The euro fell to 86.03 pence overnight, its lowest since August 2025, and was last down 0.1% against sterling
International News via Reuters:
The pound rose to a 10-month high against the euro on Wednesday as UK markets focused on who might become finance minister under Andy Burnham, the likely successor to Keir Starmer as prime minister.
The euro fell to 86.03 pence overnight, its lowest since August 2025, and was last down 0.1% against sterling.
The pound has also fared better against the dollar this month, which has rallied as traders have bet on rate hikes from the Federal Reserve amid rising U.S. inflationary pressures and a strong American economy.
Sterling was last down 0.1% against the dollar at $1.319, while the euro fell 0.2%.
Burnham looked set to have a clear run at becoming the UK’s seventh prime minister in 10 years after minister Darren Jones said on Wednesday he would not run for the Labour leadership and backed the former Manchester mayor.
Current UK finance minister Rachel Reeves is likely to leave her role if Burnham becomes PM, media outlets reported on Tuesday and Wednesday, with pro-business former health secretary Wes Streeting among the names tipped for the job.
“The obstacles to a Burnham coronation are slowly being cleared, offering sterling support at the margin,” said Nick Rees, head of macro analysis at Monex Europe.
Rees said Streeting’s emergence as the favourite to become her successor, as reported by some media outlets, was likely to be supporting sterling.
“That said, we are still in the honeymoon period as far as Burnham is concerned, and economic realities remain challenging,” he added.
Strategists at JPMorgan on Monday said the clearing of political uncertainty, with Burnham likely to become PM without a contest, would allow “sterling positive themes” such as resilient growth to come to the fore.
Despite the slight rise against the euro, the pound has fallen roughly 2% against the dollar this month as markets have raised their bets on Fed rate hikes.
Traders were last pricing in around 38 basis points of Fed rate increases this year, versus 24 basis points for the Bank of England, boosting the relative appeal of the dollar.
Reporting by Harry Robertson; Editing by Sharon Singleton
The blue-chip FTSE 100 index was flat by 0755 GMT, while the midcap FTSE 250 edged up 0.1%
International News via Reuters:
London’s domestically-focused midcap FTSE index rose on Wednesday as real-estate stocks rallied alongside Segro after the UK landlord rejected U.S-based Prologis’ $16.6 billion bid.
The blue-chip FTSE 100 index was flat by 0755 GMT, while the midcap FTSE 250 edged up 0.1%.
• The FTSE 350 real-estate investment trusts index jumped 6% and the real-estate sector gained 5.3%, with Harworth and Tritax up 5.6% each.
• Segro jumped 15.6% and was the top gainer on the FTSE 100 as Prologis urged the UK company’s shareholders to press the lanlord’s board to engage with the U.S. logistics firm. Prologis argued the FTSE 100 company is undervalued.
• Local politics is also in focus after prime minister Keir Starmer’s resignation earlier this week paved the way for a leadership contest that could potentially end in former Greater Manchester mayor Andy Burnham taking the role in July or September.
• On the macro front, traders are anticipating the Bank of England to lift borrowing costs by at least 25 basis points before the year ends, LSEG-compiled data showed, to combat inflation pressures following the Middle East conflict.
• Policymakers such as Alan Taylor have flagged the right response would instead be an “extended hold”, in the face of data that suggests a cooling labour market.
• Among others, British fund manager Liontrust’s jumped 12.2% after saying net outflows- in the current quarter have slowed as it expands globally and institutional clients pour in more funds.
• Homebuilder Berkeley rose 5.1% after announcing a strong demand outlook
• Primary Health Properties gained 3% after saying it is in advanced discussions with an unnamed investor for a new joint venture involving the British healthcare REIT’s private hospital assets.
Reporting by Johann M Cherian in Bengaluru; Editing by Nivedita Bhattacharjee
It was his 144th international goal in his 230th appearance, both of which are records in men’s internationals
International News via Reuters:
Cristiano Ronaldo became the first player to score in six World Cups when he fired Portugal into an early lead against Uzbekistan in their Group K clash in Houston on Tuesday.
Ronaldo, who had not netted in his previous 10 games at major finals, converted from six yards after Joao Cancelo’s cross from the right.
It was his 144th international goal in his 230th appearance, both of which are records in men’s internationals.
Ronaldo made his World Cup debut in 2006 and has netted in every finals since. His goal against Uzbekistan also equalled Eusebio’s record of nine goals at the global finals for Portugal.
The Bundibugyo outbreak in the Democratic Republic of Congo that has infected over 1,000 people and killed 267 was detected late
International News via Reuters:
Congo’s Ebola outbreak has the largest number of confirmed cases within the first month of any episode of the disease, a senior World Health Organization official told a briefing on Tuesday, blaming the surge on its quick spread to urban areas.
The Bundibugyo outbreak in the Democratic Republic of Congo that has infected over 1,000 people and killed 267 was detected late and experts say the virus had already been circulating for months before it was officially declared on May 15.
WHO’s Abdirahman Mahamud told a press briefing in Geneva that part of the reason for the scale of the outbreak was that some early confirmed cases were in urban centres, like Bunia and the mining town of Mongbwalu. Many past outbreaks have first been identified in rural areas and often petered out quickly.
“What is important is we need to scale up and this outbreak is moving faster than us,” he told reporters, after returning from Bunia last week.
He noted signs of hope, highlighting a quick increase in the number of Ebola beds to over 500 in the past fortnight and signs that community resistance and violent resistance to Ebola responders was beginning to abate.
“More and more communities are aware of the risk of Ebola and are asking for tools to support and protect themselves,” he said.
MORE VICTIMS IN OVERCROWDED CAMPS
The two largest previous Ebola outbreaks were one in West Africa, in Guinea, Sierra Leone and Liberia, which killed 11,000 people between 2014 and 2016, and a less fatal outbreak in Congo in 2018.
Ebola cases have now been reported in at least three of eastern Congo’s crowded displacement camps.
The International Organization for Migration’s Abdoulaye Wone said at the same briefing that at least 25 cases had been confirmed at the camps, including 14 deaths.
“Even in a normal situation before the outbreak, they were facing overcrowding,” he said, adding that many leave the camps by day for work or to seek food.
Justin Zanamuzi, director of Catholic aid organization Caritas which is helping at the Kigonze camp, told Reuters that four children there had died since Monday although test results were not yet available.
There have been over 20 outbreaks in sub-Saharan Africa, according to the U.S. Centers for Disease Control and Prevention (CDC).
Reporting by Emma Farge and Ayen Deng Bior;Editing by Alexander Winning, Alexandra Hudson
America’s top diplomat arrived in the United Arab Emirates late on Tuesday and was due to travel in coming days to Kuwait and Bahrain, where he will meet officials from the Gulf Cooperation Council
International News via Reuters:
U.S. Secretary of State Marco Rubio acknowledged he faces a delicate mission this week pitching Washington’s Iran peace deal to Gulf Arab leaders who fear excessive concessions will strengthen Tehran and reshape the region’s security balance and oil flows.
America’s top diplomat arrived in the United Arab Emirates late on Tuesday and was due to travel in coming days to Kuwait and Bahrain, where he will meet officials from the Gulf Cooperation Council, a grouping of monarchies that also includes Saudi Arabia, Qatar and Oman.
Asked if he was planning to address allies’ disquiet with the accord, Rubio told reporters: “That most certainly will come up in these discussions.” He said they would also discuss issues not covered by the memorandum of understanding.
At issue are elements of a draft agreement that includes no limits on Iran’s ballistic missiles, a proposed $300 billion reconstruction fund and provisions that could expand Tehran’s regional influence and control over critical oil shipping lanes.
He said he would not be asking regional allies to contribute to any reconstruction fund during the trip, even as the MoU suggests that countries in the region would at least be partially responsible for footing the bill. He said that was a discussion for the future, and Iran receiving any funds would depend on Tehran’s behavior going forward.
“That’s far down the road,” Rubio said.
All six GCC nations are strategic U.S. allies that offered some degree of logistical support to Washington during the U.S.-Israeli war with Iran that began four months ago, and all were buffeted by Iranian airstrikes as a result.
Some of those countries are feeling privately disappointed – and surprised – by an interim deal that could open the door to U.S. normalisation with Iran, a predominantly Shi’ite country that most Sunni-led GCC states consider their main adversary.
The opinions of these nations matter to U.S. policymakers.
The UAE, Saudi Arabia, Qatar, Kuwait and Bahrain all host U.S. military bases that make up the backbone of America’s security architecture in the Middle East. Should any of those countries rethink their security relationship with the U.S., even in a subtle way, it could have a significant impact on U.S. military strategy in the region.
For Rubio personally – who has maintained notable distance from the Iran talks in recent weeks, deferring almost entirely to Vice President JD Vance and other Trump aides – the trip requires a balancing act.
While America’s top diplomat needs to assuage regional allies, he must do so without appearing to criticize the U.S.-Iran memorandum of understanding. President Donald Trump, who signed the accord last week, remains firmly behind it despite criticism from some of his fellow Republicans in Congress who have accused the administration of capitulating to Tehran.
Andrew Peek, a former deputy assistant secretary of state for Iraq and Iran who served on Trump’s National Security Council during both his terms, argued that Rubio could reassure any nervous allies by pointing out that Trump has a history of being tough on the Islamic Republic.
“I think you can just remind them that the president has conducted extremely hawkish policies toward Iran – and if this MoU falls through, he will have no compunction about going back to striking them,” said Peek, who is now at the Atlantic Council think tank.
PEACE – BUT AT WHAT COST?
Leaders from all GCC countries hosting Rubio or present at this week’s talks at least publicly pushed for a diplomatic solution before the war kicked off in February. Most also pushed for a diplomatic off-ramp during the conflict, even as they in practice facilitated the U.S. war effort.
Still, the specific terms of the MoU privately shocked regional officials, according to analysts and diplomats.
One concern relates to ballistic missiles. Throughout the war, the Trump administration said that destroying Iran’s ballistic missile capacity was a central goal. That objective aligned with the interests of the Sunni Gulf states, all well within Iran’s ballistic range.
The MoU, however, does not mention Iranian missiles at all, and Trump himself has in recent days said that denying Tehran such weapons would be “unfair.”
The MoU also foresees a $300 billion reconstruction fund for Tehran, which regional neighbors fear could allow the Islamic Republic to build up its military capacity, while increasing support for regional proxy groups that could destabilize governments throughout the region.
Bahrain’s mainly Sunni leadership, in particular, is concerned that a well-funded Iran could foment an uprising among the island nation’s mainly Shi’ite populace, analysts say. During the Arab Spring, the nation of roughly 1.65 million was the site of massive recurring street protests.
Iran has denied any covert attempts to stoke unrest but has publicly expressed support for Bahraini Shi’ite activists in the past.
The accord, as written, also appears to concede that Iran could have a key role in controlling the Strait of Hormuz going forward, a major concern for the Gulf exporters, which rely on the strait to ship oil and gas. Rubio said on Tuesday that Iran would not be able to charge tolls, as doing so would be contrary to international law.
More broadly, U.S. officials have begun speaking about a broader reset for Tehran, a potential transformation that most GCC states are wary of. On Saturday, Vance said the U.S. was willing to “fundamentally transform” its relationship with Tehran.
“The agreement rehabilitates Tehran’s regime as a regional power,” veteran Saudi columnist Abdulrahman Al-Rashed wrote in the Saudi English-language daily Arab News last week.
“Most of the funds Tehran will acquire in the coming weeks are likely to go primarily towards strengthening the military position, not to support living conditions or the Iranian economy.”
Reporting by Gram Slattery in Abu Dhabi and Timour Azhari in RiyadhEditing by Howard Goller and Peter Graff
The U.N. shipping agency said an evacuation plan to enable some 11,000 seafarers stuck aboard vessels in the Gulf to sail through the Strait of Hormuz
International News via Reuters:
U.S. President Donald Trump said on Tuesday Iran had agreed to nuclear inspections into “infinity”, despite Tehran’s denials, as the U.N. began efforts to evacuate hundreds of ships from the Gulf in a tentative return to calm after a fragile peace deal.
The U.N. shipping agency said an evacuation plan to enable some 11,000 seafarers stuck aboard vessels in the Gulf to sail through the Strait of Hormuz, which Iran effectively blocked during the war, was underway after the ceasefire deal between Washington and Tehran.
“We have now started contacting the ships to start the evacuation,” a spokesperson for the U.N.’s International Maritime Organization (IMO) said, without providing a timeframe, adding that the agency had secured “the necessary safety guarantees” and verified conditions for safe navigation.
IMO Secretary-General Arsenio Dominguez said the “large-scale operation” would unfold in close cooperation with Iran, Oman, other coastal states, the U.S. and the maritime industry.
In another sign of de-escalation, Washington agreed to waive sanctions on Iran for 60 days from Monday after the first round of talks under the nascent peace deal agreed last week on ending more than three months of war. Trump also said unfrozen Iranian assets would be used to buy humanitarian supplies from the U.S.
U.S. Vice President JD Vance said the talks with Iranian officials in the Swiss mountain resort of Buergenstock laid a good foundation for a final accord and that Tehran had agreed to allow nuclear inspectors back into the country.
Iran denied it had discussed its nuclear program at the talks, mediated by Qatar and Pakistan, and said it had not agreed to invite International Atomic Energy Agency inspectors back.
IRAN SAYS IT WILL DECIDE ALONE ON ASSETS’ USE
Foreign Ministry spokesperson Esmail Baghaei said on Tuesday Iranian officials had not held a meeting with IAEA chief Rafael Grossi in Switzerland and had no plans for the U.N. nuclear watchdog to inspect Iran’s damaged nuclear facilities.
Trump hit back on Tuesday at what he said were Iran’s “protestations and false statements”.
“Iran has fully and completely agreed to highest level Nuclear inspections long into the future (Infinity!!!),” Trump said in a post on Truth Social.
He also said any Iranian assets unfrozen under the deal would be placed in an escrow account and used to buy food and medical supplies from the U.S. “including Corn, Wheat, and Soybeans from our great American Farmers”.
Iran’s ambassador to the U.N. in Geneva, Ali Bahreini, had earlier on Tuesday denied there had been any such agreement.
ROADMAP FOR TALKS
The conflicting statements highlighted the uncertainty facing efforts to halt a war that has upended the Middle East.
On Monday, the sides agreed on a mechanism to end fighting between U.S. ally Israel and Iran-backed Hezbollah in Lebanon, and opened a communications line to help ensure safe passage for commercial ships through Hormuz, an energy chokepoint.
In the first of several steps to provide economic relief to Iran, the U.S. Treasury announced a waiver until August 21 on sanctions, allowing Tehran to sell oil and related products and receive payment for them.
Bahreini said “good progress” had been made in the talks and that two working groups would be established in coming days to focus on the removal of sanctions and Iran’s nuclear activities.
CONFLICT IN LEBANON
The ambassador said Lebanon was an “unquestionable” part of the interim accord between the U.S. and Iran, and that it included the withdrawal of Israeli troops from Lebanon.
A ceasefire has largely held in southern Lebanon since Sunday, but Lebanon’s Civil Defence and state media said Israeli gunfire had killed two people there on Tuesday. Hezbollah said the incident violated the ceasefire.
Israel has said it will maintain a security zone in southern Lebanon and continue to act to “neutralise” threats against Israeli soldiers and citizens. Israeli strikes on Hezbollah in Lebanon have killed thousands of people and displaced millions.
Israel and Lebanon began fresh talks in Washington on Tuesday, with Beirut determined to press ahead even as the direct negotiations appear to be overshadowed by Iran’s decision to make Lebanon part of its talks with the U.S.
While tanker traffic through Hormuz started to pick up on Monday, Iran and Oman suggested there may be costs involved in using the strait, whose closure pushed up global inflation.
POLITICAL LIABILITY FOR TRUMP
Iran’s Fars news agency quoted a military source as saying only a limited number of vessels are currently permitted to transit Hormuz in coordination with Iranian forces, adding the number allowed through will vary daily, depending on conditions.
The Iran war, which began with joint U.S.-Israeli strikes, is now a political liability at home for Trump and his fellow Republicans in Congress as midterm elections loom in November.
Opinion polls have shown public frustration over a rise in gas prices since the war began, and Trump faces pressures from Republicans who want Iran’s nuclear program shut down.
Iran has limited IAEA inspections since the U.S. and Israel launched their first airstrikes last year, and suspended them when war broke out. Iran says its nuclear program is peaceful.
Reporting by Humeyra Pamuk and Dave Graham in Buergenstock, Laila Bassam in Beirut and Reuters bureaus; Writing by Lincoln Feast and Sharon Singleton; Editing by Raju Gopalakrishnan, Timothy Heritage and Gareth Jones
It was another memorable day of competition at the 2026 IODA Optimist World Championship, combining extreme patience, unwavering perseverance, and ultimately spectacular sailing conditions on the historic waters of Tangier Bay.
The Royal Yacht Club de Tanger provided a breathtaking yet technically demanding backdrop for nearly 300 of the world’s finest young sailors, with shifting Atlantic currents and a heavy swell pushing the fleet to its absolute limits.
Leading the line for Bermuda’s young delegation was the ever-impressive Thomas McBain. Displaying magnificent tactical awareness, McBain anchored himself firmly among the global elite, wrapping up his racing block in a superb 26th place overall with a highly commendable net score of 48 points.
Further down the heavily congested international field, it proved to be a steeper learning curve for his island teammates as they battled through dense mid-fleet traffic.
Miguel Leite spearheaded the chasing Bermudian pack to secure 156th place overall with 136 net points, finishing just ahead of Rex Henagulph, who staged a gritty afternoon comeback to occupy 163rd position with 146 net points.
Rounding out the scorecards for Team Bermuda, Jesse Savage fought through difficult early shifts to finish in 207th place with 185 net points, while teammate Heath Meyers locked down 209th place overall with 187 net points.
With more fleet racing on the horizon before the tournament transitions into high-stakes Team Racing, the young Bermudian squad will look to carry today’s hard-earned momentum forward on the African coast.
The new Meta Glasses start at $299, making them far more affordable than the $800 Ray-Ban Display glasses launched last year
International News via Reuters:
Meta Platforms and EssilorLuxottica on Tuesday announced a new range of lower-cost AI smart glasses, building on the success of their Ray-Ban wearable devices.
The new Meta Glasses start at $299, making them far more affordable than the $800 Ray-Ban Display glasses launched last year.
The Facebook parent has invested billions of dollars in its pursuit of “personal intelligence”, betting that advanced gadgets and electronics would bring the benefits of AI to individual users.
Although built in collaboration with Luxottica, the new range of glasses are the first to not be associated with any of the eyewear firm’s popular brands such as Ray-Ban or Oakley.
The glasses come in new colors and shapes, including a rectangle look, and a slim oval frame collection designed in partnership with media personality Kylie Jenner.
The devices are also the first AI glasses from Meta to launch with Meta AI powered by Muse Spark, the first model out of the company’s Superintelligence Labs.
The success of Meta’s glasses has spurred other tech companies such as Google and Apple to explore the development of similar devices.
Global smart glass shipments reached 9.6 million units last year, with Meta accounting for about 76.1% of the total, according to the International Data Corporation.
The Meta Glasses announcement comes a week after Snapchat owner Snap launched a pair of augmented-reality glasses at a hefty price of $2,195. However, Snap’s glasses overlay digital content onto a user’s real-world view while Meta’s glasses allow display for text and AI interaction.
Reporting by Zaheer Kachwala in Bengaluru; Editing by Joyjeet Das and Devika Syamnath
The IMO said it had secured the necessary safety guarantees and verified conditions for safe navigation
International News via Reuters:
An evacuation plan to enable hundreds of ships with some 11,000 seafarers stranded in the Gulf to sail through the Strait of Hormuz is underway after Iran and the U.S. reached a ceasefire deal, the United Nations’ shipping agency said on Tuesday.
“We have now started contacting the ships to start the evacuation,” a spokesperson with the U.N.’s International Maritime Organization (IMO) said, without providing a timeframe.
The IMO said it had secured the necessary safety guarantees and verified conditions for safe navigation.
“This large-scale operation will be carried out in close cooperation with Iran, Oman, all other coastal states in the region, the United States and the maritime industry,” IMO Secretary-General Arsenio Dominguez said in a statement.
The evacuation process under the IMO plan, which has been under discussion for months, will be phased, Oman’s defence ministry said separately in an advisory.
“Given the elevated risk of collision in the current environment, a gradual and controlled evacuation of vessel traffic is required,” it said.
The Omani ministry said the so-called Traffic Separation Scheme was “not safe for use at this time” and two temporary routes to north and south of the scheme could be used for evacuation.
“Vessels will be contacted individually and advised of their allocated transit day by the parties coordinated by IMO,” the ministry advisory said.
The scheme, adopted by the IMO in 1968, established routing lanes through Iranian and Omani waters in the strait.
Floating mines are among the major risks with waters around Hormuz.
Reporting by Jonathan SaulEditing by Gareth Jones and Andrew Cawthorne
The building housing the energy company Moeve, in the capital’s financial district, was earlier evacuated after heavy smoke was detected, according to witnesses, one of whom said they had to walk down 34 floors
International News via Reuters:
A fire that broke out in a Madrid skyscraper on Tuesday afternoon has been brought under control and no one was injured, police told Reuters.
The building housing the energy company Moeve, in the capital’s financial district, was earlier evacuated after heavy smoke was detected, according to witnesses, one of whom said they had to walk down 34 floors.
One witness told Reuters she saw smoke and smelled fumes before the building’s alarm went off. Images captured by witnesses showed smoke coming out of the floors in the middle section of the 49-storey building.
Reporting by Emma Pinedo, Jesús Aguado and Javier West Larrañaga, editing by Andrei Khalip
The Competition Appeal Tribunal granted earlier in June a collective proceedings order allowing Which? to represent Apple users, after rejecting an attempt by the U.S. tech giant to block parts of the case
International News via Reuters:
Britain’s competition tribunal has approved a £3 billion ($4 billion) lawsuit against Apple over its iCloud storage service, consumer group Which? said on Tuesday, clearing the way for tens of millions of consumers to join a collective action.
The Competition Appeal Tribunal granted earlier in June a collective proceedings order allowing Which? to represent Apple users, after rejecting an attempt by the U.S. tech giant to block parts of the case.
Which? filed the claim in November 2024 and argues Apple abused a dominant position by “trapping” users of iPhones and other devices into its iCloud storage service, limiting their ability to switch to rival cloud providers.
The consumer group says Apple did this by technically restricting how certain files can be stored, tying iCloud to iOS devices and using prompts and system design to steer users towards its own service, weakening competition and driving up prices.
“Which? wants to make clear that no company, no matter how powerful, can get away with abusing its position,” Which? Chief Executive Anabel Hoult said in a statement.
In response to a request for comment, Apple said the claims were unfounded.
“We work hard to make iCloud a great experience, but no customer is required to use it and customers in the UK have plenty of alternatives to choose from,” it said in an emailed statement.
The case is being brought on behalf of nearly 40 million UK iCloud users who used the service between November 2018 and June 2026. Which? estimates total damages at around £3 billion, with potential payouts of up to £77 per person of the claim succeed.
A trial is expected in 2028.
($1 = 0.7563 pounds)
Reporting by Sam Tabahriti; Editing by Mark Potter and Susan Fenton
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