Thursday 22 May 2025
The Mighty Headlines
Economics: Inflation rises in the UK to 3.5 per cent
Business: M&S profits reach 15-year high
Markets: Apple shares fall following OpenAI threat
Foreign Affairs: Iran approves cooperation deal with Russia
Security and intelligence: Former Ukrainian aide assassinated in Madrid
Domestic politics: UK Government revisits winter fuel payments
The Mighty Stats
FTSE = 8,786.46 (up 0.061%)
S&P 500 = 5,844.61 (down 1.61%)
Nasdaq = 18,872.64 (down 1.41%)
CAC40 = 7,910.49 (down 0.4%)
£1 = $1.34 / €1.19
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The Mighty Detail
Economics: Inflation in the UK rose in April to 3.5 per cent. The Office for National Statistics said that higher energy bills and water bills were the most important factors in the increase. The Institute of Chartered Accountants added that tax rises – through higher national insurance contributions – have also led to higher prices.
Business: Mark & Spencer has said that its profits in the year to March 2025 reached a 15-year high. The high street retailer announced profits before tax of £875.5 million. Food sales increased by nearly 9 per cent to £9 billion. Fashion, home and beauty sales increased by 3.5 per cent to £4.2 billion. M&S also said that the recent cyberattack would cost the shop £300 million in lost profits.
Markets: Shares in Apple fell by over 2 per cent yesterday. It comes after OpenAI announced that it had bought former Apple designer Sir Jony Ive’s company for $6.5 billion. Sir Jony Ive oversaw the design of the iPhone, the iPad, the iMac, and the Apple Watch. It is thought that OpenAI could be seeking to create an AI device to replace smartphones.
Foreign Affairs: The Iranian Parliament has approved a 20-year strategic partnership with Russia. The deal was signed by President Putin and President Pezeshkian in January and approved by the Russian legislature in April. The deal aims to boost economic and military-technical cooperation between the two countries.
Security and intelligence: Andrii Portnov, an adviser to the former Ukrainian President, Viktor Yanukovych, was assassinated in Madrid yesterday. The Ukrainian Security Services investigated Portnov for alleged treason in 2018 and suspected that he may have been involved in Russia’s annexation of Crimea.
Domestic politics: The UK Government has said that it will revisit the eligibility for winter fuel payments. It comes after the Government restricted eligibility last winter. The policy – which supports pensioners with energy bills – has provoked fierce debate in the Labour Party.
The Mighty Calendar
What’s happening today?
Matt Hancock and Patrick Vallance give evidence at UK Covid-19 Inquiry
Michael Gove introduced to the House of Lords
Culture Questions in UK Parliament
UK Government borrowing data (April)
UK, EU, US manufacturing and services growth data (May)
Company results from: BT, easyJet, British Land
Lookahead to tomorrow
US Vice President Vance delivers Naval Academy commencement address
Sotheby’s auctions Shakespeare’s Four Folios
UK Parliament in Recess
UK retail sales data (April)
US new homes data (April)
France consumer confidence data (May)
The Mighty Finale
🌤️Weather today
Cloudy across most of England but sunny in Cornwall. Sunny spells in Belfast and Edinburgh. High of 15C and low of 7C in London.
✏️Life coaching quote of the day
“Make it a rule of life never to regret and never to look back. Regret is an appalling waste of energy; you can’t build on it; it’s only good for wallowing.” – Katherine Mansfield, writer
Mighty takeaway: Resist the temptation to think about what might have been. Live for today.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow morning.
Bye!
The Mighty Memo team