Dimon cautions UK on bank taxes; Trump trims Korea drills

JPMorgan Chase chief executive Jamie Dimon has cautioned the UK chancellor against creating a more hostile tax environment for banks, as the financial services sector gears up for a significant pre-Budget lobbying push. The warning comes amid broader discussions about the UK's fiscal direction and its impact on the banking industry.

In a separate development, the US government has reportedly discussed imposing new sanctions on Alexandre de Moraes, a justice on Brazil's Supreme Court. The move could push diplomatic relations between Washington and Brasília to their lowest point in decades, reflecting growing tensions between the two nations.

On the domestic UK front, Housing Secretary Angela Rayner is set to announce changes to the national planning policy framework on Monday. The proposed reforms would make it harder for developers to close down pubs, allowing closures only when there is "no reasonable prospect" of keeping them operational. The measure aims to protect England's pubs while also supporting housebuilding efforts.

Meanwhile, US President Donald Trump has instructed the Pentagon to reduce the scale of upcoming joint military exercises with South Korea. Trump argued that the drills send a "hostile" message to North Korea, which he said does not pose a threat to Washington. The decision marks a shift in the US approach to regional military posture.