Increased

• European citizens are facing increased financial burdens as the annual cost of supporting Ukraine has risen to $618 per person. • According to the Kiel Institute of the World Economy, European allies have provided over $237 billion in total aid, with nearly $96 billion delivered in the last year alone. • Denmark has reached a record expenditure of $2,500 per inhabitant, while Norway is experiencing the fastest growth rate in spending.

New defence secretary emphasises military will be spending priority over other departments under BurnhamUK politics live – latest updatesWes Streeting has said increased defence spending would make “an enormous contribution” to economic growth as he emphasised that the military will be a spending priority for Andy Burnham’s government over other departments.The new defence secretary, in a speech at the Farnborough airshow, did not make any extra financial commitments but promised he would give the arms industry “clarity and confidence” in contrast to the row that contributed to the fall of Keir Starmer. Continue reading...

• Moonshot AI launched its latest flagship artificial intelligence model, Kimi K3, around mid-July 2026. • The model's impressive capabilities triggered immediate volatility across global tech and digital asset markets. • Investors are increasingly concerned that Kimi K3 could disrupt established players in semiconductor design software and general technology infrastructure.

• UN human rights chief Volker Türk has issued an urgent appeal for calm in Pakistan-Administered Kashmir following unrest preceding regional elections. • The situation is occurring alongside a broader global trend of displacement driven by the war in Ukraine and unresolved regional conflicts. • Environmental factors, including extreme heat, droughts, and floods, are further exacerbating the movement of people and instability.

• Treasurer Jim Chalmers is considering the introduction of superannuation for individuals under 18 and defended Treasury forecasts predicting continued growth in house prices. • Chalmers noted that an increase in the Australian fuel excise is expected to have a direct impact on national inflation rates. • In international sports, Brazil defeated Japan 2-1 during the World Cup, securing the victory with a late goal.

Shadow minister says the Coalition must treat minor party as an opponent, not an enemy. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning and welcome to our live politics blog. I’m Martin Farrer with the top overnight stories and then it will be Krishani Dhanji with the main action.James Paterson, the shadow defence minister, has told 7.30 that One Nation’s increased prominence should bring increased scrutiny. He says the party is not the Coalition’s enemy but “an opponent”. More coming up. Continue reading...

Americans are growing frustrated with Trump’s handling of the economy as cost of living soars ahead of midtermsUS inflation increased at its fastest pace in three years in April, driven by higher energy prices amid the war with Iran, and cementing economists’ views that the Federal Reserve could hold interest rates unchanged well into next year.Surging price pressures are eroding household income and could restrain consumer spending and economic growth this quarter. Income at the disposal of households after adjusting for inflation dropped for a third straight month in April, other data showed on Thursday. Given the soaring cost of living, Americans are growing frustrated with Donald Trump’s handling of the economy. A Reuters/Ipsos survey last week showed the president’s approval rating fell to nearly its lowest level since he returned to the White House, hit by a drop in support among Republicans. Trump won the 2024 presidential election in large part because of his promise to lower inflation. Continue reading...