Good morning. Anglo American merges with Canada’s Teck Resources. Emmanuel Macron is seeking France’s fifth prime minister in less than two years. And an alleged birthday note by Donald Trump is publicly released. Listen to the day’s top stories.

— Teo Chian Wei

London-listed Anglo American will merge with Teck Resources just over a year after Anglo was subject to a takeover bid itself. Teck shares jumped 24% in postmarket trading in New York after Bloomberg reported the deal.

French President Emmanuel Macron will appoint a new prime minister within days, after current premier Francois Bayrou lost a confidence vote in the lower house of parliament. Bayrou formally presents his resignation today. Whoever Macron picks will need to assemble a government and then find a way to pass a budget in a starkly splintered National Assembly, an exercise that’s toppled the last two prime ministers. France’s 10-year note futures were steady at the open.

Lachlan Murdoch. Photographer: Patrick T. Fallon/Bloomberg

Rupert Murdoch and his children settled litigation over a trust that controls Fox and News Corp., ensuring that favored son Lachlan remains in charge of the media empire. Three other siblings—Prudence, Elisabeth and James—will cease to be beneficiaries of the trust that controls Fox and News Corp. and instead get $1.1 billion each, a person familiar said. Read how Lachlan won the succession fight.

Microsoft struck a multiyear deal worth nearly $20 billion to get AI cloud computing power from Nebius, the tech company spun out from Russian internet giant Yandex. The agreement will be worth $17.4 billion to $19.4 billion through 2031 to Nebius, whose investors include Nvidia and Accel Partners.  

Sunny weather prompted British shoppers to splash out at the end of a “solid” summer for retail sales but signs of caution are appearing ahead of the UK autumn budget, according to the British Retail Consortium. The amount of money spent in stores was 3.1% higher in August than a year earlier, up from 2.5% growth the previous month and well above the 12-month average of 2%, the industry lobby said.

Deep Dive: Going Green

Starmer delivers a keynote speech during the Future of Energy Security Summit at Lancaster House in London, on April 24. Photographer: Justin Tallis/AFP

The UK is facing mounting political and economic pressure over one of its campaign promises to achieve a clean power grid by 2030. It’s an ambitious project by any measure: 70 million solar panels, 6,000 wind turbines, and 4,500 kilometers of underwater electricity cables.

• Prime Minister Keir Starmer’s plan to deliver a carbon-free power grid will require about £240 billion of investment, thousands more skilled specialists, and a complete overhaul of the planning system.
• The policy is a crucial part of Labour’s push to revive economic growth, and has made the UK a flagbearer for green ambitions at a time when many authorities and corporates around the world are pulling back.
• But cracks are beginning to show. The plan faces political backlash as opponents like Reform UK insist the policy will cripple businesses and households through sky-high bills.

The Big Take

Opinion

The Labour Party put cleaning up British politics at the center of its campaign to replace the Tories, Adrian Wooldridge writes. Angela Rayner happily acted as his deadliest sniper. Labour’s various sins might seem venial but these are nevertheless damaging to Keir Starmer’s government because they are bound up with two of the greatest sins of modern politics: hypocrisy and self-righteousness.

Before You Go

Image released by Democrats on House Oversight Committee Photographer: House Oversight Committee Democrats/X

US House Democrats released an alleged birthday note from Donald Trump to Jeffrey Epstein, intensifying scrutiny of the president’s past interactions with the late disgraced financier.

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