Certain

UK’s biggest retailer reports better figures than expected by City analysts and is cheered by strong online salesBusiness live – latest updatesTesco’s UK sales growth has more than halved as it said the conflict in the Middle East had created “ongoing uncertainty for many households”.The UK’s biggest retailer said comparable sales rose 1.8% in the three months to the end of May, well below the 4.2% reported in the previous quarter. Continue reading...

Law due to expire at midnight tonight following unhappiness over Trump’s pick for intelligence chiefA key provision of the Foreign Intelligence Surveillance Act (Fisa) is due to expire on Friday night amid a backlash to Trump’s announcement that Bill Pulte, head of the Federal Housing Finance Agency and a major Republican donor, would be acting DNI.While Trump has moved to contain the furor – announcing his nomination of another top official, Jay Carney, to take the role on a permanent basis – US Congress has so far failed to extend section 702 of Fisa in time for Friday’s deadline.Pulte has to go. He cannot be in the DNI role. It’s too important.Donald Trump declared “a great settlement” with Iran, which could be signed soon “maybe in Europe, over the weekend”.Trump’s hand-picked board at the Kennedy Center is mounting a last-minute effort to keep his name on the facade of the performing arts facility before a court-ordered deadline to remove it by Friday. The board voted on Thursday to seek a stay of US district judge Christopher Cooper’s 29 May ruling that said Trump’s name was illegally added to the Kennedy Center, according to a person familiar with the move who requested anonymity to discuss a private meeting.Congressman Robert Garcia, who is in line to chair the House oversight committee next year if Democrats win back the majority in November, called for testimony from vice-president JD Vance and other senior officials over what he called “the White House cover-up” of the Epstein files revealed by the New York Times.US federal authorities are investigating what appears to be a massive etching of “8647” into the grass of the National Mall. Live webcam footage from atop the Washington Monument as of Thursday afternoon shows the markings, with a highly visible “8,” along with less visible “6”, “4” and “7”. Continue reading...

• Prime Minister Narendra Modi asserted that India remains on a steady growth trajectory despite prevailing global economic uncertainty. • The PM highlighted youth empowerment and women-led development as the primary cornerstones for achieving the vision of "Viksit Bharat" (Developed India). • This focus on inclusive growth is intended to ensure a prosperous future by leveraging the potential of India's diverse demographic.

• China's economic recovery and corporate earnings have been delayed due to uncertainties stemming from the Middle East crisis. • Despite these headwinds, Chinese equities have shown resilience, though year-to-date performance lags behind regional peers like South Korea and Taiwan. • The modest market performance is attributed to index composition, with heavy weights in Consumer Discretionary (26%) and Financials (19%) and an underrepresentation of the strong Information Technology sector.

• US-Iran war talks remain clouded by uncertainty as both Washington and Tehran issue conflicting messages regarding the status of negotiations. • In Lebanon, fighting persists between Israel and Hezbollah, indicating that the fragile ceasefire agreement is failing to hold. • Prime Minister Benjamin Netanyahu visited Shlomi in northern Israel on Thursday, reaffirming his commitment to border security while emphasizing a diplomatic approach of flexibility and firmness.

Unexpected monthly drop of 0.1% in May leaves price of typical home at £298,806, says lender HalifaxBusiness live – latest updatesUK house prices fell unexpectedly in May as rising mortgage rates fuelled by the war in Iran affected affordability and homebuyer demand.The average price of a typical UK home fell by 0.1% in May to £298,806 compared with April, the third consecutive monthly drop recorded by the lender Halifax. Analysts had been expecting a return to growth, with a consensus of a 0.1% rise forecast for May. The monthly drop followed falls of 0.1% in April and 0.5% in March. Continue reading...

• Mamata Banerjee is leading a two-hour sit-in protest today from 2 pm to 4 pm at the Y-channel in central Kolkata. • The demonstration focuses on urban issues, specifically the demolition of illegal buildings and the eviction of hawkers encroaching on roads. • The event marks Banerjee's first public appearance since the Trinamool Congress suffered a landslide defeat in the recent Assembly elections.

• Indian benchmark indices, the Sensex and Nifty, declined on Monday with the Sensex dropping over 500 points and the Nifty falling 0.7%. • The downturn was driven by rising crude oil prices, geopolitical tensions in West Asia, and uncertainty surrounding Iran-US relations, despite strong performance from IT stocks like Infosys and TCS. • Market pressure is further compounded by sustained Foreign Portfolio Investor (FPI) selling, inflation worries, and potential risks associated with the monsoon.

• Global stock markets rallied driven by optimism surrounding artificial intelligence, specifically following an IPO filing by AI firm Anthropic. • Conversely, oil prices and bond yields declined due to instability in US-Iran talks and ongoing geopolitical uncertainty in the Middle East. • In South Korea, the benchmark KOSPI index experienced high volatility, swinging lower after reaching a record high as major tech stocks like Samsung Electronics and SK Hynix fluctuated.

• Stock markets remained rangebound as investors weighed uncertainty regarding Iran talks and a series of artificial intelligence developments. • Alphabet's Class A shares fell 2.2% following the announcement of a massive investment program, which includes $10 billion in backing from Berkshire Hathaway under CEO Greg Abel. • In a significant industry milestone, AI startup Anthropic, the developer of Claude, has confidentially filed for an IPO, beating rival OpenAI to the first step of going public.

• Asia-Pacific stock markets mostly declined on Tuesday as investors reacted to renewed uncertainty surrounding peace negotiations between the U.S. and Iran. • Significant losses were seen in Japan, where the Nikkei 225 dropped 1.32% and the Topix fell 1.14%, while South Korea's Kospi plummeted 1.92% and the Kosdaq sank 3.13%. • Australia's S&P/ASX 200 also retreated by 0.71%, though Hong Kong's Hang Seng and mainland China's CSI 300 managed marginal gains of 0.13% and 0.1%, respectively.

Social Democratic leader secures third consecutive term as prime minister amid crisis in ties with Donald Trump over GreenlandDenmark’s Social Democratic leader Mette Frederiksen said on Monday she has agreed to form a centre-left coalition government, maintaining her grip on power amid a crisis in ties with Donald Trump over Greenland.The deal to form a minority cabinet gives Frederiksen a third consecutive term as prime minister, ending months of uncertainty after a March election in which 12 parties won seats in the Danish parliament. Continue reading...

Inflation can be tolerated above 2% target for now ‘given context of softness in real economy’, governor saysBusiness live – latest updatesThe Bank of England is in no rush to raise interest rates while the outcome of the Iran war remains uncertain and the UK’s growth rate stays weak, the governor, Andrew Bailey, said.In a signal that borrowing costs will remain at 3.75% at least during the summer, Bailey said it was tolerable for inflation to stay above the Bank’s 2% target during the current crisis. However, that would change if a more permanent increase in prices began to take effect. Continue reading...

• Somalia has entered a period of political uncertainty and disorder following the decision to extend the terms of the Presidency and the Somali Parliament. • Both the executive and legislative branches have extended their mandates by one year, delaying the scheduled transition of power. • This move is significant as it disrupts the established political timeline and creates a state of transition that may lead to further instability.

• Asian stock markets declined on Tuesday following new U.S. military strikes on Iran. • The strikes undermined previous optimism that a diplomatic agreement to reopen the Strait of Hormuz was close to being reached. • Crude oil prices showed divergent trends as investors reacted to the heightened geopolitical instability and potential supply disruptions.

Former health secretary’s intervention comes as government closes consultation on age limits for social media platformsSocial media companies should be treated like the tobacco industry, Wes Streeting has argued, as he called for a ban on under-16s accessing certain platforms.Speaking publicly about the prospect of a ban for the first time since he left government, the former health secretary said one was needed because large technology companies were trying to dodge regulations. Continue reading...

• GIFT Nifty indicates a positive start for the BSE Sensex and Nifty50 as they enter the final trading session of the week this Friday. • The market is currently navigating volatility driven by high crude oil prices and geopolitical uncertainty surrounding the US-Iran conflict. • Market analysts emphasize that the indices must sustain positions above key resistance levels to confirm a broader, stronger recovery trend.

Budget airline, which took £25m hit on jet fuel in March, says passengers are waiting later to book tripsThe budget airline easyJet has said its summer holiday bookings are lagging behind last year as the Iran war weights on consumer confidence and has left passengers waiting later to book trips.The carrier said it had to spend an unexpected extra £25m on jet fuel in March after the start of the US and Israel’s war on Iran. Continue reading...

Exclusive: Potential investors fear Andy Burnham could push to bring utility companies into public ownershipA rescue deal for Thames Water is under threat because of a potential change in prime minister, government insiders have said.Ministers are negotiating a takeover deal for the stricken water company with a consortium of creditors led by American investment firm Elliott Management. Continue reading...

Washington-based fund praises Rachel Reeves for aiming to cut budget deficit as it upgrades growth forecastsBusiness live – latest updatesThe International Monetary Fund has urged Britain to “stay the course” to cut government borrowing amid growing bond market concerns over a Labour leadership challenge.As Keir Starmer battles to cling on to power, the Washington-based fund said it was important to continue reducing the budget deficit “given market pressures and elevated implementation risks”. Continue reading...

Beloved animated series will return for 36th season in the fall after telecoms giant Bell Media reaches deal with DisneyFans of Les Simpson have a message for anyone who doubted the future of the beloved and long-running Québécois version of the animated satirical show: Mange de la crotte.Les Simpson will return for its 36th season in the fall after telecoms giant Bell Media said it had reached an agreement with Disney for the rights to air and dub the show. The deal caps nearly a year of uncertainty surrounding the adaptation, which is beloved in Canada’s lone francophone province. Continue reading...

Uline, owned by billionaire Republicans Richard and Liz Uihlein, halts construction of a new facility in KenoshaUline, a business and shipping supplies company owned by billionaire Trump supporters Richard and Elizabeth Uihlein, is pausing the construction of a new distribution facility in Kenosha, Wisconsin, citing economic uncertainty.The construction pause comes in a key battleground state, where Trump won in 2016 and 2024, but lost to Biden in 2020. Continue reading...

Bovis Homes owner’s shares plunged 10.5% after it was forced to cut prices as buyers become cautiousOne of the UK’s biggest housebuilders has said its profits will be “significantly” lower, as it was forced to cut prices after heightened uncertainty caused by the US-Israeli war on Iran.Vistry’s shares plunged 10.5% in early trading on Wednesday, hitting their lowest level in nearly 15 years, as it told shareholders its first-half profits would be hit by the fallout from the Middle East conflict. Continue reading...

Bond yields soar and pound falls against dollar as investors brace for potential Labour leadership changeBusiness live – latest updatesUK politics live – latest updatesLong-term UK borrowing costs have soared to the highest level in nearly three decades while the pound and stocks fell, as investors braced for a potential change of leadership, with cabinet ministers urging Keir Starmer to quit.Starmer is consulting colleagues before a crunch cabinet meeting on Tuesday morning that comes after ministerial aides quit and more than 70 MPs publicly called for him to go. Continue reading...

• The S&P 500 fell 0.4% or 28.01 points to 7,337.11 on Thursday, retreating from its all-time high, while the Dow dropped 313.62 points or 0.6% to 49,596.97 and Nasdaq slipped 0.1% or 32.75 points to 25,806.20. • Oil prices yo-yoed due to Wall Street's waiting on hopes for a deal to end the Iran war, with earlier sharp swings from dashed expectations of reopening the Strait of Hormuz; Iran created a government agency to vet and tax vessels passing through, potentially raising fuel costs. • Standouts included Axon Enterprise rallying 10.6% after raising its revenue forecast due to counter-drone product growth, and Albemarle rising 3% on better-than-expected results, while Shake Shack tumbled 28.3% and Whirlpool fell 11.9% on weak earnings.

• DMK allies including IUML, VCK, and Left parties met Chief Minister MK Stalin amid TVK chief Vijay's ongoing bid to form the Tamil Nadu government following recent elections. • Sources indicate IUML is open to supporting TVK externally but only with Stalin's approval, reflecting delicate coalition dynamics. • The meetings highlight persistent uncertainty two days post-polls, as DMK maneuvers to counter TVK's majority claim.

State can meet fuel demand for next six weeks with its current supply, its energy commission vice-chair said. Plus, alleged Jeffrey Epstein suicide note unsealed by federal judgeGood morning.Gas prices have risen above $6 in California – but there is yet more uncertainty on the horizon after the last oil tanker from the Middle East arrived in the state this week.What do we know about progress on a deal? Axios reported on Wednesday that Washington and Tehran were close to agreeing on a memorandum of understanding to end the war. Officials in Pakistan told the Guardian that an initial framework could possibly be agreed within 48 hours – but that nothing was certain and talks remained “difficult”.Head to our liveblog for the latest. Continue reading...

With gas more than $6 in state, delivery of some 2m barrels is last planned shipment to pass through strait of HormuzMiddle East crisis – live updatesThe average price of a gallon of gas in California already stands at more than $6, but more uncertainty looms as the last oil tanker headed from the Middle East arrived in the Golden state this week.The Los Angeles Times reported on Sunday that the New Corolla, which left the Middle East for California before the war broke out, is delivering some 2m barrels of crude oil from Iraq to Long Beach. It was the last planned shipment to pass through the strait of Hormuz. Continue reading...