A geopolitical region spanning West Asia and parts of the Arab world
Andy Burnham has been confirmed as leader of the Labour Party and will become prime minister on Monday after securing overwhelming support from Labour MPs and trade unions. He has pledged to shift power from Westminster to local areas, prioritise cost-of-living measures and tackle social care while promising a ‘‘distinctively Labour’’ government to counter Reform UK.
The United States has carried out repeated air and naval strikes across Iran since mid‑July, including attacks on coastal surveillance, air defences and transport links, while Iran has launched missile and drone strikes on US bases and Gulf allies and warned it will retaliate further. The fragile June memorandum to pause the war has largely collapsed and the Strait of Hormuz remains disrupted (19 July 2026).
The CMA has urged the UK and devolved governments to bolster safeguards for heating oil consumers after a price spike triggered by the Middle East crisis. It finds rising wholesale costs largely explain price increases, but protections for oil users lag those for gas and electricity customers. About 1,700 orders were cancelled with some patients paying up to £350 extra; regulators plan enforcement and compensation for affected customers.
Chip shortages are pushing up RAM/NAND costs and pricing, pressuring low-end smartphones as memory chains shift toward AI data centers. Early data show India, then global markets, feeling the squeeze while premium devices hold steadier.
Wetherspoons has seen a recovery in share value after a March profit warning, with like-for-like sales rising in Q2 but growth slowing in Q3. A fourth-quarter update on July 22 is anticipated, amid pressure from wage costs, National Insurance, and a packaging levy, as the sector awaits clarity on costs and VAT relief.
The figures from Makerfield have returned to Parliament with a plan to shift power from Whitehall to regions. Andy Burnham pledges a new direction, including a North No.10, to rewire the state and give devolved powers over energy, housing, transport and utilities. He argues this will end trickle-down economics and deliver “good growth in every postcode.”
GDP has risen by 0.1% in May, driven by services though production and construction slipped. The upside comes amid ongoing Middle East tensions and ahead of a new prime minister taking office, with analysts noting fragile momentum and potential inflation risks.
The United States has escalated strikes against Iran, while Iran and its IRGC retaliate with missiles and drones targeting Gulf bases and shipping. The renewed hostilities threaten global energy flows as both sides threaten further action and diplomatic talks remain fragile. The Strait of Hormuz remains central to the crisis.
The Guardian reports Burnham pledges to deliver “good growth in every postcode” through devolution and industrial policy; Bloomberg notes the economy faces major challenges, including weak growth and debt, as he is set to become prime minister. Together the coverage outlines a plan to rewire the state, with devolution and targeted investment at its core.
The latest wave of US strikes targets Iran and nearby targets after Tehran closes the Strait of Hormuz; both sides accuse each other of targeting energy infrastructure while global oil prices rise. The fight over Hormuz continues to threaten a broader conflict, with ships moving at reduced capacity through the strait.
U.S. President Donald Trump has offered to help end the Russia-Ukraine war in a nearly 90-minute call with Vladimir Putin and has agreed with Volodymyr Zelenskyy to continue negotiations at next week’s NATO summit in Ankara. Ukraine has struck oil and naval facilities near St. Petersburg, and Russia has responded with heavy missile and drone strikes on Kyiv.
The Financial Conduct Authority has had parts of its £9.1bn motor‑finance compensation scheme suspended after legal challenges from Volkswagen Financial Services, Mercedes‑Benz Financial Services, Crédit Agricole Auto Finance and consumer group Consumer Voice. The Upper Tribunal has set hearings for December or February; lenders will not need to calculate or pay redress while legal proceedings continue, delaying mass payouts until at least 2027 if the scheme survives.
Sony has announced it will stop producing physical PlayStation game discs from January 2028. New titles will be sold via the PlayStation Store or as retailer-issued download codes; games releasing before 2028 remain unaffected. The move follows years of rising digital sales and has provoked consumer backlash over ownership, preservation and the second‑hand market.
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.
Ukraine’s mid-range, Starlink-enabled drones have expanded the front’s reach, pressuring Russia’s supply lines and Crimea’s energy hubs. Russia is countering with camouflage, jamming, and new tactics, while Ukraine trains fighters and pursues domestically produced drones to sustain the push.
A wave of commentary and policy proposals surrounding UK Prime Minister-in-waiting Andy Burnham is pushing for a radical economic and housing strategy. The debate centers on restoring aid targets, reforming tax, and expanding social housing, while markets monitor mortgage pricing and fiscal discipline.
The Navy has named the crew member lost after an MH-60S Sea Hawk crash in the Arabian Sea as the search continues for the remaining missing aircrew. Three crew members have been rescued and are in stable condition aboard the USS George H.W. Bush. The incident is under investigation and authorities say hostile action is not suspected.
The Supreme Court issues a 6-3 set of decisions affecting race, immigration protections and birthright citizenship. It allows ending temporary protected status for Haitians and Syrians, reaffirms birthright citizenship, and signals ongoing debates about diversity policies and anti-discrimination enforcement.
Travelers are adjusting to higher costs as global tensions shape travel patterns. Data show Americans and others favor road trips, domestic stays and budget options over long-haul, international travel this summer.
Saudi Arabia's non-oil economy shows resilience with a June PMI above 50, signaling expansion. Riyad Bank’s PMI points to the strongest end of Q2 since February, while manufacturing and exports face mixed signals amid regional tensions and supply-chain disruptions linked to the US–Iran conflict.
The United States is pursuing a coordinated approach to Iran-related talks as Vice President JD Vance and Senator Marco Rubio push rival tracks on Middle East diplomacy. The White House is weighing frameworks to end the Iran war while negotiations over Lebanon and Israel shape the final agreement.
Fed minutes show policymakers are divided on whether to raise rates this year; markets are betting on a cautious path with speculation about AI inflation and Middle East tensions affecting decisions. Warsh has not provided a clear stand as minutes reflect a range of scenarios.
Major recruitment firms have reported mixed quarterly results with improving temp hiring in some regions but weak demand in Europe. Net fees fell, executives caution on the year ahead as firms push cost cuts and focus on AI-driven efficiencies.
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.
UK Labour leader-in-waiting Andy Burnham has apologised for Labour’s initial Gaza response, saying the UK must press Israel harder and consider sanctions and a ban on settlements. He reframes Labour’s position as it readies him to lead the party, while stressing accountability for war crimes and protection of civilians.
JAXA has flown the RV-X, lifting it 11 metres and landing it upright 16 metres away at Noshiro, marking Japan’s first successful launch and landing of a rocket. China’s Long March-10B has achieved a sea-based net catch on its maiden flight, signaling a major step toward reusable launch technology. The stories show growing momentum in global efforts to reduce space-launch costs and expand access to space.
Ro Khanna has said his group was detained for over an hour by Israeli settlers armed with US-made rifles during a West Bank visit. The incident, which Khanna says involved blocking roads and interference by the IDF, has amplified scrutiny of Israeli occupation, settler violence, and U.S. military aid policy as Khanna weighs a 2028 presidential bid.
The IMF has revised its 2026 growth outlook to 3.0%, citing energy shocks from the Middle East but noting an AI investment boom that is offsetting some pain. The US is forecast to grow around 2.3%, Europe remains subdued, and oil markets show volatility as tensions persist in Hormuz. Inflation is expected to ease only slowly.
Senator Lindsey Graham has died after a "brief and sudden illness," his office has said. The 71-year-old Republican had returned from a trip to Ukraine and was due to appear on Meet the Press. The DC medical examiner has preliminarily attributed the death to an aortic dissection linked to arteriosclerotic cardiovascular disease; officials will release final findings after tests.
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.
The UN has condemned Hamas for obstructing humanitarian aid deliveries in Gaza, with reports of armed groups entering food-distribution points and a WFP warehouse. The EU commits almost 900 million euros to early recovery and reconstruction, while donors seek conditions for disbursement amid ongoing conflict and calls for Hamas disarmament.
Reports show a covert operation aimed at grooming Mahmoud Ahmadinejad as Iran’s leader has faltered. Ahmadinejad has been moved between locations under IRGC custody, with fresh questions about Israel’s role and the broader implications for Iran’s leadership and regional stability.
The Strait of Hormuz is open, but tensions have escalated as President Trump reinstates a blockade and proposes a 20% toll on cargo. Oil prices jump again amid new threats and retaliatory strikes; markets and allies react to the developing standoff.
Economists and AI researchers warn that AI could drive a transformation larger than the Industrial Revolution within a decade, bringing risks like job displacement but also rising living standards. The Stanford-led letter urges governments and industry to build incentives, guardrails, and institutions to steer AI so it complements humans.
Chipotle Mexican Grill has opened its first restaurant in Monterrey, Nuevo León, marking its entry into Mexico with a plan to roll out 350-370 new stores this year and expand to Mexico City in 2027 through a partnership with Alsea. Reactions online are mixed, with critics questioning value of a US-style menu in Mexico's market.
The United States has begun refunding tariffs after the Supreme Court ruled the broad global tariffs illegal. The refunds, totaling up to $81 billion this fiscal year, come as the administration plans a fresh set of duties. Deficits have widened again despite early gains, and the White House signals further measures are pending.
Uber is moving to acquire Delivery Hero, with Delivery Hero selling 14 markets to SSW Partners and both sides eyeing a deal valued well above €36 per share. The acquisition would expand Uber Eats across Europe, the Middle East, Asia and Latin America, while drawing regulatory scrutiny and potential competition concerns.
The Strait of Hormuz remains a flashpoint as US and Iranian forces resume strikes after a fragile ceasefire. Tehran is asserting control over shipping routes, while Washington threatens broader action to safeguard navigation and energy supplies.
China has reported 4.3% year-on-year GDP growth in the second quarter, below the 4.5%–5.0% official target and economists’ expectations. Retail sales rose 1% in June, while industrial output climbed 5.3%, but fixed-asset investment contracted. Analysts say policymakers are likely to rely on exports and stimulus to bolster demand amid a property slump and subdued domestic spending.
The OECD has forecast the UK’s GDP will slow to 0.9% in 2026, down from 1.4% last year, citing energy costs and geopolitics. It stresses the need for reforms to boost productivity and address regional disparities, as energy prices remain a risk to growth.
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.
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.
Multiple outlets report that Iran has released an American-Iranian detainee, Dena Karari, who had been held on espionage charges since December 2024. Trump publicly praised the move as a goodwill gesture as US and Iran resume strikes in the region. Karari is traveling back to the United States, where passports were confiscated on exit bans.
Uber has offered €41.50 per Delivery Hero share, valuing the company at €14.8 billion. The deal would combine Uber Eats with Delivery Hero brands across 99 countries, subject to regulatory approvals and a 50% plus one share acceptance threshold. To address competition concerns, Delivery Hero will divest 14 markets to SSW Partners, and Prosus will sell its 17% stake.
Grocery volumes have declined while prices stay elevated, signaling that higher costs are shifting consumer behavior. Retailers and manufacturers are using promotions and value-focused tactics to regain unit growth, with Bain’s data showing volume declines despite inflation aiding sales in the sector.
Desalination plants powering Gulf cities are vulnerable to strikes and climate threats, with 56 plants supplying most Gulf drinking water. Attacks have damaged facilities and raised concerns about water security across Kuwait, Oman and Saudi Arabia as tensions in the region continue.
US stocks have regained some ground after a day of whipsaw trading as Moonshot unveils Kimi K3, a 2.8-trillion-parameter model that rivals top OpenAI and Anthropic offerings. Apple briefly tops Nvidia in value, while chipmakers retreat on concerns over AI spend. Markets are parsing the implications for AI capex and the broader tech sector.
California Rep. Ro Khanna has stated that his delegation was detained by armed Israeli settlers for over an hour while traveling in the West Bank. Israeli forces later dispersed the settlers; Khanna is calling for accountability and an apology if the itinerary was mishandled. Reports from multiple outlets vary on coordination with the Israeli government.