkoff has been holding direct talks with the Iranian Foreign Minister Abbas Araqchi. Witkoff again proposed a plan from last month that would see uranium enriched outside of Iran. Iran has already rejected this idea and Araqchi has said Iran will not negotiate until Israel stops its bombardments.
Domestic politics: The UK Government has announced plans to invest £725 billion on infrastructure in the next decade. This includes £6 billion a year for hospital repairs and £3 billion a year for schools. Around £16 billion will be spent on new homes and £8 billion on flood defences over ten years.
The Mighty Calendar
What’s happening today?
Assisted dying bill to be debated in UK House of Commons
President Putin to address St Petersburg International Economic Forum
UK Government borrowing data (May)
UK retail sales (May)
Lookahead to the weekend
Saturday
Summer Solstice
Midnight Sun Marathon, Norway
Prince William turns 43 years old
Sunday
Women’s PGA Championship (golf), Texas, USA
US House Speaker Mike Johnson expected to deliver speech in Israeli Parliament
Royal Highland Show, Edinburgh
The Mighty Finale
🌤️Weather today
Sunny and dry across the UK. High of 29C and low of 17C in London.
✏️Life coaching quote of the day
“Stress and worry tend to be higher before you act. Without action, all you can do is worry. Once you begin, fear shrinks as you start to influence the outcome.” – James Clear, writer
Mighty takeaway: There is nothing to take away the worry quite like taking action.
That’s it for this week. Thanks for reading and we hope you have a good weekend. Stay cool in the heat.
Cheerio!
The Mighty Memo team