West Asian state at the centre of regional power struggle
The government has nationalised British Steel’s Scunthorpe works to safeguard steelmaking in the UK and protect thousands of jobs. Parliament’s action comes after Jingye warned of compensation while ministers emphasise a plan to modernise and decarbonise the sector.
U.S. officials have opened a leak investigation after news reports said the Secret Service urged President Trump to swap from a newly gifted Qatari 747 to an older Air Force One during a trip home from a NATO summit. The FBI and White House have served subpoenas on New York Times reporters and have tried to contact Secret Service staff, officials say.
The government has released June employment data showing payrolls rising by 57,000, far below forecasts, while the unemployment rate edges down to 4.2%. The labor force participation rate has fallen, highlighting a shift in the job market as fewer people are seeking work. Revisions to May and April data point to a softer hiring pace than previously thought.
President Volodymyr Zelenskyy has carried out a surprise cabinet reshuffle that has removed Defence Minister Mykhailo Fedorov and nominated Serhii Koretskyi as prime minister. The move has prompted nationwide protests, resignations in the military, and has led Zelenskyy to name SBU chief Yevhen Khmara as acting defence minister while parliament prepares confirmation votes.
The United States has conducted repeated airstrikes across Iran’s south and near Tehran, hitting air defences, logistics and maritime targets while enforcing a naval blockade. Iran has responded with missiles and drones against US-linked bases in Bahrain, Kuwait and Jordan and said it struck US forces in Syria and Bahrain. The interim ceasefire over the Strait of Hormuz has frayed and oil prices have risen.
Trump has claimed declassified documents show China interfered in the 2020 election and that the US election system is vulnerable. He is delivering a primetime speech to press for stricter voting laws, while critics say the claims lack evidence. Networks are deciding whether to air the remarks as the White House pushes for reform ahead of the midterms.
The CMA has found that heating-oil customers face higher costs amid market volatility and lack the protections enjoyed by grid-connected consumers. It recommends a new regulatory regime, supplier registration, clearer pricing, and support for vulnerable households, with enforcement action likely for non-compliant firms.
Public ownership has been extended to British Steel to protect the future of UK steel production and safeguard supply chains. The government says the move is essential, while China’s MOFCOM warns it undermines Chinese investor confidence and promises to protect Chinese rights. Parliament has already acted to enable this shift.
The United States has intensified strikes on Iranian targets to protect shipping through the Strait of Hormuz, while Iran has responded with missile and drone actions. Attacks target coastal bases, railways, and port facilities across Iran and nearby states, signaling a rapid intensification of a wider confrontation.
Banks have posted strong second-quarter earnings driven by robust investment banking fees and equity trading, led by Goldman Sachs, JPMorgan, Citi, Wells Fargo and Bank of America. The AI-backed activity has broadened beyond tech to infrastructure and lending, with SpaceX’s IPO and rising deal volumes underpinning a bullish backdrop for the sector.
First-time buyers gain access to cheaper, higher-LTV mortgages as lenders experiment with low-deposit deals. Metro Bank joins Lloyds, Santander, Skipton and Yorkshire in offering near-100% loan-to-value products, with joint borrower options enabling larger borrowing.
The U.S. and Iran have escalated hostilities around the Strait of Hormuz. CENTCOM reports continued strikes against Iranian targets to degrade its ability to threaten shipping, while Iran and its IRGC retaliate with missile and drone attacks on Gulf bases. The cycle risks disrupting global energy flows as sides trade threats and coordinate blocking actions.
The UK government has moved to nationalise British Steel, aiming to protect thousands of jobs and secure a domestic iron and steel supply for major projects and defense. An independent evaluation will determine possible compensation for the former owner, Jingye Group, as the government maintains operational control of the Scunthorpe plant amid ongoing market and energy pressures.
Pew Research Center’s latest global poll shows more countries hold favorable views of China than the U.S. in 25 of 36 countries surveyed, with shifts linked to tensions surrounding the Trump administration and recent global events. The movement marks the first time China has surpassed the U.S. in the long-running survey, underscoring a realignment in international opinion.
Curlew Country is headstarting curlew chicks in Shropshire to stabilise a population that has fallen on the UK Red List. The project incubates eggs from wild nests and raises them in pens to give fledglings a better start, while partners call for improved natural nesting habitats.
The US has pressed Israel to redeploy troops from Syria and Lebanon, amid renewed calls for security zones along borders. Washington has been mediating talks with Lebanon and Syria while Israel maintains a military presence in the region. Trump has urged faster weapons production as the conflict widens.
OpenAI and Anthropic face rising scrutiny as lawmakers discuss equitability and governance of AI wealth, with executives warning over policy shifts and investors watching risks and rewards.
Beijing has expanded its regulatory reach to target foreign entities deemed to threaten its supply chains and enforce sanctions. A third draft law would allow prosecutions for acts harming China’s national interests, while officials say the measures safeguard sovereignty and development.
OPEC+ has agreed to increase oil output by 188,000 barrels per day from August, marking the fifth straight monthly rise. While the move signals a cautious unwind of earlier cuts, oil supplies remain constrained by the Strait of Hormuz and ongoing regional tensions. Prices have edged back toward pre-war levels as shipping resumes.
A wave of earnings reports and mixed inflation signals have kept markets cautious. Major corporates report results this week as investors weigh outlooks against rising costs and central-bank expectations.
A wave of developments across US, Gaza and Kenya signals changing political dynamics. The Democratic Socialists push a sweeping program; Kamala Harris engages pro-Palestinian activists; Gaza demonstrations falter amid security concerns; Kenya deploys pre-emptive tactics to curb street protests.
Indian markets show strong demand for public offerings while foreign investors pivot toward Indian government bonds in anticipation of potential index inclusion and tax reforms.
The United States has carried out another round of missile strikes targeting Iran’s military capabilities around the Persian Gulf, including missile storage, air-defense systems, radar sites, and drone platforms. The actions come amid ongoing tensions following attacks on shipping in the region.
The memory-chip rally has cooled as investors question lofty valuations. SK Hynix’s U.S. ADR debut has sparked profit-taking, with analysts noting a valuation gap between U.S. and Korean listings. Industry-wide weakness follows South Korea’s new rules aimed at cooling speculation in AI-name stocks.
The Strait of Hormuz remains a focal point as attacks and war-risk costs push ships to avoid the usual traffic lanes, with U.S.-led efforts continuing yet shippers report growing concerns and elevated insurance premiums.
The Strait of Hormuz has seen a sharp drop in vessel traffic as renewed US-Iran actions inflame the region. Iran asserts control over the waterway; Western powers push for free passage. The latest strikes follow attacks on three vessels near Oman, and data shows traffic through the strait has plunged from its pre-conflict normal.
The United States has launched a broad campaign to isolate the International Criminal Court, aiming to weaken its authority and deter investigations involving American personnel. Rubio argues the ICC threatens U.S. sovereignty, while allies face pressure to withdraw or face penalties. Several ICC officials have already faced sanctions.
Federal Reserve Chair Kevin Warsh is facing intense scrutiny from Congress as inflation data complicates the path for policy. He has pledged to keep inflation on a clear trajectory while AI-driven investment shapes the economy. Markets are watching whether rate moves will come this year.
A developing clash in Congress over a GOP budget reconciliation package seeks to fund Iran-related military actions and domestic priorities. Republicans push a defense-heavy framework with limited offsets, while Democrats press for affordability and oversight as votes approach.
Democrats are divided over US military aid to Israel as the House rejects Rep. Thomas Massie’s amendment to ban funding. The vote highlights tensions within the party’s stance on Israel, with some leaders opposing the measure and others signaling a tougher approach. The outcome maintains current aid levels while signaling ongoing scrutiny of U.S. policy.
Freddie Mac reports the 30-year fixed-rate mortgage has climbed to 6.55%, up from 6.49% last week, with rates similar to a year ago. The rise adds hundreds of dollars to monthly payments and tightens affordability as Iran-related inflation pressures keep long-term yields elevated. Pending home sales and builder sentiment reflect a cooling market, while refinances remain active in some segments. Today’s data shows rates are high and staying elevated amid inflation concerns.
Joe Biden has announced a forthcoming memoir, Promise Me, America, detailing decisions and challenges of his presidency. The book, scheduled for Nov. 17, follows Jill Biden’s recent memoir and comes two weeks after midterm elections. Publishers have not disclosed financial terms. The release will cover topics from the pandemic to the Jan. 6 Capitol attack and his decision to withdraw from the 2024 race.
Rubio has won backing from key conservative Jewish circles, signaling a potential tilt in Republican support among American Jews amid ongoing debates over Israel policy and antisemitism. The Times of Israel reports rising enthusiasm for Rubio within MAGA-aligned Jewish voters, while New York politics coverage highlights similar concerns about antisemitism within Democratic leadership.
The US states that Iran has released an American citizen detained since December 2024 in a gesture of goodwill. President Trump has publicly praised the move. Reports identify the released individual as Dena Karari; Iran and the US have recently resumed strikes in the region.
The U.S. Commission of Fine Arts will review a plan to fence Lafayette Park and approve an underground screening facility near the White House, aiming to bolster security while maintaining public access. The projects come amid heightened concerns after recent assassination attempts and violent incidents near secure areas.
Officials say a seized truck carried a weapons cache bound for Hezbollah in Lebanon. The shipment, found at the al-Tanf border crossing, includes long-range missiles, drones and anti-tank weapons. Investigations point to transit through Syria with the aim of arming Hezbollah, while Syria’s new leadership pledges border protection.
Netanyahu has postponed his US trip to end of the month after US senator Lindsey Graham’s funeral is moved to a later date. Netanyahu had hoped to meet President Trump, but no schedule has been set. Graham’s death has prompted discussions amid US-Israel security concerns and Lebanon talks.
The United States has intensified strikes against Iran while signaling it will press Tehran to negotiate. President Trump has warned Iran to “behave” as U.S. forces target northern Iran and renew actions around the Strait of Hormuz, while Iran retaliates with missiles and drones toward Bahrain and Kuwait.
The three islands—Abu Musa, Greater Tunb, and Lesser Tunb—have long anchored Iran’s presence in the Strait of Hormuz. Recent U.S. strikes on two islands have reignited questions about ownership and future control, highlighting their strategic role in global energy shipping.
The Islamic Republic has discussed a possible move with its Houthi allies, and Tehran has informed the group recently. The Houthis are said to be prepared to act near Bab al-Mandeb, risking disruptions to Red Sea shipping and adding pressure to global energy markets as tensions with the United States escalate.
Trump Media & Technology has announced Truth PSI, a paid, low-latency data feed that will deliver real-time posts from top Truth Social accounts to financial firms and news organisations starting next month. The company says it has already signed customers; critics warn the service will let traders profit from presidential posts and raise conflict-of-interest concerns.
The ministerial on the resurgence of political violence convenes with officials from more than 60 countries, centering on left-wing extremism. Leaders frame Antifa-linked activity as a global threat, amid debates over civil liberties and counterterrorism tools.
A University of Minnesota study shows that driving at posted speed limits could save drivers millions in fuel costs and reduce emissions, with only a small daily time toll. The research analyzes 120 million trips across four Wednesdays in 2021, finding that speeding is common but slowing down offers clear benefits for gas, climate, and safety.
Israel’s president has spoken of a dream for peace with Saudi Arabia, emphasizing rapprochement and direct talks with U.S. support. In a Riyadh interview and separate comments, he discusses broader regional goals, including potential ties with Lebanon and Syria, and notes concerns about Iran and the Gaza war.
Trump has presented declassified findings to argue that election infrastructure is vulnerable, alleging China stole 220 million US voter files. Multiple outlets report the remarks ahead of midterm races; officials warn against misinformation, while critics call for careful handling of intelligence disclosures.
Trump has claimed China carried out the largest data breach of election records, citing declassified materials. While allies push back, observers note no conclusive evidence of interference or tampering. The speech has intensified GOP calls for voting restrictions ahead of the midterms.