Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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US could slap 10% tariffs on laptops and iPhones imported from China

US could slap 10% tariffs on laptops and iPhones imported from China

US president Donald Trump suggested that he might place a 10% tariff on iPhones and laptops imported from China in an interview with the Wall Street Journal

Trump also said that it’s “highly unlikely” that he would delay an increase in tariffs from 10% to 25% on January 1, just four days before a summit with Chinese President Xi Jinping.

“Maybe. Maybe. Depends on what the rate is,” the president told the Wall Street Journal about the possible iPhone and laptop tariffs. “I mean, I can make it 10%, and people could stand that very easily.”

Apple stock was down nearly 2% in after-hours trading.

Trump said he expects he will increase tariffs on $200bn of Chinese goods to 25%. He will also add $267bn worth of tariffs onto goods that are not already subjected to existing tariffs if the two countries don’t come to a deal.

Currently Apple’s products are exempt from the tariffs. It was previously announced that the tariffs would affect the Apple Watch, AirPods and other products, which were eventually spared when the tariffs were announced. Usually iPhones are assembled in China, despite several parts coming from the US.

Apple could not immediately be reached for comment.

 

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