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Wall Street Traders Are Having Their Best Year Ever

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Wall Street Traders Are Having Their Best Year Ever

Investors can’t stop piling more money into stock-market bets. Wall Street is making a killing on it. 

JPMorgan Chase

JPM

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decrease; down pointing triangle, Goldman Sachs GS and the other three biggest banks on Wall Street are on pace to have their best trading years ever, after a second-quarter boom in activity.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Andy Burnham: Five headaches for the incoming prime minister

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Twenty young people from underrepresented communities have completed in July 2026 a nine-month scheme designed to help them secure jobs, apprenticeships and university places.

The social care system in England – which is delivered mainly by independent providers rather than the NHS – is widely perceived as underfunded and unfair.

Public funding is means tested and it is estimated, external that there are two million older people in England now living with some unmet need for social care.

And around 10% of people aged 65 and over face lifetime care costs above £100,000 for their care.

Burnham has himself described it as a “broken” system., external

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And , externalhe made an attempt to reform it, external when he was health secretary in Gordon Brown’s cabinet, though his plan was abandoned after Labour lost the 2010 election.

A government-commissioned report by the economist Andrew Dilnot in 2011, external proposed a state-funded cap on lifetime care costs, of around £35,000, meaning no one would be required to pay more than that to fund their own care.

The principle of a state-funded cap was accepted by Conservative ministers, but the Dilnot system was never implemented.

Former Prime Minister Theresa May put a separate plan for a new system of social care support into the 2017 Tory manifesto, which proposed including the value of a person’s home in the means test for care received in an individual’s home – and did not initially mention a cap on lifetime contributions.

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This proved controversial because homeowners could have been required to contribute more towards their care costs, external based on the value of their property.

But the former PM was forced to reverse course within days and the proposal was blamed for the loss of the Tory majority in that election.

Labour’s 2024 manifesto, external pledged a new “national care service”.

But Starmer kicked the reform can down the road when he became PM and commissioned Baroness Casey to produce a review on options for reform, external, instructing her to deliver her final report by 2028.

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Burnham has suggested he will ask Baroness Casey to report back sooner – by the end of 2026 – and could choose to implement her recommendations.

But any reform is likely to cost money, likely billions of pounds a year.

In the past, Burnham has suggested changing inheritance tax to pay for social care reform, external, floating the idea of a 10% levy on all estates.

However, polling frequently suggests inheritance tax is widely regarded as the least fair tax, external. It should be said more recently he has said he is open to getting rid of inheritance tax completely, external and instead moving to tax “the wealthy properly while they are alive”.

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Why is Nebius stock rallying today?

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Why is Nebius stock rallying today?

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Major contract win for one of Wales’ tech firms IQE

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On the back of the $14m contract broker Panmure Liberum has upgraded its recommendation on IQE shares from hold to buy

IQE

IQE

One of Wales’ leading technology firms, IQE, has secured a multi-year production order valued at $14 million from a strategic global technology customer.

The order, which is to be manufactured at IQE’s Newport foundry, supports applications serving AI and datacentre markets, where increasing data generation and hyperscale infrastructure requirements are driving demand for high-performance storage technologies.

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In addition to the production order with the new undisclosed client, IQE said it continues to engage with the customer on future opportunities, including the development of next-generation technologies supporting multiple stages of the customer’s data lifecycle.

The Alternative Investment Market listed business is leading global supplier of compound semiconductor wafer products and advanced material solutions.

Its chief executive Jutta Meier said: “We are pleased to have secured this production order with a strategic global technology leader, supporting the rapid growth of AI and datacentre markets from IQE’s volume manufacturing facility at Newport and expected to build over the coming years.

“This highlights the role IQE plays supporting high-performance infrastructure from the datacentre to the edge, enabled by our differentiated epitaxy portfolio, which also includes indium phosphide optical communications, silicon photonics and gallium arsenide vertical-cavity surface emitting laser-datacom applications.”

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Earlier this year IQE was boosted with £81m funding package which included a £30m investment by US semiconducter manufacturer MACOM Technologies Solutions. MACOM is supporting the company with a further £15m in convertible loan notes . The US business, which has become a minority shareholder ,remains a long-term client of IQE

On the back of the latest deal broker Panmure Liberum has upgraded its hold recommendation on IQE to a buy position, with a share target price of 50p.

In a note it said: “We upgrade IQE to buy to take advantage of the pullback in the shares. The recent significant investment, with MACOM becoming a strategic investor, has bolstered its balance sheet, the strongest it has been for years. MACOM is a long-term lead customer. Following on from the MACOM long-term agreement, Tower Semiconductor signed another one in June.

“We would expect to see further long-term agreements signed, which would further build through cycle capacity utilisation, driving higher margins and cash generation. IQE is now well placed to engage the AI, space and defence themes. Generating positive margins and cash flow through the cycle is materially more likely now.”

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Following the MACOM investment its executives Robert Dennehy and David O’ Carroll have joined the board of IQE as non-executives.

Mr Dennehy has more than 30 years of experience at MACOM and since last November has been its senior vice president and chief operating officer.

Mr O’ Carroll over has more than 10 years of experience with MACOM, with particular expertise in international operations, finance, and government relations across Europe and Asia. He has served as MACOM’s vice president since October 2023, managing facilities in France, Japan and Ireland and overseeing MACOM’s Asian operations.

Mark Cubitt, chairman of IQE, said: “I am delighted to welcome Robert and David to the board of IQE. I look forward to working with them and the rest of the Board as we capitalise on the opportunities ahead for the company.”

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Ready Capital Corporation (RC) Shareholder/Analyst Call Prepared Remarks Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Hello, and welcome to the Annual Meeting of Stockholders of Ready Capital Corporation. Please note that today’s meeting is being recorded. It is now my pleasure to turn today’s meeting over to Thomas Capasse, Chief Executive Officer, Chief Investment Officer and Chairman of the Board of Directors of Ready Capital Corporation. Mr. Capasse, the floor is yours.

Thomas Capasse
Chairman, CEO & Chief Investment Officer

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Good morning. I’m Thomas Capasse, CEO, Chief Investment Officer and Chairman of the Board of Ready Capital Corporation and Chairman of today’s meeting. Also present today are each of the members of our Board of Directors and a representative from Deloitte who will be available to answer questions after the formal portion of the meeting adjourns. Andrew Ahlborn, Chief Financial Officer and Secretary of the company, will serve as Secretary of the meeting and will be serving as the Inspector of Election.

On behalf of the company, I want to welcome you to our 2026 Annual Meeting of Stockholders, which is now formally called to order. We are very pleased to have each of you in attendance today. We appreciate your attendance, your interest and most importantly, your support of the company. As a reminder, stockholders attending the virtual meeting can vote their shares online during this meeting until the closing of the polls by logging into the meeting website and following the instructions specified in the proxy statement that we filed with the Securities and Exchange Commission on June 1, 2026.

If you have previously voted by proxy and do not wish to change your vote, your vote will be cast as you previously

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Igloo breaks ground on Sunderland homes that aim to bring character to new builds

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The designs are the product of a collaboration with Newcastle-based Mawson Kerr Architects and London-based Openstudio

Igloo collaborated with Mawson Kerr Architects and Openstudio Architects.

Igloo hopes to have completed the scheme by autumn next year.(Image: Igloo)

Regeneration specialist igloo says 16 new homes it has started building in Sunderland could provide the benchmark for sustainable properties in the future.

The developer has broken ground on the city centre project which will bring the Home of 2030 concept to life. It is the result of a collaboration with Newcastle-based Mawson Kerr Architects and London-based Openstudio Architects. The partners jointly won a national competition with the designs, which called for ideas for the future of housing delivery.

Run by the Government and the Royal Institute of British Architects, the contest called for ideas that prioritised uniqueness, community and climate-friendly design, and moved away from identikit developments and towards homes of character. Igloo’s winning entry focussed on the use of low-impact materials, off-site construction methods and high performance energy systems.

The Sunderland project to bring forward the winning designs is part-funded by the Ministry of Housing, Communities and Local Government (MHCLG) and Sunderland City Council.

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Michelle Williams, project director at igloo, said: “Breaking ground on the Homes of 2030 marks a significant milestone in turning our vision into reality. We’re setting a benchmark for sustainable, future-ready living that supports people’s wellbeing today, while building resilience for the future.

“We’re proud to bring our experience in the North East to this development, where we’re working alongside partners to create spaces that are truly distinctive, delivering something special that blends forward-thinking design, low-impact construction and lasting community connection.”

Will Mawson, co-founder at MawsonKerr Architects, added: “While the Home of 2030 concept is future-focused, it is fundamentally about delivering quality homes today, making the mobilisation of construction for this neighbourhood an exciting milestone. There were a number of important design factors in creating living spaces that elevate residents’ quality of life, both now and in the future; that respect the planet on a micro and macro level; and that seamlessly fit into, and speak of, the bustling Sunderland city centre. This development works incredibly hard to balance all of these aspects.”

The Sunderland project is accompanied by 18 townhouses and is part of the wider Vaux neighbourhood and Riverside Sunderland regeneration efforts. It features a mix of two and three-bedroom terraced houses, maisonettes and apartments, and is expected to be completed in autumn next year

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It follows involvement in other North East projects for igloo, including the One Founders Place office scheme in Newcastle, and the mixed Newcastle Helix site.

Joe Broadley, development director at igloo, said: “The start of construction for the Homes of 2030 is a significant moment for Sunderland and for the wider regeneration of this key city-centre neighbourhood.

“This scheme reflects igloo’s ambition to deliver high-quality, innovative homes that will attract people to live, work and thrive here. Working with our partners and Sunderland City Council, we’re helping to shape a vibrant, future-focused community that will benefit residents and support long-term economic growth across the city and wider North East region.”

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Sebi introduces standing instructions for SWP, STP in mutual funds in demat holdings

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Sebi introduces standing instructions for SWP, STP in mutual funds in demat holdings
The market regulator, Sebi, on Friday eased mutual fund investing by allowing SWP and STP standing instructions for demat holdings to facilitate ease of doing business.

According to a circular, mutual Fund investors can avail the facility of SWP by creating standing instructions with mutual fund or its RTA for periodic redemption of specified number of mutual fund units or amount.

Also Read | AMFI simplifies mutual fund transmission process to make claim settlement easier for nominees

The investors can now avail the facility of STP by creating standing instructions for transferring their investment in one scheme of mutual fund to another scheme of the same mutual fund, by way of redemption from one scheme and subscription to the other scheme of the same mutual fund.

At present, the facility of creating such standing instructions for SWP / STP mandate is not available for the mutual fund units held in demat form.

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Sebi said that this move is taken post taking into account the representations received from the Depositories, recommendations of a Working Group setup by SEBI and recommendations of Secondary Market Advisory Committee of SEBI.
This facility shall be implemented in two phases. In Phase – I, the facility shall be made available for “Unit-based SWP / STP” i.e. standing instructions based on a fixed number of units to be redeemed at a specified frequency for withdrawal or for purchasing units of another scheme of the same mutual fund.In Phase – II, the facility shall be extended to “Amount-based SWP / STP” i.e. standing instruction for fixed amount which is required as pay-out at a specified frequency or for purchasing units of another scheme of the same mutual fund.

Further, depositories shall be the nodal facilitator for implementation of this framework and shall ensure the implementation of Phase – I by January 31, 2027 and implementation of Phase – ll by April 30, 2027.

To implement this, depositories are instructed to jointly publish a standard framework on their website to operationalize the aforesaid facility by October 31, 2026, make amendments to the relevant bye-laws, rules and regulations for the implementation of the above framework, as may be applicable/necessary; carry out system changes, if any, to implement the above framework; and lastly disseminate the provisions of this circular on their website.

Also Read | Explained: Why 11 international mutual funds halted fresh SIPs and how investors can still invest globally

The market regulator also said that the provisions of this circular shall come into force with immediate effect.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.

Add ET Logo as a Reliable and Trusted News Source

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Swansea.com Stadium sale deal gets council backing

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Swansea Council’s cabinet has agreed to sell the stadium to Swansea City FC.

Swansea.com Stadium.(Image: Copyright Unknown)

Council chiefs have agreed to sell the Swansea.com Stadium to Swansea City football club. While the value of any deal has not been disclosed, leader Rob Stewart said it was in excess of a “fair open-market value”.

Cabinet members have greed unanimously to the sale, subject to a detailed heads of terms agreement.

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Cllr Stewart said a sale had previously been considered in 2018 but the council didn’t think it was the right option at the time for various reasons.

He said since then the world of sport and football and how clubs were run and promoted had changed, citing the series documenting the rise of Wrexham football club as an example.

The Swansea Labour leader said the owners of Swansea City wanted to get the club back into the Premier League and invest in the stadium and create a better fan experience. “It’s very difficult for them to do that if they’re not in control of the asset,” he said.

A report before cabinet said: “Following lengthy negotiations, terms and conditions have been tentatively agreed which generate a large purchase price, plus additional contingent fees in the event of promotion as well as retained ticket and hospitality benefits.”

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The council spent around £27m on what was then the Liberty Stadium for the Swans and the Ospreys rugby club. It opened in 2005 and coincided with a hugely successful period for the football team culminating in a seven-year stint in the Premier League between 2011 and 2018.

Cllr Stewart said taxpayers didn’t receive any rent from the stadium until the lease arrangements were changed in 2018 when the Swans became the lead tenant and the Ospreys the sub-tenant.

He said the council didn’t normally like to give up its assets but felt on balance it was the right thing to do on this occasion. He added that the authority would retain planning control for things like new developments in the area around the stadium.

Earlier in a council meeting opposition leader Cllr Chris Holley wanted to know how the proposed sale would actually benefit the Swans, particularly on the field of play, and wondered if the club might at some point use the stadium as an asset to borrow against. “This is a substantial asset belonging to the council and the people of Swansea and I think we need an explanation,” he said.

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Cllr Stewart said ownership could give investors more confidence to invest in the Swans but he said he wasn’t an expert on how football clubs were run.

Swansea City football club confirmed last week it had submitted an offer for the ground and that ownership would create new opportunities to increase income, attract investment and support its long-term ambitions while benefiting the city as a whole.

The club said there had been an independent valuation of the stadium carried out on behalf of the council demonstrating best value for taxpayers. Speaking last Thursday the club’s chief executive Tom Gorringe said: “This is a highly significant moment for Swansea City as, after over two decades playing at the Swansea.com Stadium, we move towards taking outright ownership of the ground.

“Owning the Swansea.com Stadium is of major strategic benefit to the football club, and we look forward to completing the purchase in due course.”

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Co-investors in the American-owned club include Real Madrid and Croatia star Luka Modric and hip-hop artist and businessman Snoop Dogg. The Championship side travel to Stoke on August 15 for the first league game of the season.

The Ospreys moved out of the Swansea.com Stadium in 2025 and are due to relocate to their new home at St Helen’s this autumn.

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How Modern Architects Balance Industrial Aesthetics with Commercial Safety Standards

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How Modern Architects Balance Industrial Aesthetics with Commercial Safety Standards

Industrial aesthetics have gone well past converted warehouses and craft brew pubs.

Today, architects are calling for exposed steel, raw concrete, and textured metal surfaces in office buildings, retail stores, hospitality venues, and mixed-use commercial buildings – places where the stringent fire and life safety requirements are no less demanding for the distinctive, rough-hewn look. The question isn’t whether these materials perform well – they obviously do. The question is how to make them perform to code without stripping out everything that makes them work visually.

Fireproofing Steel Without Burying It

Unprotected structural steel is a hallmark of industrial design. It’s also among the first things that any sort of modern fire regulation is going to look to target. Steel loses up to 50% of its yield strength at ~550°C, so in an uncontrolled blaze, unprotected columns and beams can fail long before you’d hope to have the building fully evacuated.

The classic fix, covering over the steel with plasterboard or concrete, kills the aesthetic completely. What architects reach for instead is thin-film intumescent coatings. Applied directly to the surface of the steel as a paint-like layer, these will be ~1-3mm thick. Under normal circumstances, they have a matte or semi-gloss finish and so allow the metallic character of the structural element to shine through. When exposed to fire, the coating expands, up to 50 times its original thickness, to form a carbonaceous char that insulates the steel and allows it to keep its integrity for 60, 90, or 120 minutes depending on spec.

The coating system needs to have been tested and certified to the equivalent of a North American, European, or other global or national structural fire resistance performance standard, and the required film build thickness for a given size of steel section has been determined. The architect will coordinate this with their structural engineer during technical design rather than treating it as a finish spec. Get the build thickness wrong and the fire resistance rating doesn’t hold. Get it right and you have a structural steel frame that reads as 100% raw while meeting the occupancy classification requirements of the building.

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Intumescent coatings are also available in various tinted finishes, allowing the steel to read as dark charcoal, gunmetal, or even a warm rust tone.

Acoustic Management In Hard-Surface Environments

Large open spaces with hard surfaces such as concrete floors, brick walls, and metal ceilings are not good at absorbing sound. Sound waves bounce back and forth between these surfaces, making the space overly noisy. While this might be tolerable in a restaurant or retail environment where ambient noise can be lively, in an office or healthcare facility it is non-compliant with local regulations and poses a risk to people’s health and well-being.

Installing a traditional suspended plasterboard ceiling is the easiest way to resolve the issue, but doing so takes away the industrial aesthetics that make the space attractive in the first place.

Architects and designers are increasingly using a more sophisticated, layered approach to providing the necessary level of sound absorption.

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New types of perforated metal ceiling panels that incorporate an acoustic backing are one way to achieve this. The perforated design allows sound energy to disperse into the backing material, which is typically made of mineral wool or acoustic foam. This means that these ceilings can blend into the surrounding areas where a typical plasterboard ceiling might be used instead.

Acoustic plaster, a type of spray-applied finish that can be applied over brick, blockwork, or concrete walls, is another possibility. This material offers a Class A absorption rating, which is the highest possible score and generally requires the installation of a separate acoustic panel. Walls treated with acoustic plaster have the same appearance as traditional plastered walls, which means that they can be finished to a high standard rather than appearing ‘functional’.

Specifying Slip-Resistant Metal Flooring

Here’s the thing: a slip hazard is where an industrial aesthetic really can create direct liability, if incorrectly handled.

Slips and trips are the single most common cause of major injuries in the workplace, accounting for over 30% of all reported injuries (HSE). In a commercial building with metal flooring in high-traffic areas – entrance lobbies, ramps, stairs, industrial-style walkways – the architect’s material specification directly determines whether that statistic applies to their project.

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Plain flat metal plate has essentially no slip resistance. Once wet, contaminated with dust, or worn smooth over time, it becomes dangerous in any pedestrian area. The solution is embossed or raised-pattern metal plate, and the specification needs to reference the R-value system (R9 through R13) used to classify slip resistance under the relevant test conditions. R9 covers dry areas with light footwear. R13 is appropriate for heavily contaminated or wet industrial environments. Commercial pedestrian areas – particularly entrance zones, ramps, and stairs – typically need R11 or R12 as a minimum.

The raised diamond or linear tread pattern typical of checker plate isn’t just decorative. The geometry creates grip by maintaining contact points above the floor plane, so liquid drains away rather than building up under the sole. Architects specifying patterned steel and aluminium sheet from companies like Chequer Plate Direct for commercial projects can hit these ratings while keeping the industrial character intact.

The other consideration is transition thresholds. Where metal flooring meets a different material, the transition must be level to within a few millimetres to prevent trip hazards and comply with accessibility requirements. Recessed threshold strips or welded edge profiles handle this without creating a visual interrupt in the floor plane.

Industrial Staircases and Balustrade Design

Steel staircases are great for photo opportunities in industrial-aesthetic commercial spaces. They’re the most strictly controlled element too.

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You can’t play fast and loose with riser heights, tread depths, and nosing profiles. Tread depth needs to be deep enough to allow a secure footfall, and nosing profiles have to be in well-defined, slip-resistant sight. On a metal staircase, that’s usually achieved by stipulating a non-slip insert or applying an anti-slip nosing strip in contrasting material. Some architects use cast-in abrasive strips which are low-cost but need to be factory applied and obviously design-integrated to work as an architectural aesthetic.

For handrails to comply with UK building regulations regarding non-discrimination, part K of the regulations requires the handrail to be a continuous element which runs the full length of the staircase. It needs to extend horizontally at the top and bottom of each flight – on post-industrial designs this will usually mean sticking rigidly to the angle of the stair flight at the top. Open grid balustrade panels and horizontal bar infills – another common feature of industrial aesthetic design – need to be detailed so that they don’t create a “ladder effect” that could cause kids to climb. Typically this means establishing a criterion for the maximum separation of horizontal infill bars, or simply specifying vertical infills wherever any can be accessed by children.

Thermal Performance In Exposed Metal Facades

Using metal cladding and an exposed steel frame can cause thermal issues if not detailed correctly. Steel conducts heat about 50 times faster than concrete. So, for every continuous solid piece of metal forming a connection between the interior and exterior of the building, a thermal bridge is created as a potential linear area for heat loss and condensation on the inside of the building.

In commercial buildings, this makes a difference at energy assessment, affects heating bills, and increases mould growth risk on the bridge points. The solution is the thermal break – a low-conductivity material, usually a polyamide or high-density polyethylene, crammed within the steel frame assembly to interrupt the conductive path. For most modern curtain wall and facade systems, thermal break profiles are integrated or cast into the section such that the exterior appears seamlessly metal all around and the thermal performance meets or exceeds that required of the building envelope.

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Make sure the U-value building fabric performance requirements are matched by the specified thermal break, and that any one-off specially designed steelwork connections are coordinated with a building physics consultant for assessment before integrating them into the construction drawings.

Mezzanines and Retrofitted Floor Plates

Constructing a steel mezzanine level within an existing commercial building is one of the standard tropes of an industrial-aesthetic fit-out. The benefits are clear: valuable extra floor area, the introduction of visual drama into the voluminous volume, and the underlining of raw structural ‘bones’.

The engineering reality is that you don’t have a right to assume there’s spare capacity in the existing structure to take the additional loads a mezzanine introduces. Those loads are both distributed – floor, people, storage – and point loads, the latter landing directly onto the supporting columns of the frame. Their relationship to the existing slab or frame capacity must be carefully measured, and this requires the paid input of a structural engineer before you can move from concept sketch to drawing commitment.

Egress from that level is the other non-negotiable. Building regs insist upon a protected escape route from any occupied level, and the maximum travel distance to that stair or exit is directly related to the occupancy classification. In a retail or hospitality space, a mezzanine with a single access stair may need a secondary escape route if the occupancy numbers require it.

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Lighting In High-Contrast Industrial Spaces

The obscured, dramatic aesthetic of industrial design relies on high contrast. Yet, occupancy and merchandising imperatives mean office and retail spaces demand a minimum of light – 300-500 lux for office work surfaces, 300-750 lux for retail displays.

If light is not to wash out all the shadows, the solution is dual ambient and task lighting. Keeping overall levels around 100-150 lux maintains the low-lit drama. The rest is picking up the lux levels with targeted fixtures at the task level (shining on workspaces or products) or higher levels (for architectural elements) without adding to the overall ambient level. Clusters of pendants, track lighting, and accent lighting are the solution but, to stay true to the industrial concept, use black or aged metal fittings.

Material Specification Over The Building’s Lifetime

Unprocessed industrial materials decompose at various speeds, based on their surroundings. For example, mild steel in a damp or coastal setting will deteriorate if not protected. Therefore, when architects select metal for public buildings, they need to look towards the future.

Galvanized steel (i.e. steel hot-dip coated in zinc) gives a corrosion-resistant construction that, even when weathered, presents an almost uniform gray color. When exposed to the harshest environmental factors, anodized aluminum creates a hard oxide coating that will not flake or crack, thanks to its abrasive resistance, which preserves the aesthetic characteristics, even in locations with heavy foot traffic. These should not be seen as design limitations, but as some of the material properties needed to ensure that the industrial aesthetic of a building stays safe and up to code ten, fifteen, or twenty years down the line.

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It’s a lot cheaper and hassle-free to get it right with the material spec from the beginning than to have to replace something that’s degraded well before the building is ready for its first renovation. And it can mean the difference between the building being fit for use all that time or having to deal with restricted access.

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Trump Media sells traders fast access to posts

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Trump warns UK it is ‘very dangerous’ to do business with China as Starmer visits Shanghai

The Trump family’s media company is to sell banks and trading firms high-speed access to the US president’s social media posts, meaning the announcements that have repeatedly moved global markets will reach paying algorithms milliseconds before they reach anyone else.

Trump Media & Technology Group (TMTG) unveiled the paid-for, licensed data feed on Thursday, promising banks and trading houses “the fastest” access to posts from influential accounts on Truth Social, its social media app.

The product, called Truth API, will deliver posts from the platform’s ten most influential accounts in “milliseconds”, significantly faster than a regular push notification, according to a company spokesperson.

Why should a business owner in Birmingham care about the plumbing of Wall Street data feeds? Because Trump, who has 12.9 million followers on Truth Social, regularly uses the platform to announce government policy, including news about tariffs and trade restrictions.

Those posts have moved markets before officials have finished drafting the accompanying paperwork. Tariff announcements have rattled currency markets and swung the pound, and the resulting duties are still squeezing British exporters eighteen months into the second Trump administration.

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In practice, the UK firm hedging its dollar exposure, fixing input prices or watching its pension scheme will now be reacting to news that paying machines have already traded on.

TMTG says the feed is designed for organisations “most impacted by the cost of a delay in information”, such as algorithmic trading firms. Until now, “firms that prioritise tracking influential Truth posts have relied on manual monitoring”, it added.

It is the latest attempt to squeeze revenue from the platform, following plans to integrate artificial intelligence into Truth Social and ventures into streaming and cryptocurrency.

The family connection is what has raised eyebrows. The Trump family is TMTG’s biggest shareholder: the Donald J Trump Revocable Trust holds about 114.75 million shares, around 41 per cent of the company’s outstanding stock, according to regulatory filings. Some of the most-followed accounts on Truth Social belong to the president’s sons, Donald Trump Jr and Eric Trump.

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Ethics watchdogs were quick to criticise the mixing of the family’s business interests with the president’s influence and access to information.

Daniel Lobo-Lewis, co-founder of the Political Integrity Project, a nonpartisan watchdog tracking the money behind US politics, said: “It creates an incentive for him [Trump] to paywall public information in order to enrich himself.”

Kathleen Clark, a professor at the Washington University School of Law who specialises in government conflict of interest rules, went further: “He’s selling expedited, privileged access to information about what he is doing as president. It’s yet more brazen corruption, an improper exploitation of government power to enrich himself.”

Whether it is lawful is a separate question, and the answer appears to be yes. Robert Frenchman, a partner at the Dynamis law firm in New York who has defended clients in federal government trading investigations, said platforms are allowed to offer clients early access even if it disadvantages some market participants.

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“It certainly does not seem fair, but yes, a tech platform can tier its distribution of information without violating federal securities laws,” he said.

The White House referred Fund Manager Today, Business Matters’ sister title, to TMTG when asked to comment. TMTG was contacted for comment.

For British SMEs, the lesson is less about Washington ethics and more about market structure. The gap between an announcement and your awareness of it now has a price tag, and someone else is paying it.


Jamie Young

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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Andy Burnham vows to be ‘pro-business Prime Minister’ and to reindustrialise Britain

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Andy Burnham has been elected as the new Labour leader and will become the UK’s next Prime Minister on Monday

Andy Burnham giving his first speech as leader of the Labour Party

Andy Burnham giving his first speech as leader of the Labour Party(Image: Getty Images)

Andy Burnham has promised to be a ‘pro-business’ Prime Minister who will reindustrialise Britain and champion the nation’s small businesses.

Addressing party members following his coronation as Labour leader on Friday, the former Manchester mayor launched an attack on “four decades of neoliberalism” he argued had concentrated political power in Westminster while “economic power was privatised”.

Echoing themes from his initial speech upon returning to Westminster last month, Mr Burnham vowed to transfer greater control to local communities, arguing that “political power was centralised and economic power was privatised” during the 1980s, as reported by City AM.

“We will take back power from Westminster and Whitehall and give it to the place where you live,” he declared to Labour members. “Power to improve your high street, backing local businesses such as the pubs and the shops that bring them to life.

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“And make no mistake, everybody, I will be a pro-business leader of the Labour party as I was a pro-business mayor of Greater Manchester.”

Mr Burnham’s comments followed his victory in an uncontested leadership race triggered by Keir Starmer’s resignation.

He successfully fended off Nigel Farage’s Reform UK in last month’s Makerfield by-election. During Friday’s address, he promised to extend the pledge he made to “restore hope” in the Greater Manchester seat across the entire country.

“This is… a plan to give people more power to bring back the hope that we have all been missing too much, and people are looking for us to deliver,” he said. “And we will.”

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Mr Burnham’s formal election as Labour leader means he is now officially in line to succeed Keir Starmer as Prime Minister on Monday, when the London MP tenders his resignation to the King. In doing so, he will become the UK’s seventh Prime Minister within a decade.

The newly elected Labour leader chose not to unveil any specific policies or announce cabinet appointments. Instead, he outlined a series of broad pledges to reverse the “wrong turns the country has taken since the 1980s” and breathe new life into the nation’s industrial heartlands.

“The country surrendered control of the essentials: housing, water, energy, transport, and left people exposed to higher costs,” he told members. “That, in turn, led to the concentration of more wealth and power in the hands of fewer people and fewer places.

“Large parts of Britain were deindustrialised without the power to set new ambitions for themselves.”

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Mr Burnham has previously indicated he will push through a further shake-up of business rates upon taking office, which would impose higher levies on out-of-town warehouses to finance tax relief for high-street retailers and pubs. Michael Kill, chief executive of the Night Time Industries Association, said the new Labour leader’s address marked an opportunity for his sector to “move beyond survival towards sustainable growth.

“Our night time industries, from hospitality and nightlife to music, culture and entertainment, are central to Britain’s social and cultural economy,” he said. “They create jobs, drive investment and bring people together. They are the heartbeat of our high streets, towns and cities.”

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