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• European Central Bank officials are preparing for further interest rate hikes to tighten monetary policy. • Markets currently place a 70% probability on a rate increase occurring in October. • These expectations are driving higher yields and strengthening the value of the euro.

• The FDA approved a new cancer drug from Revolution Medicines last week after founder Greg Verdine spent 14 years developing the treatment. • Former Senator Ben Sasse, who has stage 4 pancreatic cancer, called the daily pill a "miracle" for shrinking his tumor volume and reducing pain. • This approval validates high-risk biotech experiments that target previously untreatable cancer pathways to provide new options for late-stage patients.

• Texas Attorney General Ken Paxton likely violated federal ethics laws regarding the disclosure of his assets and liabilities, according to a joint investigation by ProPublica and The Texas Tribune. • The review found that Paxton's recent filings created confusion about his actual net worth and specific holdings. • These discrepancies could lead to legal penalties or ethics investigations for the Republican official.

• Iran is calling for a global effort to oppose U.S. sanctions while maintaining that diplomatic solutions remain possible. • The Iranian government demanded an immediate end to the conflict in the Gaza Strip, alongside an Israeli withdrawal from Lebanon and a cessation of attacks on Syria. • In a strategic shift, Iran has opened a "temporary and limited" corridor for ships passing through the Hormuz Strait.

• Fed Chairman Kevin Warsh used the Jackson Hole symposium to clarify his stance on inflation and signal the potential for higher interest rates. • Warsh addressed recent critiques regarding his core mission, specifically countering interpretations that he intended to change the Fed's long-term 2% inflation target. • This clarification follows a confusing July news conference that left markets uncertain about the central bank's approach to elevated inflation.

• The Takaichi Administration is facing a fiscal squeeze as Japan recorded a 364 billion yen trade deficit for the month, equivalent to roughly 7% of the annual defense budget. • Trade data shows oil imports from the United States now comprise 36% of Japan's total volume, while Chinese tourism remains down over 50% for the eighth straight month. • Tourism has turned fractionally positive overall, though this growth is driven primarily by visitors from Korea and Taiwan rather than China.

• Economics professor and financial crisis expert Tuomas Malinen has warned that the United States is currently on the verge of a recession. • Malinen highlights a critical indicator where private sector yields have risen above the bank prime rate, a trend that historically precedes economic downturns. • This specific pattern was previously observed prior to the 2008 financial crisis and again following the COVID-19 pandemic.

• India and Pakistan have both secured direct berths into the quarterfinals of the men's cricket tournament at the 2026 Asian Games. • Due to their placement on opposite sides of the knockout bracket, the two rivals will not face each other in the early stages of the competition. • A high-stakes clash between the two nations can now only occur if both teams successfully navigate their respective quarterfinal and semifinal matches.

• Victorian Premier Ben Carroll has announced delays to a pioneering government bill that would legislate a right for employees to work from home two days a week. • The legislation, described as a "nation-first" initiative, will now be postponed and will not take effect until after the upcoming election. • This move impacts the timeline for establishing formal remote work entitlements for Victorian workers, shifting the focus toward the electoral cycle.

• President Lee Jae Myung urged the government on Monday to expedite the implementation of AI-related investment projects to ensure national competitiveness. • He called for aggressive government action, including the use of deregulation, to remove obstacles hindering the rapid deployment of these technologies. • Lee emphasized that the coming year represents a "golden time" for South Korea, asserting that the nation's future depends on how it prepares for the AI transition.

• Leeds United is actively monitoring several transfer targets, including a potential deal for Harvey Elliott and interest in Max Aarons. • The club is reportedly tracking forward Igor Paixao, though a "twist" involving an £8 million valuation has emerged. • Competition for these players is high, with Aston Villa and Everton also sending scouts to evaluate potential targets.

• Thailand held a general election on May 14, 2023, resulting in the Move Forward Party winning the most seats in the House of Representatives. • Despite the victory, significant uncertainty remains regarding the selection and appointment of the next Prime Minister. • Parallel to the political transition, a new bill is being tracked to lower the voting age to 16 and implement automatic voter registration.

Government ‘urgently’ identifying men convicted in historic cases who could be freed in scheme loopholeUK politics live – latest updatesAndy Burnham’s government is “urgently” identifying any grooming gang perpetrators who may still be eligible for early prison release after concerns were raised about a potential loophole in the system.The prime minister has “personally intervened” after men convicted of assaulting children in Bradford were expected to be freed from prison early despite a promise earlier this week that they would remain behind bars. Continue reading...

If the progressive wins Michigan’s general election, it could redefine the 2028 presidential contest. If he fails, the establishment will call him a cautionary taleUS politics live – latest updatesIn the final stretch of the state’s Democratic primary for US Senate, Abdul El-Sayed challenged voters at a small event in rural Michigan to think about the message they could send the rest of the country when they cast their ballots.“Who are we? Who do we want to be?” El-Sayed said. “Do we want a state that’s defined by how much money corporations brought in to tell us what we couldn’t have? Or do we want to be a state where we demonstrate to the rest of the country what’s possible when you build a movement of, by, and for the people?” Continue reading...

Jake Richard acknowledges ‘unimaginable pain’ of Harper’s family but says government faces an ‘unenviable position’Good morning and welcome to the UK politics blog.Ministers continue to defend the release of PC Andrew Harper’s killers as part of the government’s early prisoner release scheme, despite a potential legal challenge from the Police Federation.Well, look, we understand that people are angry. The Harper family are, of course, angry. The police are angry too.We’re angry that we’re in this situation where we face the unenviable position of having to make sure that we have a sustainable prison system, which is so vital to a functioning law and order system in our country, but also that we do right by victims as far as possible.Because without a functioning prison system, it means it’s difficult for police to make arrests, it’s difficult for our courts to try cases, and it could mean to the collapse of law and order in this country.We cannot be in that situation, so that is the challenge that we face as government ministers and the prime minister faces ultimately.I feel sick to my stomach, if I’m really honest with you. I’ve had a gut wrenching feeling in my stomach the past couple of weeks with this, and it doesn’t go away.And arguably, I would say that many of my members across Thames Valley also have this gut wrenching feeling, even at the prospect of these two killers being released in the space of weeks, potentially.Ministers will scrap the requirement for companies to prove their green and progressive values before they are awarded government contracts, and instead ask firms to prove they will help young people back into work.Women should not feel pressurised into experiencing an “ideal birth”, the new health secretary, Yvette Cooper, has said, promising a root-and-branch reform of standards after several damning maternity scandals.An official investigation has been launched into charities in England and Wales donating funds to illegal Israeli settlements in Palestine.Andy Burnham has inherited a Labour membership that is sceptical about increased welfare spending, supportive of higher defence spending, and ranks the climate crisis as one of the country’s biggest challenges, according to new polling.BP’s chief executive has urged Andy Burnham to make use of the UK’s oil and gas resources even as the oil company prepares to sell its North Sea business after 60 years in the ageing basin.The Conservative party leader, Kemi Badenoch, has defended the selection of a former neo-Nazi activist as a candidate for a local election in Somerset despite him being jailed in 2016 after he was convicted of racially aggravated harassment of the former Labour MP Luciana Berger.Pupils in Scotland’s schools received their exam results this morning, with exam pass rates at all levels having risen this year, including a record number of National 5 passes. Continue reading...

• CBC/Radio-Canada is refusing to disclose the potential financial costs associated with Canada participating in the Eurovision Song Contest. • The broadcaster's lack of transparency comes amid public interest and speculation regarding the feasibility of joining the international competition. • This secrecy complicates the assessment of whether the public broadcaster can afford the entry fees and production expenses required for the event.

• NASA is preparing to launch the Roman Space Telescope on August 30, marking the arrival of the agency's next major space observatory. • The telescope is designed for unprecedented efficiency, capable of completing Milky Way observations in one month that would take the Hubble Space Telescope approximately a century to finish. • This mission matters because it will enable astronomers to perform tasks and observations that are currently impossible with existing technology.

What once felt exceptional now arrives with grim regularity​ all over the continent, and it will only get worse• Don’t get This Is Europe delivered to your inbox? Sign up hereSpain has changed immeasurably since I arrived here 10 years ago to begin work as the Guardian’s Madrid correspondent.Over that time, the push for Catalan independence has exploded, sputtered and faded out; the Covid pandemic has hit with unimaginable ferocity, before seeming to linger for a face-masked eternity; and Podemos and Ciudadanos – the two upstart parties that once seemed likely to alter the Spanish political landscape irrevocably – have risen and fallen. Continue reading...

• U.S. Treasury Secretary Scott Bessent has warned that Chinese firms, including Moonshot AI, may face sanctions or be added to the U.S. Entity List. • The accusations stem from reports that Moonshot AI allegedly used proprietary outputs from American models, such as those from Anthropic, to develop its latest large language model, Kimi K3. • This move signals a tightening of U.S. oversight regarding the misuse of advanced American AI technology by foreign competitors to accelerate their own development.

• Democratic state election and law enforcement officials are developing contingency plans to prevent potential federal interference during upcoming midterm elections. • The preparations follow comments from Donald Trump, who expressed regret over not seizing voting machines after the 2020 election and has signaled a desire to use federal powers to influence election administration. • This move highlights growing concerns over the stability of democratic processes and the potential for executive overreach to undermine state-led voting systems.

Warning in place until Sunday morning in southern and central regions after drought declared in parts of WalesHeat alerts are in place across parts of England, with officials saying temperatures are likely to have an impact on health and wellbeing.The yellow heat health alerts issued for the East Midlands, east of England, London, south-east, south-west and West Midlands are in place until 9am on Sunday. Continue reading...

• India, captained by Shreyas Iyer, has secured direct entry into the quarter-finals of the Asian Games cricket tournament. • The competition will be held in Nagoya, Japan, utilizing the T20 format for both the men's and women's events. • Other opening matchups include Bangladesh vs. China, Sri Lanka vs. Malaysia, and Pakistan vs. Thailand, with winners advancing to the semi-finals.

Suspect allegedly yelled ‘Allahu Akbar’ before attacking a 57-year-old Asian man and a 50-year-old Jewish manNew York City police are investigating a pair of stabbings near Central Park as a possible hate crime, police commissioner Jessica Tisch said Thursday.The suspect, Raul Morales, allegedly stabbed a 57-year-old Asian man in the back with a knife, then stabbed a 50-year-old Jewish man in the torso with a screwdriver, according to a New York police department spokesperson. Morales allegedly yelled “Allahu Akbar” before the stabbings, police said. The attacks occurred about two blocks apart and in broad daylight in Manhattan’s affluent Upper West Side neighborhood. Continue reading...

• NASA astronauts successfully grew a unique, scroll-like crystal aboard the International Space Station (ISS) using ordinary salts. • The experiment demonstrates how the absence of gravity allows crystals to form shapes that are physically impossible to replicate naturally on Earth. • This discovery is significant because it reveals new insights into the structural behavior of materials and chemical crystallization processes in microgravity.

• German Chancellor Friedrich Merz has indicated a potential cabinet reshuffle following the resignation of Jens Spahn as parliamentary leader. • The departure of Spahn, a top figure within the CDU, increases political pressure on the ruling conservative party. • This leadership instability comes at a critical time as the government prepares for upcoming key regional elections.

Investors say they will work with Andy Burnham but hire litigation specialists amid reports the firm could enter temporary public ownershipThe group of investors pursuing a rescue bid for Thames Water have said they are willing to discuss greater public control, but are also preparing for a potential multi-billion pound legal battle amid reports Andy Burnham could temporarily nationalise Britain’s biggest water company.London & Valley Water (L&VW), a consortium of 100 institutional investors that hold £17bn of the water company’s £21bn debt, has said it is open to government involvement with Thames Water, but indicated that this does not include public ownership in the struggling company. Continue reading...

As the climate crisis fuels more intense blazes, pushing them to new parts of the world, those tackling them are forced to ration resources and decide which to fightCésar Alcaraz had only just become a firefighter in the late 1990s when he found himself ambushed by a fast-moving blaze. Barely able to breathe and with no more water left in his truck, he and his colleagues fled an inferno ravaging Spain’s Montgó mountain region, wishing their bosses had sent more support.But nearly three decades on, as an officer with Alicante’s provincial firefighters, Alcaraz has more sympathy for the agonising choices that commanders have to make. When wildfires overwhelm an area, his job resembles that of a doctor in an emergency room with too few ventilators. Continue reading...