Reeves to host bosses of UK and US financial firms as Trump visit begins

Chancellor hosting Downing Street talks with Treasury secretary, which are aimed at securing more US investment

Rachel Reeves will host the bosses of top US and UK financial firms in Downing Street on Tuesday morning, as Donald Trump begins his official state visit.

The meeting, which will be jointly hosted by US Treasury secretary, Scott Bessent, will be attended by senior figures from BlackRock, Barclays and Blackstone, who will have roundtable talks with officials hoping to highlight economic cooperation between the two countries.

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‘We’ve got no tourists’: small businesses caught up in Australia’s largest manhunt struggle as aid announced

Victorian government pledges up to $2.5m to help visitor economy in alpine region as search for alleged Porepunkah killer Dezi Freeman continues

The Victorian government has announced a support package for tourism operators and small businesses caught up in Australia’s largest manhunt.

The government announced on Monday that as much as $2.5m would be paid to support the visitor economy in Porepunkah, Bright and surrounding region, as the search for alleged police killer Dezi Freeman edged towards a fourth week.

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Chinese economy slows amid Trump trade war and weaker consumer spending

Slowing growth in factory output and retail sales prompts calls for fresh economic stimulus

China’s economy showed further signs of weakness last month as it comes under strain from Donald Trump’s trade wars and domestic problems, with factory output and consumer spending rising at their slowest pace for about a year.

The disappointing data adds pressure on Beijing to roll out more stimulus to fend off a sharp slowdown, with a debt crisis denting the country’s once-booming property sector and exports facing stronger headwinds.

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Chinese carmakers told to improve locking devices for UK market

UK insurers require critical modifications for sale in country with higher levels of car theft than China

British authorities may have certain concerns about the cyber-spying threat from vehicles made in China, but it turns out the country’s manufacturers have security worries of their own.

Insurers have told Chinese carmakers they need critical modifications for vehicles on British streets: namely, tougher locking devices to make them harder to steal.

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News live: Australia is spending an additional $70bn on defence compared with previous government, Marles says

Deputy prime minister also said security arrangements between PNG and Australia were due for a ‘refresh’. Follow today’s news live

‘We’ve got an eye to recruiting out of PNG into the defence force’ – Marles

Marles is asked about statements from his PNG counterpart about what may or may not be in the agreement, including more integration between PNG and Australian defences forces, and specifically whether there has been any confusion.

I’m very pleased to see the excitement that [the PNG defence minister] Billy [Joseph] is bringing to this and it does, to be honest, reflect the way in which we have been going about this agreement since the moment that he and I first met to do this refresh back in January this year and it has turned into something much more than a refresh.

It is a really significant agreement that we will be signing, but it does reflect the fact that we are doing so many more exercises together, so many more operations together. We are really working hand in glove as two defence forces and I think this is profoundly important.

I think what you can take, though, is that this is a really important statement from Papua New Guinea and indeed from Australia, to each other, and I think this is Papua New Guinea making it really clear that traditional partners, and they’ve talked about this a lot, the traditional partners is where they look to in terms of their security, and from an Australian point of view, PNG is obviously on our northern flank.

It really matters that we have the very best relationship that we can have with PNG in a security sense, and I’m really excited about the fact that this agreement is going to give expression to that.

We’re doing so much more with PNG now. I think it is fair to say that as we’ve walked down that path over the course of the last few months, and we’ve been doing it with a view to signing this agreement in conjunction with the 50th anniversary of PNG’s independence, it is fair to say a lot more ambition has been brought to this agreement and we are really excited about the agreement that we will be signing in the next few days.

It certainly will transform the defence relationship between Australia and PNG, but beyond that, if you look at the various defence agreements we have with countries around the world, actually, it is hugely significant in that context.

The prime minister will be signing this in the next few days, so I will let the prime minister make those announcements and you will see them shortly enough.

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France’s credit rating downgraded, with debt forecast to keep rising amid political turmoil

Fitch downgrade to lowest level on record complicates new prime minister Sebastien Lecornu and President Emmanuel Macron’s efforts to control France’s finances

The Fitch agency downgraded France’s credit rating on Friday, as President Emmanuel Macron struggles with political instability and disagreements on how to put the country’s strained public finances in order.

The US rating agency, one of the top global institutions gauging the financial solidity of sovereign borrowers, downgraded France on its ability to pay back debts, from “AA-” to “A+”, the country’s lowest level on record at a major credit rating agency.

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Business rates rise would put hundreds of big shops at risk, say UK retailers

Concern for ‘anchor tenants’ as trade body warns that stores could put up prices or cut jobs to protect profits

Up to 400 large shops are at risk of closure with as many as 100,000 jobs at risk if the government goes ahead with plans to hit stores with higher business rates, retailers have warned.

Some of the UK’s largest retail premises, including supermarkets and department stores, would face higher property tax charges under new rules being considered by the government before November’s budget.

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US drugmaker Merck scraps £1bn London research centre and cuts 125 science jobs

New blow to UK’s key life science sector as industry body says country is losing ground on investment and research

The US drugmaker Merck has scrapped a £1bn London research centre and is laying off 125 scientists in the capital this year, in a big blow to the UK’s important life science sector.

Keir Starmer’s government has described life sciences as “one of the crown jewels of the UK economy” and the previous Conservative government had vowed to turn the country into a “global science and technology superpower” by 2030.

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LNER urges customers to be vigilant after passenger details accessed in cyber-attack

Data breach at third-party supplier involves contact details and some information about previous journeys

The train operator LNER has urged customers to be wary of unsolicited communications after revealing some passengers’ contact details and journey records have been accessed in a cyber-attack.

The data breach took place at a third-party supplier, and LNER said no bank or payment details or password information had been accessed.

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Jaguar Land Rover says cyber-attack has affected ‘some data’

Carmaker has informed relevant regulators and ‘will contact anyone as appropriate’ as investigation progresses

The cyber-attack on Jaguar Land Rover has affected data held by the carmaker, it has said, as its factories in the UK and abroad face prolonged closure.

JLR, Britain’s biggest carmaker, said on Wednesday that in its investigations into the hack, which first emerged last week, it had now discovered data had been breached.

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Trump asks EU to impose tariffs of up to 100% on India and China

In effort to end Russia’s war in Ukraine, US president proposes tariffs targeting Putin allies and trade partners

Donald Trump has asked the EU to impose tariffs of up to 100% on India and China as part of an effort to force the Russian president, Vladimir Putin, to end the war in Ukraine.

The US president made the demand during a meeting between US and EU officials discussing options to increase economic pressure on Russia on Tuesday, according to a White House official.

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Majority in EU’s biggest states believes bloc ‘sold out’ in US tariff deal, poll finds

Average of 77% of respondents across five countries thought agreement would benefit US economy above all

A majority of people across the EU’s five biggest member states believe the European Commission sold citizens out when negotiating a “humiliating” tariff deal with Donald Trump that “benefits the US” far more than Europe, a survey has shown.

The poll, by Cluster17 for the European affairs debate platform Le Grand Continent, found 77% of respondents – ranging from 89% in France to 50% in Poland – thought the deal would benefit above all the US economy, with only 2% believing it would benefit Europe’s.

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London tube strike shuts down services, causing congestion on roads

Downing Street says ‘Londoners rightly fed up’ as commuters forced to find other routes to work on first of four days of RMT action

Downing Street said Londoners would be “rightly fed up” as commuters turned to the other trains, buses and bikes – or just stayed at home – as strikes by the RMT union closed the underground on Monday.

The numbers attempting to use any public transport were down by about a fifth, according to Transport for London (TfL) data, but that still left many crowding on to bus and overground services or congested roads at the start of four days of commuter misery.

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Hopes rise for green economy boom at Africa Climate Summit

Renewables are thriving, with Africa breaking solar energy records – but action is needed to plug financing gap

The first signs of a takeoff of Africa’s green economy are raising hopes that a transformation of the continent’s fortunes may be under way, driven by solar power and an increase in low-carbon investment.

African leaders are meeting this week in Addis Ababa, Ethiopia, for the Africa Climate Summit, a precursor to the global UN Cop30 in November. They will call for an increase in support from rich countries for Africa’s green resurgence, without which they will warn it could be fragile and spread unevenly.

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Londoners buying lowest share of property outside capital since 2013

Stalling house prices and shift back to office working are affecting people’s ability to move out of city, say experts

Londoners are buying the lowest share of houses outside the capital in more than a decade as their moving plans are curtailed by a stalling local market and the shift back to office working.

They were behind just 5.3% of house purchases elsewhere in the country in the first seven months of this year, the lowest proportion since 2013, research has found.

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UK advertising watchdog accused of breaking rules in its own ad campaign

Complaint lodged asks ASA to investigate claims made in promotion launched in conjunction with household brands

The UK advertising watchdog has received a complaint about its own high-profile UK-wide campaign, accusing it of breaking the rules it enforces around misleading marketing.

The Advertising Standards Authority (ASA), which investigates whether ads breach UK regulations, is being asked to investigate claims made in its campaign launched in conjunction with household brands including Tesco, Comparethemarket and Lloyds bank.

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US treasury secretary denies Trump tariffs are tax on Americans

Billionaire Scott Bessent dismisses concerns about president’s levies and predicts ‘acceleration’ in US economy

US treasury secretary Scott Bessent has refused to acknowledge that the sweeping trade tariffs imposed by Donald Trump around the world are taxes on Americans.

In a new interview on Sunday with NBC host Kristen Welker, Bessent, a former billionaire hedge fund manager, dismissed concerns from major American companies including John Deere, Nike and Black and Decker who have all said that Trump’s tariffs policy will cost them billions of dollars annually.

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South West Water taken to court over cryptosporidium outbreak in Devon

Inspectorate issues summons after water supply infected 140 people with diarrhoea-type disease in Brixham last year

South West Water is being taken to court over a parasite that infected the water supply in parts of Devon last summer and left dozens sick.

More than 140 people were confirmed to have the diarrhoea-type disease, which also causes stomach pains and vomiting, typically lasting for about two weeks. Four people were hospitalised at the time.

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UK phone retailers lock shop doors while trading to tackle rising thefts

Exclusive: Companies considering use of ‘kill switches’ to disable stolen devices after 967% increase in theft incidents

Mobile phone retailers are locking their doors during trading hours and considering using “kill switches” to disable stolen devices, as incidents of theft increase more than ninefold in some high streets due to organised crime.

VodafoneThree, which operates the largest retail network with 650 stores across the UK, has experienced a 967% increase in theft incidents in the first half of this year compared with the same period in 2024.

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Marks & Spencer food chief calls for ‘concrete target’ on British produce

Alex Freudmann says ministers need to increase proportion of food eaten in UK that is grown or reared in Britain

Marks & Spencer’s head of food has called on the government to set a legally binding “concrete target” to increase the proportion of food produced at home, as he warned that Britain was becoming “less and less self-sufficient”.

Alex Freudmann, the managing director of the upmarket grocer’s food division, which works with 10,000 British farms, said: “If ministers are committed to domestic food supply, then they need to prove it, and that’s why we’re backing our farmers’ calls for a clear and concrete target to increase the proportion of food eaten in Britain that’s grown or reared in Britain.”

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