Europe
The Guardian

Trump signs order to make it easier to fire 8,000 highly paid federal workers

Commuters near the Federal Triangle metro station in Washington DC on 2 October 2025. Photograph: Bloomberg/Getty ImagesView image in fullscreenCommuters near the Federal Triangle metro station in Washington DC on 2 October 2025. Photograph: Bloomberg/Getty ImagesDonald TrumpTrump signs order to make it easier to fire 8,000 highly paid federal workersOrder strips job protections from workers earning up to about $200,000 a year and deemed to be ‘influencing’ policy Donald Trump has signed an executive order making it easier to fire thousands of the best-paid workers in the US government aspart of a broader drive by his administration to overhaul the federal workforce. The order, released by the White House and the office of personnel management (OPM) on Wednesday, strips job protections from a mostly senior group of federal workers – about 8,000 employees – earning up to almost $200,000 a year, and who are deemed to be “influencing” government policy. In a call previewing the move, Scott Kupor, director of the OPM, which oversees the government’s human resources policies, said the administration needs to employ people willing and able to carry out orders to achieve the administration’s policy priorities. “You can have any political views, but if you allow those views to basically interfere with your willingness to actually carry out lawful orders and policy directives with the administration, then this provides a mechanism obviously for people in those agencies to be able to be removed effectively at will,” he said. About 348,000 employees, over 11% of its overall workforce, have left the federal government since October 2024. The latest order shows Trump is persisting in his efforts to discipline and fire career employees whom he sees as undermining his political goals, a year after billionaire Elon Musk left his post overseeing an effort to slash government spending and payrolls. Trump believes his agenda was hampered by career federal workers who opposed his policies during his first term. During Trump’s first term, his administration attempted to reclassify federal employees to “at will” under schedule F, but the rule was rescinded by the Biden administration before it took full effect. Labor union leaders have argued the reclassification serves as a step backward to the 19th-century spoils system, where jobs were given to loyalists rather than based on merit. The number of workers affected by the order is well below a ceiling estimate of up to 50,000 who could have been subject to new rules. Senior administration officials on the call said Trump could expand the grouping but had no immediate plans to do so. “The Trump-Vance administration’s attempts to dismantle civil service protections would make it easier to purge experienced public servants,” said Skye Perryman, president and CEO of Democracy Forward, in a statement on the executive order. “When government experts can be fired without cause, it’s not just federal workers who are harmed – it’s the people across the country who rely on these essential services every day.”

Trump signs order to make it easier to fire 8,000 highly paid federal workers
Asia
The Economic Times

NFO Watch: 2 mutual funds will open for subscription this week. Check dates and key details

Two new mutual funds will open for subscription this week. Fund houses launch new funds to complete their bouquet of offerings. Here is a detailed breakup (Source: ACE MF) Among these two funds - one will be an active fund and one will be a passive fund. On a broader basis, one fund will be an aggressive hybrid fund and the other will be an ETF. WOC Aggressive Hybrid Fund will open for subscription on June 8 and will close on June 22. The minimum investment amount will be Rs 500. ICICI Prudential Nifty Smallcap 250 ETF will open for subscription on June 9 and will close on June 16. The minimum investment amount will be Rs 1,000. Are you willing to invest then choose a fund based on your risk appetite, financial goals, and investment horizon. Just do not go by where others are investing.

NFO Watch: 2 mutual funds will open for subscription this week. Check dates and key details
Europe
BBC Business

Fizzy drink cans recalled as they 'may rupture unexpectedly'

A high-end fizzy drink brand sold in Waitrose and Asda is recalling cans of one flavour over fears they "may rupture unexpectedly", posing a risk of injury. The Food Standards Agency (FSA) announced that Dalston Soda Company was recalling some cans and four-can multipacks of its pineapple soda on Friday. "There is a risk that the cans may unexpectedly break apart and leave sharp edges which may cause injury," the FSA said. A notice from the company described the cause of the problem as a "packaging defect". People who have bought the affected cans have been told not to drink them and to throw them away. "To safely dispose of the product: handle the cans as little as possible, place them carefully, upright, in a sealed bag and dispose of them with your household waste," the notice said. It urged customers not to return the cans to shops, and said anyone who had bought the affected products could get a full refund by contacting the company, even if they no longer had a receipt. Cans under the recall have a best before date of 4 August 2027. The single cans have a batch code of 037130 and the multipacks a batch code of 037129. The soda brand was created by chefs in the since-closed Passing Clouds nightclub in Dalston, east London. As well as being stocked in several supermarkets, it is also sold in certain pub chains and some attractions in London. In 2023, presenter Jeremy Clarkson recalled some batches of his Hawkstone cider bottles, warning that there was a "slim chance" they may erupt after reports of the glass bottles suddenly exploding. And in 2024, craft ale company Brew York also recalled cans of its Juice Forsyth IPA over concerns they could explode and injure people.

Fizzy drink cans recalled as they 'may rupture unexpectedly'
Asia-Pacific
The Straits Times

Trump orders US customs to crack down on tariff cheats

A new US executive order would address issues like importers’ use of shell companies and schemes that route shipments through third countries to hide their true origin. WASHINGTON – US President Donald Trump signed an executive order designed to tighten customs enforcement, his latest move to ramp up protectionist trade policies. The policy Trump signed on June 3 directs Customs and Border Protection (CBP) officers to use new technology to ensure contraband and illegal goods are detected and blocked from entering the US, and that products brought in are accurately accounted for, according to a White House statement. “This executive order is really the result of many years of our front-line officers and our trade professionals seeing the tricks and abuse that the companies that were trying to cheat the system have been using,” CBP chief of staff James Kernochan said on a call with reporters after the order signing. Officials said the order would address issues that have plagued the customs agency’s ability to enforce trade policy, including importers’ use of shell companies and schemes that route shipments through a third country in order to hide the true origin of the goods. White House staff secretary Will Scharf said during the signing that the order is intended to provide CBP with more information about importers-of-record, or IORs, and that they correctly report what they are bringing in. Foreign companies that bring goods into the US will also face stricter compliance requirements. There was a record US$112 billion (S$143.8 billion) gap in 2025 between what China reported exporting to the US and what was declared to CBP, Bloomberg News previously reported. “Examples of non-compliance include undervaluing imports, withholding critical information about IORs and the goods being imported, and avoiding payment of duties through various arrangements and schemes,” the order said. The order also ramps up the use of artificial intelligence by the customs authorities. “We’re in the process of being able to – in real time – track every single ship and shipment that leaves every single port every day, process literally billions of bits of data, and determine with a high degree of probability, whether or not there’s some tariff evasion or possibly other problems like drugs (and) illegal contraband,” said White House trade adviser Peter Navarro on the call with reporters. He also stressed the potential to boost revenue collection from US importers. “We’re literally going to be able to pick up tens and tens of billions of dollars just in tariff evasion alone,” he said. Trump signed the order one day after his administration proposed new tariffs of at least 10 per cent on 60 economies accused of failing to crack down on imports produced using forced labour. Singapore, as one of those economies, could face a 12.5 per cent tariff.

Trump orders US customs to crack down on tariff cheats
Asia-Pacific
The Straits Times

ST Explains: What does Trump’s new tariff on ‘forced labour’ mean for Singapore trade?

Trump's proposed forced-labour tariff drew immediate criticism from major economies such as the EU and China, and experts expect lawsuits once it takes effect. SINGAPORE – Four months after losing his sweeping reciprocal tariffs to a court decision, US President Donald Trump has made his first move to replace them with trade levies he believes are less vulnerable to legal challenges. On June 2, Trump’s trade office in Washington issued a comprehensive 98-page report proposing double-digit tariffs on 60 countries – which represent about 99 per cent of all US imports – after an investigation initiated on March 12 showed they were not doing enough to restrict trade in goods produced by “forced labour”. The Office of the US Trade Representative (USTR) placed trading partners into two groups, depending on what it considered varying degrees of ineffective enforcement of rules on trade in “forced-labour goods” and whether they had already struck a trade deal with the Trump administration. The USTR said it would impose tariffs at the rate of 10 per cent on imports from Canada, the European Union, the UK, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia and Taiwan. The remaining 45 countries, which include Singapore, China and India, would face higher duties of 12.5 per cent. But nothing is settled yet. The tariff rates may change for some countries, including Singapore, as the proposed measure is subject to public comments and hearings before a USTR trade panel. This will start in July and may take weeks, if not months. There is also at least one more USTR investigation that could lead to another tariff measure – pertaining to excess manufacturing capacity – that remains pending. Despite the tariff tumult since 2025, Singapore has continued to clock strong growth in exports, thanks to the AI boom and increased trade with partners across Asia. For now, little would change for companies that count the US as an export market if and when the new tax relating to forced labour applies. The new measure will replace the 10 per cent global tariff – set to expire in late July – imposed soon after the Feb 20 Supreme Court ruling. That would raise the US effective tariff rate by just 0.5 per cent, according to experts. The effective tariff rate reflects the average tariff paid across all imported goods into a country.

ST Explains: What does Trump’s new tariff on ‘forced labour’ mean for Singapore trade?
Asia
The Hindu BusinessLine

US House approves war powers resolution to halt military action against Iran

The US House of Representatives has approved a war powers resolution aimed at halting US military action against Iran, with a group of Republicans joining Democrats in defiance of President Donald Trump. | Photo Credit: Dado Ruvic The House approved a war powers resolution that would halt the US military action against Iran, defying President Donald Trump as a handful of Republicans joined with Democrats to end the three-month-long war that has reordered politics at home and abroad. House Speaker Mike Johnson had tried to prevent an outcome that would show the mounting opposition to the war, abruptly shutting down floor action two weeks ago when the war powers resolution was on the verge of approval. But displeasure has only grown as the conflict drags on and as Trump struggles to negotiate a quick resolution. The roll call on Wednesday was 215-208, and cheers erupted in the House chamber. “This reckless and costly war of choice needs to end today,” House Democratic Leader Hakeem Jeffries of New York said earlier in the week. “All we need are a handful of Republicans to join us and we can end this reckless and costly war of choice -- a war that has cost the American taxpayer over USD 100 billion -- that’s extraordinary -- and left our country in a weaker position relative to Iran.” It’s the fourth time the House has tried to curb the US war against Iran, and the first time the House was able to pass the measure. The Senate advanced its own war powers resolution last month when a handful of GOP senators broke ranks with the Republican president in a rare show of political pushback from his party. Each time Democrats have pushed forward the war powers resolution, the vote tallies have inched higher as political unease with the US war swells. Trump had campaigned for the White House on a promise to end US entanglements abroad and focus more on domestic issues, but the war has shifted attention back to the Middle East. Johnson insisted Trump is “laser focused” on the domestic front, particularly ahead of the midterm elections that will determine control of Congress. The speaker said he spent three hours at the White House with the president this week as Trump is calling on allies to help reopen the Strait of Hormuz for commerce, especially the flow of oil. Since the US joined Israel in launching the February 28 strikes on Iran, Americans have seen gas prices spike at the pumps, adding to inflationary pressure on consumer spending. Iran has been able to interrupt shipping through the Strait of Hormuz, a vital channel for a large segment of the world’s oil, natural gas and related products such as fertilizer.

US House approves war powers resolution to halt military action against Iran
Europe
The Guardian

‘Historic’: Canadian warehouse workers sign first-ever union deal with Walmart

Members of Unifor rally outside a Walmart in Canada on 10 September 2024. Photograph: Unifor CanadaView image in fullscreenMembers of Unifor rally outside a Walmart in Canada on 10 September 2024. Photograph: Unifor CanadaWalmart‘Historic’: Canadian warehouse workers sign first-ever union deal with WalmartUnion says collective agreement is just the start of a broader fight to unionize major employers across the country Canadian warehouse workers have signed the first-ever collective agreement with Walmart, a breakthrough labour organizers are calling a “historic and powerful step”. But the union says the deal with a corporation long hostile to organized labour is only an opening salvo in a broader fight to unionize major employers across the country. In May, workers in Mississauga, Ontario, signed a contract with Walmart, the world’s largest employer, that includes a pay bump, guarantees over working conditions and a lump sum payout to settle allegations of unfair labour practices. “These members were determined to have workplace democracy and they stuck with it,” said Lana Payne, president of Unifor, Canada’s largest private sector union. “Their courage and determination, their decision to be part of a collective bargaining table with one of the biggest corporations in the world, is why they made labour history.” Workers at the high-volume distribution warehouse – which serves one of the biggest markets for Walmart in Canada – first decided to unionize in 2024. It took two years before both sides agreed on a contract. Payne said the victory came amid a deliberate strategy by the union to target parts of the business workers that could exert the most influence. While retail locations have unionized in the past, the powerful distribution centres that supply more than 100 brick and mortar stores and oversee online orders have proven elusive. “We felt that we needed to put serious effort into targeting the entirety of the supply chain,” she said. “This victory will create momentum across the warehouse sector.” In the case of the Mississauga effort, Walmart raised wages for other workers in the region but not the distribution centre that had unionized. As part of the newly signed collective agreement, Walmart will pay a lump sum to settle an unfair labour practice complaint. The company did not respond to a request for comment. The dramatic transformation of the economy in recent years has raised the power of technology and e-commerce companies, reshaping the nature of how workers organize, said Payne. “Our labour laws are not built to be able to contend with massive corporations who can fight unionization, and so they frustrate the system,” she said. “When you look at the situation we’re in, it’s not unlike what workers faced 70 years ago, when unions were really making kind of groundbreaking strides with auto workers or steelworkers or mining workers.” Unifor has already opened a second front in its battle: an Amazon facility in British Columbia, a province where laws are friendlier to organized labour.

‘Historic’: Canadian warehouse workers sign first-ever union deal with Walmart
North America
CNBC Finance

Boeing to start 737 Max production on new assembly line July 6, CEO says

"We're adding another production line, it's really a carbon copy of what you see here in Renton," Ortberg said. "We'll be loading our first airplane on July 6, so just about a month from now, we'll be bringing that [fourth] line alive." The new 737 Max final assembly line in Everett, Washington, will serve as a catalyst for increasing Max production to 52 jets per month — a pace that's expected to begin next year. Boeing is currently building 47 Maxes per month after ramping output from 42 a month earlier this year. While Boeing wants to build and deliver more 737 Max planes, its production is capped by the Federal Aviation Administration, which put limits on its manufacturing after a door plug blew out on an Alaska Airlines plane in January 2024. That incident prompted lengthy reviews of safety and quality issues in the manufacturing process at Boeing. "We're trying to reset that track record, and I think we've done a good job as we've come back up here in the last 18 months and increased rate, and we've done it differently," Ortberg said. "We've made sure that we're not moving until the production system is stable. We're not pushing work down the production line like we were before. So I think that gives us all optimism." Ortberg and Boeing leadership have set a long-term goal for Max production of 63 per month, if the supply chain can support the increase. The new assembly line will start with production of the 737 Max 10, a stretch version of the single aisle plane that is expected to be certified by the FAA before the end of the year, clearing the way for the first 737 Max 10 deliveries. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Boeing to start 737 Max production on new assembly line July 6, CEO says
North America
CNBC Finance

Family offices bet on sports, from pickleball leagues to smart soccer balls

Last month, investment firms of the ultra wealthy went all-in on sports and played on multiple fronts. At the beginning of May, billionaire Tom Dundon's namesake family office partnered with Apollo's new sports fund to invest $225 million in Pickleball Inc., the parent company of Major League Pickleball and the PPA Tour. Dundon is already an owner of the Portland Trail Blazers NBA team and the NHL's Carolina Hurricanes. As for the major leagues, Michael Dell, as part of an investor group led by Silver Lake's Egon Durban, bought a 25% stake in the Las Vegas Raiders football team. Dell is also a minority investor in the NBA's San Antonio Spurs and the Austin Gamblers, a professional bull riding team. Family offices made 51 direct investments in companies in May, holding steady from April's deal tally, according to data provided exclusively to CNBC by Fintrx, a private wealth intelligence platform. A Goldman Sachs survey released last fall found that 25% of family offices have invested in sports or related assets like ticketing or arenas and another quarter are interested in doing so. Asides from love of the game, many investors are drawn to the sector as an inflation hedge. Student housing mogul David Adelman has used his family office to extend his reach into the sports economy. Adelman is a part-owner of the NBA's Philadelphia 76ers, English Premier League club Crystal Palace and the New Jersey Devils ice hockey team and an investor in sports merchandise giant Fanatics. In May, his investment firm Darco Capital co-led a $12 million Series A round for PlayerData along with David Blitzer's family office Bolt Ventures and venture capital firm Pentland Ventures. The UK startup makes GPS-enabled vests and soccer balls that help athletes track their performance. Adelman told CNBC that some teams in his portfolio use PlayerData products. Crystal Palace, for instance, uses the vests and smart soccer balls in training its academy players. The technology's application for athletes at all levels, including youth sports, was part of the startup's draw, according to Adelman. "What stood out to me was the ability to take something complex and make it simple, practical, and accessible," Adelman said. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Family offices bet on sports, from pickleball leagues to smart soccer balls