US economic growth rebounds 2% as consumer spending slows amid Iran war

• The United Arab Emirates withdrew from OPEC yesterday, marking a historic split from Saudi Arabia during the escalating regional crisis. • This decision coincides with the Strait of Hormuz being almost entirely shut down due to a US naval blockade aimed at halting Iranian oil exports. • The US is threatening to cut off major Chinese banks from its financial system to prevent processing of Iranian oil, intensifying global energy tensions.

Experts estimate ‘accounting of the harm that was done’ by 200 years of chattel slavery would be US$2tn in damagesBritain stole 25 million years of life and labour through slavery in Barbados, according to new research by a team of international experts.Their report concludes that Barbados’s population of African descent have suffered damages estimated at up to US$2tn (£1.5tn) from 200 years of chattel slavery. Continue reading...

Mojtaba Khamenei says Tehran will eliminate ‘enemy’s abuses of the waterway’ and guard its nuclear and missile programmesUS politics live – latest updatesIran’s supreme leader has broken his recent silence with a defiant statement hailing Iran’s control over shipping in the strait of Hormuz and vowing to guard the country’s nuclear and missile programmes.“Today, two months after the largest military deployment and aggression by the world’s bullies in the region, and the United States’ disgraceful defeat in its plans, a new chapter is unfolding for the Persian Gulf and the strait of Hormuz,” Mojtaba Khamenei said in a statement read by a state television anchor. Continue reading...

The musician was known for working-class anthem Take This Job and Shove It as well as hits like The Ride and othersDavid Allan Coe, the country singer-songwriter who wrote the working-class anthem Take This Job and Shove It and had hits with You Never Even Called Me By My Name and The Ride among others, has died. He was 86.Coe’s wife, Kimberly Hastings Coe, confirmed his death to Rolling Stone on Wednesday. Continue reading...

Mills cites lack of funds as rival to unseat Susan Collins fuels Democratic rift under Donald TrumpSign up for the Breaking News US email to get newsletter alerts in your inboxJanet Mills, the Maine governor, on Thursday dropped her bid for the US Senate just weeks before the Democratic primary in a race that reflected an internal party debate over how to win one of this year’s most competitive Senate seats.“While I have the drive and passion, commitment and experience, and above all else – the fight – to continue on, I very simply do not have the one thing that political campaigns unfortunately require today: the financial resources,” Mills said in a statement. “That is why today I have made the incredibly difficult decision to suspend my campaign for the United States Senate.” Continue reading...

Electoral Commission is investigating claims money given to MP came from US businessman now convicted of wire fraudUK politics live – latest updatesLabour has called on Robert Jenrick to give up almost £40,000 donated to his campaign to be Conservative leader in 2024 following allegations that the sum came from an impermissible foreign donor now convicted of fraud.The party called for Jenrick to make a donation to charity after the Guardian revealed the Electoral Commission has been investigating claims that £37,500 out of £100,000 given to his campaign by a UK company Spott Fitness ultimately came from a company run by a US-based businessman, Gary Klopfenstein. Continue reading...

Winston Marshall, former member of Mumford & Sons, says those crossing are ‘economic migrants’ not refugeesThe son of the Spectator owner, Paul Marshall, has said Britain should construct a mine-laden “floating wall” as a radical measure to stop Channel crossings.Winston Marshall, a former member of the band Mumford & Sons who is now establishing himself as a rightwing online influencer, said that while the idea “might sound ridiculous”, it should be explored because previous attempts to stop the crossings had failed. Continue reading...

Treasurer Jim Chalmers had indicated ‘transitional’ proposed changes as Labor attempts to repair a ‘structurally flawed’ budgetFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastOnly applying changes to the CGT discount and negative gearing rules to new investments would “severely delay” desperately needed reforms required to repair a “structurally flawed” budget and boost the economy, Deloitte says.The consulting firm estimated that a policy which cut the 50% capital gains tax discount to 33% and abolished negative gearing would only generate $500m over the first four years of operation if existing investments were not included – an approach known as “grandfathering”. Continue reading...

FT branch of NUJ say there is not ‘compelling case’ for mandate for editorial staff to be in office four days a weekJournalists at the Financial Times are at loggerheads with the publication’s management over plans to order staff back to the office four days a week by the end of the year.Members of the Financial Times’ union have unanimously voted to invoke the company’s dispute procedure over the proposals, arguing that management have “not made a compelling case” for the need to move from the current three office days. Continue reading...

Cryptocurrency ATMs also face ban, after public inquiry found Canada lacked anti-money-laundering strategyCanada is to establish a new and powerful law enforcement agency to investigate financial crime, in stark contrast to the US, where weakened federal investigators have struggled to pursue fraudsters and the White House has pardoned convicted money launderers.A bill to create the Financial Crimes Agency (FCA) completed its first reading in parliament this week. The legislation was introduced by the governing Liberals and with their parliamentary majority, the party is likely to move the it through both levels of government quickly. Continue reading...

Global Sumud Flotilla describes interception as ‘violent raid’ as IDF urges activists to deliver aid via ‘established channels’Israeli forces have intercepted and detained the crews of at least 22 boats near the Greek island of Crete from a flotilla that is attempting to break Israel’s maritime blockade of the Gaza Strip to deliver humanitarian aid.The Global Sumud Flotilla, consisting of about 58 vessels carrying people from across 70 countries, departed from Italy on Sunday. Continue reading...