Tuesday 13 May 2025
The Mighty Headlines
Economics: China hosts Latin American leaders for trade talks
Business: Zilch becomes UK’s fastest growing fintech unicorn
Markets: Stock markets rise after US-China trade talks
Foreign Affairs: Kurdistan Workers’ Party ends fight against Turkey
Security and intelligence: Russian spy ring in the UK sentenced
Domestic politics: UK Government publishes immigration policy paper
The Mighty Stats
FTSE = 8,604.98 (up 0.59%)
S&P 500 = 5,844.19 (up 3.26%)
Nasdaq = 18,708.34 (up 4.35%)
CAC40 = 7,850.10 (up 1.37%)
£1 = $1.32 / €1.19
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The Mighty Detail
Economics: China is hosting leaders from Latin America and the Caribbean today to discuss trade and investment. The China-CELAC forum is said to challenge US geopolitical and economic influence in the region. Colombia confirmed yesterday that it would join China’s Belt and Road initiative which funds infrastructure projects in partner countries.
Business: Zilch, which offers Buy-Now-Pay-Later services in the UK has confirmed revenue of £145 million in Q1 2025. It also said it has made over £4 billion in total sales and now has over five million customers. The company is the UK’s fastest growing fintech (financial technology) unicorn. A unicorn is a private start-up company valued at over $1 billion.
Markets: Stock markets rose yesterday after the US and China agreed to cut additional tariffs on each other’s goods by 115 percentage points. China will reduce tariffs from 125 per cent to 10 per cent. The US will reduce tariffs from 145 per cent to 30 per cent. Negotiations for a permanent settlement continue.
Foreign Affairs: The Kurdistan Workers’ Party (PKK) is set to end its 40-year fight against Turkey to create an independent state. The PKK, which is designated as a terrorist group by Turkey, the US and EU countries, began its militant activities in 1984. The PKK is currently based in Iraq after having been pushed out of Turkey. Kurds make up around 20 per cent of Turkey’s 86 million population.
Security and intelligence: The leader of a Russian spy ring in the UK, Orlin Roussev, has been sentenced to almost 11 years in prison. Five other Bulgarian nationals were also sentenced. The Crown Prosecution Service said that the group targeted “journalists opposing the Russian regime” and “people in the UK fleeing persecution”.
Domestic politics: The UK Prime Minister, Sir Keir Starmer, has said that the UK is at risk of turning into an “island of strangers” unless immigration rules are changed. The Government’s Immigration White Paper, published yesterday, includes plans to make English language requirements and visas for skilled workers stricter.
The Mighty Calendar
What’s happening today?
President Trump expected to start Middle East trip
Foreign Office Questions in UK Parliament
Cannes Film Festival begins
UK earnings data (March)
UK unemployment rate (March)
US CPI inflation data (April)
Company results from: Honda, Nissan, Jaguar Land Rover, Bayer, SoftBank
Lookahead to tomorrow
NATO Foreign Ministers meet in Turkey
NATO Defence Chiefs meet in Belgium
Prime Minister’s Questions in UK Parliament
Germany CPI inflation data (April)
South Korea trade data (April)
Company results from: Daimler, Porsche, E.ON, Sony
The Mighty Finale
🌤️Weather today
Sunshine across the UK. High of 24C and low of 9C in London.
✏️Life coaching quote of the day
“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” – Mark Twain, writer
Mighty takeaway: Trust your instinct and follow your goals and dreams.
That’s it for this Tuesday morning. Thanks for reading.
Cheerio!
The Mighty Memo team