Oil has fallen to its lowest level since June’s conflict began, while stock markets have jumped across Asia and Europe
Travel and leisure stocks across Europe are rallying too.
This has pushed up the STOXX Europe travel and leisure index by 4.1% in early trading, which Reuters reports it the biggest one-day jump since 10 April.
Continue reading...Pat McFadden insists welfare reform change vote will go ahead as planned but says party will ‘engage with’ rebels
Frances Ryan reports for the Guardian:
Downing Street’s disability cuts will have a “devastating” impact on women’s health and dignity and could breach equality law, the government has been warned.
Continue reading...CMA proposes tightening regulation, which could lead to site giving users option to choose alternative services
Google could be forced to make a series of changes to its search business, including giving internet users an option to choose an alternative service, after the UK competition watchdog proposed tightening regulation of the company.
The Competition and Market Authority is preparing to give the world’s largest search engine the designation “strategic market status”, a term for tech companies deemed to have considerable market heft that enables the watchdog to use extra powers to regulate them.
Continue reading...Nato spending plan overlooks risks to security posed by environmental breakdown and social decay, say economists
Europe risks choosing militarism over social and environmental security, economists have warned, as the head of Nato said all 32 members had agreed to increase weapons spending.
Analyses drafted in anticipation of a Nato summit beginning on Tuesday warned of the opportunity cost that higher military spending would pose to the continent’s climate mitigation and social programmes, which are consistently underfunded.
Continue reading...Jack Watkin, who featured in Rich Kids of Instagram, lured people to invest large sums on designer bags that failed to materialise
A fraudster who described himself as the “Kardashian of Cheshire” persuaded people to invest thousands of pounds in luxury handbags that failed to materialise by flaunting his luxury lifestyle on social media.
Jack Watkin, 26, of Alderley Edge, had gone on trial at Chester crown court on Monday, but on Tuesday – the second day of the trial – he changed his plea to guilty.
Continue reading...RTS meters in 300,000 homes to be phased out rather than turned off on 30 June deadline
As the temperature climbed towards 30C the peril of turning off a system that could leave people with their heating stuck on full must have looked like an avoidable disaster.
On Thursday ministers confirmed the “widespread switch-off” of the Radio Teleswitch Service (RTS), which controls an old type of electricity meter, “will not happen” on 30 June.
Continue reading...About 110 million people suffer stress and sleep disturbance that lead to tens of thousands of early deaths
More than 110 million people across Europe suffer high levels of health-damaging noise pollution, according to a report. The resulting physiological stress and sleep disturbance leads to 66,000 early deaths a year and many cases of heart disease, diabetes and depression.
The report, from the European Environment Agency (EEA), focuses on noise from cars, trains and aeroplanes and found that 20% of the population of the European Economic Area (EEA) were affected. Separate research, using a slightly lower threshold for dangerous noise pollution, found that 40% of the UK population were exposed to harmful transport noise.
Continue reading...The English guitarist, who had been bedridden after a stroke in 2016, is set to be inducted into the Rock and Roll Hall of Fame in November
Mick Ralphs, singer, songwriter, guitarist and founding member of the classic British rock bands Bad Company and Mott the Hoople, has died aged 81.
A statement posted to the band’s official website on Monday announced Ralphs’ death. Ralphs had a stroke days after what would be his final performance with Bad Company at London’s O2 Arena in 2016, and had been bedridden ever since, the statement said. No further details on the circumstances of his death were provided.
Continue reading...Keir Starmer says investment in national security will also deepen Britain’s commitment to Nato
Britain will commit to spending 5% of its GDP on defence by 2035 after weeks of diplomatic pressure and intense negotiations with allies.
The decision came as Keir Starmer, the prime minister, prepared to join Nato leaders at a summit dominated by global conflict and expectations of European military self-reliance.
Continue reading...Ukrainian president says two countries will deepen defence cooperation with the objective to ‘stop Russian terror’
Ukraine and the UK are to deepen their defence cooperation by jointly producing long-range drones, Volodymyr Zelenskyy said on Monday after talks with Keir Starmer in Downing Street aimed at forcing Russia to “think about peace”.
Zelenskyy said his main objective was “to save as many lives as possible” and to “stop Russian terror”. Writing on social media, he called for “maximum political and diplomatic coordination” and closer work on “joint defence projects and weapons production”.
Continue reading...The 67-year-old, who also worked for ITV, BBC and Channel 4, says he is ‘responding positively to excellent treatment’
The former BBC and Sky News presenter Dermot Murnaghan has been diagnosed with prostate cancer.
The 67-year-old announced his diagnosis on social media, saying it was one of stage four advanced cancer.
Continue reading...Amendment intended to kill off legislation that would cut benefits could be backed by up to 100 Labour MPs including senior figures
Labour MPs have launched a significant rebellion against the government’s benefit cuts with an amendment that could kill its welfare bill, spearheaded by senior select committee chairs.
The amendment – which sources said could be signed by up to 100 MPs – declines to pass the government’s welfare changes and calls for a pause, including for further consultation and for support to be in place before any further cuts are made.
Continue reading...Monday and Tuesday likely to be the hottest days of the year so far in eastern US while temperatures rise in Europe
This summer’s first heatwave has developed across the eastern half of the United States with most places having recorded their hottest temperature of the year so far on Sunday, which will then probably be beaten on Monday and Tuesday.
High pressure across the eastern US has funnelled up hot air from southern parts of the the country, resulting in what is known as a heat dome, initially across central regions on Friday, before spreading eastwards over the weekend. The temperatures rose significantly on Saturday, with Huron regional airport in South Dakota recording a high of 39.4C (102.9F), 13C above the average high in June for the region.
Continue reading...Prime minister says 10-year industrial strategy marks ‘turning point for economy’ as energy secretary says government will cut electricity costs for businesses
By the way, if you actually wanted to read the Modern Industrial Strategy document published by the government today, you can find it here.
The government has just pushed out a joint statement from business leaders welcoming it, which says:
The Industrial Strategy launched today marks a significant step forward and a valuable opportunity for the business community to rally behind a new vision for the UK – boosting confidence, sentiment, and enthusiasm for investment.
From start-ups and small businesses to large corporates, businesses need a more attractive, stable environment that enables faster, easier, and more certain investment decisions.
For too long high electricity costs have held back British businesses, as a result of our reliance on gas sold on volatile international markets.
As part of our modern industrial strategy we’re unlocking the potential of British industry by slashing industrial electricity prices in key sectors.
Continue reading...Rolling coverage of the latest economic and financial news
The strait of Hormuz: what is it, and why does it matter to global trade?
Price of oil could spike after Iran’s parliament votes to close key shipping route
The eurozone economy has continued to flirt with stagnation this month, with little growth in its key sectors.
The latest survey of purchasing managers across the euro area, just released by S&P Global, shows that the eurozone services sector is stalling this month, while factory growth slowed.
“The eurozone economy is struggling to gain momentum. For six months now, growth has been minimal, with activity in the service sector stagnating and manufacturing output rising only moderately.
In Germany, there are signs of a cautious improvement in the situation, but France continues to drag its feet. The momentum evident in the official growth figure of 0.6 percent for the first quarter is unlikely to have carried over into the second quarter, especially since special factors such as Ireland’s unusual jump in growth inflated this figure.
Continue reading...Police release CCTV images of suspect in hunt for instrument allegedly stolen from north London pub
Police are appealing for help to recover a missing 285-year-old violin after it was allegedly stolen from a London pub.
Detectives have been trying to find the instrument since 18 February, when the violin, valued at more than £150,000, went missing from the Marquess Tavern on Canonbury Street. The victim reported the theft to the Metropolitan police that evening.
Continue reading...Health secretary announces ‘rapid’ national inquiry into failings in NHS care of mothers and babies in England
The health secretary, Wes Streeting, has announced the launch of a national investigation into NHS maternity services.
The new rapid investigation is intended to provide truth to families suffering harm, as well as driving urgent improvements to care and safety.
Continue reading...UK foreign secretary also sidesteps questions on legality of strikes and Donald Trump’s ‘regime change’ post
The UK foreign secretary has repeatedly refused to say if the UK supported the US military strikes on Iran’s nuclear facilities on Saturday or whether they were legal.
Interviewed on BBC Radio 4’s Today programme on Monday for the first time since the US launched airstrikes on three Iranian nuclear facilities, David Lammy also sidestepped the question of whether he supported recent social media posts by Donald Trump that seemed to favour regime change in Tehran, saying that in all his discussions in the White House the sole focus had been on military targets.
Continue reading...Clifton George, 44, arrested after Annabel Rook found with stab wounds in Stoke Newington on Tuesday
A man has been charged with the murder of a charity worker who was found stabbed in her home after a gas explosion.
Clifton George, 44, was arrested after Annabel Rook was found with stab wounds in Dumont Road, Stoke Newington, north London, shortly before 5am on Tuesday.
Continue reading...Investigators can now examine the Bayesian in Termini Imerese to determine cause of sinking in a storm last year
The superyacht belonging to the late tech tycoon Mike Lynch has been moved to a town in Sicily where British and Italian investigators will examine its sinking.
Lynch and his daughter Hannah, 18, were among seven people who died when the Bayesian sank off the Italian coast on 19 August 2024.
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