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Cement group Lafarge is on trial in France for allegedly paying jihadist groups, including the Islamic State, to operate its plant in Syria during the civil war there. The company, which pleaded guilty in the US to similar charges, is accused of funding terrorism and violating international sanctions. The trial involves former executives and staff, with Lafarge potentially facing fines of up to $1.2m. The inquiry began in 2017 after media reports and complaints regarding its Syria operations. The trial is expected to last until mid-December.

 

Daily Sabah

France 24

The US Supreme Court will today hear arguments regarding President Donald Trump's authority to impose a worldwide tariff regime, a case that could challenge Congress' power over taxation. The Trump administration claims that the International Emergency Economic Powers Act (IEEPA) grants the president broad powers to regulate trade during emergencies. Georgetown Law professor Josh Chafetz observed: “It's going to be a huge blow to Congress if Mr. Trump essentially can try to raise as much money as he wants by levying tariffs.” A ruling in favour of Mr. Trump could undermine congressional authority and complicate future legislative actions. Conversely, a decision against him may pressure Congress to legislate on tariffs, as noted by Molly Reynolds from the Brookings Institution. The outcome could significantly impact the balance of power between the presidency and Congress.

 

CNN

Bloomberg

CBS News

UK finance minister Rachel Reeves has indicated a willingness to raise income tax for the first time in 50 years, breaking manifesto pledges. In a pre-Budget speech on Tuesday, the Chancellor stressed the need for difficult decisions to address a £30bn financial gap, arguing: "If we are to build the future of Britain together, we will all have to contribute." The Treasury is understood to be considering a 1p or 2p increase, despite some Labour colleagues warning that hiking income tax will severely damage the party’s chances at the next election. Critics outside the party say Reeves is failing to take responsibility for the effects of Labour’s policies, laying the blame instead on Brexit, the pandemic and global trade shifts.

 

Bloomberg

Financial Times

Reuters

The Daily Telegraph

The nearly $150bn “decentralised finance” sector of cryptocurrency markets faces serious security vulnerabilities that put it at risk of hacking and theft, according to Jonathan Levin, chief executive of Chainalysis.

 

Financial Times

The International Organization of Securities Commissions (IOSCO), the global association of securities regulators and financial market authorities, has called for limits on the activities of market makers amid fears that some are “front-running” their asset manager clients. IOSCO has issued recommendations aimed at preventing market makers earning profits for themselves by exploiting confidential information provided by clients while also stopping short of proposing a complete ban on 'pre-hedging.'

 

ETF Stream

Financial Times

Large tech firms will be supervised by UK financial regulators next year, City minister Lucy Rigby has confirmed, following concerns over their critical role in financial services and recent service disruptions.

 

Financial Times

The UK's Financial Reporting Council is updating guidance on its Corporate Governance Code to recommend that paying non-executive directors with company shares is appropriate, narrowing a disparity with the US.

 

Financial Times

The UK High Court has dismissed Getty Images' primary copyright claims against Stability AI, the developer of the AI image generator Stable Diffusion. Getty alleged that Stability unlawfully used its copyrighted images for training. The court ruled partially in Getty's favour regarding trademark infringement but limited this success to older models. It found that Stable Diffusion does not qualify as an "infringing copy" under the Copyright, Designs and Patents Act 1988. Rebecca Newman, legal director at Addleshaw Goddard, commented: "Today's finding means that copyright owners' exclusive right to reap what they have sown has been avoided on a technicality." 

 

Financial Times

City AM

The Guardian

Disputes between governments and investors over natural resources have surged to a 10-year high, driven by factors including resource nationalism and competition for critical minerals, according to law firm DLA Piper. In 2025 alone, 32 disputes have been filed with the World Bank's arbitration body, surpassing the total for the previous year, with Latin America experiencing the most cases. Gabriela Alvarez-Avila of DLA Piper noted that as the value of these minerals becomes clearer, "states have felt the need to exert greater control" over their deposits.

 

Reuters

An appeal hearing has commenced in South Africa regarding a class action lawsuit against Anglo American concerning lead poisoning that allegedly affected around 140,000 people in Zambia over several decades. The plaintiffs, primarily women and children, link their health issues to a mine in Kabwe, where Anglo American was involved from 1925 to 1974, claiming it "poisoned generations of local people.” Although Anglo American acknowledges the contamination, it disputes liability, asserting it never owned or operated the mine and that the pollution is attributed to others.

 

Associated Press

A major review into Britain's employment crisis warns that every young person who drops out of work due to long-term sickness costs the state £1m over their lifetime. The report, led by former John Lewis chairman Sir Charlie Mayfield, found that rising ill health - particularly mental health issues among 16- to 34-year-olds - is driving record levels of economic inactivity, with 800,000 more people now out of work for health reasons than in 2019. The cost to the economy has reached £212bn a year, or 7% of GDP, with projections showing a further 600,000 could leave the workforce by 2030 without urgent intervention. Mayfield warned that Labour's planned expansion of workers' rights could heighten employer risk aversion and urged the government to fast-track alternative dispute resolution mechanisms. The review calls for a new workplace health system backed by major employers to support mental health, retain older and disabled workers, and promote long-term participation in employment.

 

The Times

Germany's pilots union, VC, has granted Lufthansa additional time to address a pensions dispute, temporarily avoiding a potential strike. The union's decision, outlined in a letter to members, comes after recent negotiations that did not yield results, with VC emphasising the need to allow management to present a new offer. Despite previous support for industrial action, the union said that "for the time being no industrial action is to be expected," although it did not specify an exact timeframe for the negotiations.

 

Reuters

New EU member states could be put on “probation” for a few years under a proposal aimed at allaying concerns about democratic backsliding among new entrants once they join.

 

Financial Times

Insurance Europe has called on the European Commission to pause the implementation of the Insurance Recovery and Resolution Directive (IRRD). The organisation argues that this delay would allow for a comprehensive assessment of the directive's impact on policyholders and financial stability. Concerns include excessive reporting requirements and the potential for increased costs for insurers and policyholders. Angus Scorgie, Head of Prudential Regulation & International Affairs, said: "A stop-the-clock on the IRRD would give a welcome opportunity to simplify and rationalise, ensuring it meets its objectives without disproportionate burdens on European insurers."

 

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