A celebration of the UK’s trade success as the 2026 King’s Awards for Enterprise were announced today (6 May), with 76 recipients in the international trade category – among them, three Chartered Institute of Export & International Trade members.
Could there be good news from Islamabad today, too? Hopes are increasing that an agreement between the US and Iran could be concluded soon, ending military strikes which have devastated parts of Iran and easing disruptions to global shipping which have had widespread financial ramifications.
King’s Award winners
The 2026 King’s Award for Enterprise winners were announced today.
In their 60th year, the awards celebrate “the achievements of outstanding businesses” across the UK and Channel Islands, and their “vital contribution to economic growth and improving lives”.
Of the 186 award recipients, 76 businesses were recognised for international trade. Among them, were three Chartered Institute members:
- TTInstruments, which exports precision instruments to over 70 countries worldwide
- Walkers Shortbread, Scottish producer of the country’s signature biscuits and cookies
- Clarus Networks, a communications specialist providing advanced tech solutions for land, rail and sea
Chartered Institute director general Marco Forgione, who judged an award category this year, described the awards “are a beacon of optimism and celebration amid turbulent times”.
“I was privileged to again be a judge for the awards and be able to honour the journeys of so many innovative businesses across the UK.
“It is through businesses such as these, and the resilience and innovation of the individuals within them, through which long-term economic growth will be achieved.”
‘Project Freedom’ stalls as peace hopes renewed
Hopes for a peace deal between the US and Iran have risen amid reports that negotiators are closing in on a “one-page, 14-point memorandum” that could end hostilities, according to Reuters reporting.
A Pakistani mediator close to the talks said that Iranian officials are negotiating with US envoys Steve Witkoff and Jared Kushner on an agreement which would suspend military activity for a 30-day period of talks to determine a permanent peace deal.
The update follows the suspension of a short-lived US plan to send military support to guide ships stranded in the Gulf.
US President Donald Trump said that “Project Freedom”, announced on Monday (4 May) morning, had been paused for a “short period” while negotiations to reach a peace deal with Iran are ongoing. He said that the US naval blockade of Iranian ports would remain in place.
The president hailed the “tremendous Military Success” of the US’ campaign in the region so far, while also noting that the pause came at “the request of Pakistan and other Countries”, in a social media post.
Mirroring previous communications from the two parties, Trump touted progress though social media, with Iranian officials yet to comment.
China-Iran talks
Instead, Iranian foreign minister Abbas Araghchi met his Chinese counterpart Wang Yi in Beijing today (6 May), the FT reports, just a week before Trump is set to meet Chinese President Xi Jinping for a bilateral summit.
The visit, at the invitation of the Chinese government according to state media, has been interpreted as a demonstration of Beijing’s influence over the conflict.
As the leading importer of Iranian oil, China has significant leverage over Tehran, and could influence its decision to reopen the Strait of Hormuz, experts argue.
Cost ramifications
The Brent Crude benchmark for oil fell back down to US$106 per barrel after Trump suspended ‘Project Freedom’ and spoke encouragingly of peace talks with Iran.
Beyond the daily yo-yo of oil price positions, the long-term financial consequences of the war continue to rattle the government and public.
The BBC reports that long-term government borrowing costs are at a 28-year high, providing yet another challenge to UK chancellor Rachel Reeves tightly managed fiscal rules.
The British public has also expressed concern about the cost of the war, with 4 in 5 respondents to an Opinium poll saying that they’re worried about the rising price of groceries. A similar number (81%) also said rising energy bills were also a cause for concern.
Elsewhere in the headlines
- The Guardian reports that upcoming UK-EU alignment of sanitary and phytosanitary rules could restrict the products that farmers are permitted to use on their crops
- International firms are readying to cash in on the upcoming Fifa World Cup, with alcoholic beverage company Diageo reporting strong sales ahead of the event, according to Reuters
Yesterday in Trade
- Trump threatened the EU with a 25% levy on automotive exports
- Defence spending was discussed by European leaders at the European Political Community
- The Chartered Institute announce its new President, former minister Baroness Neville-Rolfe
You can read those stories and more here.
