Sales of British goods to the United States fell to 3.9 billion pounds ($5.3 billion) during the month
International News via Reuters:
British goods exports to the United States fell to their lowest level in more than three years in June, according to official data published on Thursday that showed the hit from U.S. President Donald Trump’s initial import tariff blitz.
Sales of British goods to the United States fell to 3.9 billion pounds ($5.3 billion) during the month, down by 0.7 billion pounds from May and about 20% lower than a monthly average of 4.9 billion pounds in 2024.
The last time Britain exported fewer goods to the United States – including sales of precious metals which can be volatile – was in February 2022, the Office for National Statistics said.
British Prime Minister Keir Starmer and Trump agreed a trade deal which came into force on June 30 to cut high tariffs on cars and aerospace parts but leaves a 10% tariff on most exports with steel not yet covered.
The ONS reported decreases in exports of all commodities to the United States in June with machinery and transport equipment – including cars which were hit by higher initial U.S. duties – down by 0.2 billion pounds.
The ONS last week said a third of exporting businesses with 10 or more employees reported an impact from the U.S. tariffs.
British imports of U.S. goods increased by 0.2 billion pounds in June, driven by higher aircraft sales, Thursday’s data showed.
In the April-to-June period, British exports to the United States fell by more than a quarter, reflecting how many manufacturers rushed to send their products across the Atlantic before Trump’s first tariffs blitz in April.
($1 = 0.7364 pounds)
Writing by William Schomberg; Editing by Andrew Cawthorne
Friday’s Alaska summit comes at one of the toughest moments for Ukraine in a war
International News via Reuters:
With just one day to go until a U.S.-Russian summit on ending the war in Ukraine, its president, Volodymyr Zelenskiy, visited London on Thursday to shore up European support for efforts to prevent any agreement that would carve up Ukrainian land.
Friday’s Alaska summit comes at one of the toughest moments for Ukraine in a war, the largest in Europe since World War Two, that has killed tens of thousands and displaced millions since Russia’s full-scale invasion in February 2022.
On the backfoot on the battlefield against Russian forces, Zelenskiy and his allies are keen to avoid any deal between U.S. President Donald Trump and Russian President Vladimir Putin that leaves Ukraine more vulnerable to Russian attacks.
Zelenskiy met British Prime Minister Keir Starmer to build on momentum from virtual talks on Wednesday with European leaders and Trump to try to set red lines for the talks between Trump and Putin in Anchorage, Alaska. Zelenskiy and Starmer embraced before heading in to their meeting in Downing Street.
On Wednesday, Trump threatened “severe consequences” if Putin does not agree to peace in Ukraine and while he did not specify what the consequences could be, he has warned of economic sanctions if his meeting on Friday proves fruitless.
“Yesterday was a pivotal moment for reinforcing European and transatlantic unity,” Ukraine’s Foreign Minister Andrii Sybiha said on X. “We need peace through strength as a foundation for the future of global security and stability.”
Zelenskiy said he warned Trump that Putin was “bluffing” about his desire to end the war.
The Ukrainian leader also said Trump had supported the idea of security guarantees in a post-war settlement. Politico cited people familiar with the situation as saying that Trump had said the U.S. could provide guarantees with some conditions.
A source familiar with the matter told Reuters security guarantees were discussed on the call.
“We have no details of his (Trump’s) view on this but now he is more open for some kind of U.S. support for the guarantees,” the source said, adding that Trump understood that a U.S. backstop was needed for guarantees to be workable.
“So he mentioned it (on the call) and maybe everyone will work on it,” the source said.
RUSSIAN MILITARY ADVANCES
Zelenskiy confirmed this week that Russian forces had advanced by about 9-10 km (6 miles) near the town of Dobropillia in the Donetsk region. Ukraine, suffering manpower challenges, was forced to move in reserves to stabilise the situation.
Trump’s comments and the outcome of the virtual conference on Wednesday could provide encouragement for Kyiv.
Trump described the aim of his talks with Putin in Alaska as “setting the table” for a quick follow-up that would include Zelenskiy.
However, Russia is likely to resist Ukraine and Europe’s demands strongly and previously has said its stance had not changed since it was first detailed by Putin in June 2024.
Trump has said a deal could include what he called a land swap. Russia controls around a fifth of Ukraine and a land swap within Ukraine could cement Moscow’s gains.
Zelenskiy and the Europeans worry that would reward Putin for nearly 11 years of efforts to seize Ukrainian land and embolden him to expand further west in Europe.
A source familiar with the matter said Russian Special Envoy Kirill Dmitriev will participate in Friday’s summit.
Dmitriev, who heads up Russia’s RDIF sovereign wealth fund, has previously held talks with Steve Witkoff, Trump’s special envoy, and has spoken of possible business cooperation between Moscow and Washington.
Trump’s agreement last week to the summit was an abrupt shift after weeks of voicing frustration with Putin for resisting the U.S. peace initiative.
A Gallup poll released last week found that 69% of Ukrainians favour a negotiated end to the war as soon as possible. But polls also indicate Ukrainians do not want peace at any cost if that means significant concessions.
As conditions for a ceasefire and the start of talks, Putin has demanded Ukraine withdraw its forces from four regions that Russia has claimed as its own but does not fully control, and formally renounce plans to join NATO.
Kyiv swiftly rejected the conditions as tantamount to surrender.
Reporting by Catarina Demony, Olena Harmash, Andrew Osborn; Writing by Matthias Williams; Editing by Philippa Fletcher
MSCI’s global share index flatlined, after hitting all-time peaks for the two previous sessions
FILE PHOTO: U.S. Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
International News via Reuters:
Traders ramped up Fed rate cut bets on Thursday, pinning the dollar near multi-week lows, while a global stock rally paused as investors awaited data on U.S. producer prices later in the day that may show how tariffs are impacting inflation trends.
MSCI’s global share index flatlined, after hitting all-time peaks for the two previous sessions, while an equivalent gauge of Asian equities outside Japan lingered near its loftiest level since September 2021.
Futures markets signaled Wall Street stocks were set for a muted start, having led global shares higher all week and hit records on Tuesday and Wednesday.
This blistering global rally has been fueled by strong U.S. tech earnings and speculation that Federal Reserve rate cuts will help protect businesses and households from the impact of White House tariffs.
Traders now see a September cut as almost certain, per CME’s FedWatch tool, and the U.S. administration is continuing to pressure the Fed to ease more quickly. Treasury Secretary Scott Bessent said on Wednesday that the Fed funds rate, which has been in a range of 4.25%-4.5% since December, should be as much as 175 bps lower.
Monthly U.S. jobs data came in surprisingly weak on Aug. 1, but a U.S. producer prices report later on Thursday could shift the market’s focus towards the risks of tariffs taking inflation too high for the Fed to cut rates, investors said.
About 70% of global investors expect U.S. stagflation to become the dominant market narrative within three months, a Bank of America survey found this week.
“Inflation is starting to come through. It’s not massive yet but that could certainly continue in coming months and amplify that part of the story,” Russell Investments global chief investment strategist Paul Eitelman said.
U.S. Treasury markets show investors are growing queasy about the damage higher-for-longer inflation could wreak on longer-dated debt, by eroding the real value of bonds’ fixed-interest coupons over time.
Two-year Treasury yields, which track monetary policy bets, traded at 3.67% on Thursday, down from about 3.95% at the beginning of August.
But yields on 30-year Treasuries, which are the most sensitive to inflation expectations, are now 112 bps higher than the two-year notes, with the yield differential having risen from about 95bps on Aug. 1.
SOGGY DOLLAR
The U.S. dollar was struggling to make headway from a two-week low against a basket of major currencies on Thursday and Japan’s yen made broad based gains, hitting its strongest in three weeks at 146.38 per dollar.
This came after Bessent said the Bank of Japan would raise interest rates because it was behind the curve in dealing inflation risks.
The BOJ has so far justified keeping borrowing costs ultra-low because its underlying inflation measure that focuses on domestic demand and wages is below its target and it wants more clarity on how U.S. tariffs will impact exporters.
The euro stood at $1,16722, nudging off the previous day’s two-week high while European government debt largely tracked moves in Treasuries. Germany’s 10 year yield was down 2 bps at 2.66%.
EYES ON UKRAINE
Commodities markets were subdued ahead of Friday’s summit between U.S. President Donald Trump and his Russian counterpart Vladimir Putin.
Trump on Wednesday threatened “severe consequences” if Putin did not agree to peace in Ukraine and has also floated the idea of a second summit that would include Ukrainian President Volodymyr Zelenskiy.
Brent crude, the global oil marker, traded at around $65.86 a barrel on Thursday, just off a two-month low and down from almost $70 in early August. [O/R]
Spot gold prices, which tend to rise when investors focus on geopolitical risks, fell about 0.5% to $3,3925 per troy ounce.
Goldman Sachs analysts wrote in a note to clients that lack of progress towards a Ukraine ceasefire could lead to renewed White House sanctions on Russian oil but this would only cause a “limited risk” of supply disruptions.
J.P. Morgan strategists said a peace deal could lift the euro against the dollar but warned that the bar for achieving a ceasefire was high.
Reporting by Naomi Rovnick in London and Jaspreet Kalra in Singapore; Editing by Muralikumar Anantharaman, Kim Coghill and Christina Fincher
The disaster is the latest to befall migrants making the perilous Mediterranean crossing from Africa to Europe
International News via Reuters:
At least 26 people died in a migrant shipwreck on Wednesday off the southern Italian island of Lampedusa and 60 survivors were brought ashore, the coastguard said, warning more bodies could be missing as search operations continue.
The disaster, in this case involving people travelling from Libya, is the latest to befall migrants making the perilous Mediterranean crossing from Africa to Europe.
An Italian law enforcement aircraft spotted a capsized boat with bodies in the water about 14 miles (23 km) off Lampedusa on Wednesday morning, triggering a rescue operation, the coastguard said in a statement.
Based on initial accounts from the rescued migrants, they departed from the Tripoli area in Libya in the early morning aboard two boats. One of the vessels began taking on water and they transferred to the other one, which later capsized in choppy seas, a source close to the matter said.
Initial tallies from the U.N. refugee agency UNHCR indicated that the group of migrants comprised some 92 to 97 people.
Since the start of this year, 675 people have died in the central Mediterranean while trying to make the crossing from Africa, said Filippo Ungaro, a UNHCR spokesperson in Italy.
“The survivors brought into the hotspot arrived in reasonable health; naturally, there was exhaustion, and psychologically they were quite shaken,” said Imad Dalil, who heads the Italian Red Cross migrant hub on Lampedusa.
Earlier, the Red Cross said a total 56 men and four women had been brought ashore following the accident.
Prime Minister Giorgia Meloni’s right-wing government has vowed to block migrant sea journeys from Africa and has passed measures against people smugglers, including tougher jail terms, urging allies to do the same.
In a statement, Meloni expressed her sadness over the tragedy and said it showed the need for stronger action to stop illegal arrivals.
“We therefore renew our commitment to combat these unscrupulous traffickers in the only way possible: by preventing irregular departures and managing migration flows,” she said.
Reporting by Angelo AmanteEditing by Gareth Jones and Gavin Jones
He repeated a forecast from July that average fares were likely to recover almost all of a 7% decline seen in the July-September quarter last year
International News via Reuters:
Ryanair is seeing strong demand across Europe with bookings ahead of last year, and is “reasonably optimistic” about hitting its summer targets, Chief Executive Michael O’Leary said in an interview on Thursday.
He also praised Boeing for agreeing to deliver some jets earlier than scheduled, ending a run of delays that have curbed Ryanair’s growth rate.
“We’re seeing strong bookings through the peak summer months … The fares are holding up,” O’Leary said, adding that bookings were about 1% ahead of the same point last year.
He repeated a forecast from July that average fares were likely to recover almost all of a 7% decline seen in the July-September quarter last year, when Ryanair was hit by consumer caution and a dispute with some online travel agents.
Hitting the summer target will depend on close-in bookings for the remainder of the airline’s key second quarter, which ends on September 30, he said.
There has been no sign of consumers changing their plans due to heatwaves this summer, O’Leary added. But he warned that U.S. tariffs would ultimately act as a drag on global growth.
“I think everybody is cautious at the moment, and we’re right to be cautious,” he said.
Boeing, which is due to deliver the final 29 aircraft of Ryanair’s current order of 737 MAX jets this winter, has agreed to deliver seven jets in August and seven in September, ahead of an earlier-agreed schedule.
“Boeing are doing a terrific job,” O’Leary said.
He was speaking in Tirana, where he announced a doubling of capacity to four million passengers per year with the basing of three aircraft at the airport from next April. He described Albania as a hidden jewel of the Adriatic.
SWEDISH GROWTH
Ryanair, Europe’s largest airline by passengers, also announced plans to increase capacity serving Sweden by 25% for this winter, adding eight new routes, after the country scrapped its aviation tax at the beginning of last month.
That will add to pressure on local rivals such as SAS and Norwegian Air.
Ryanair Chief Marketing Officer Dara Brady called on Sweden also to freeze airport charges and potentially offer additional incentives for growth, saying this could allow Ryanair to double its Swedish traffic by 2030.
“The market is well capable of growing significantly here over the next number of years,” Brady told a news conference.
Additional reporting by Niklas Pollard in Stockholm. Writing by Conor Humphries. Editing by Tomasz Janowski and Mark Potter
The world’s largest crypto-asset by market capitalisation climbed as much as 0.9% to $124,002.49 in early Asia trading
International News via Reuters:
Bitcoin hit a record high on Thursday as increasing expectations for easier monetary policy from the Federal Reserve added to tailwinds from recently announced financial reforms.
The world’s largest crypto-asset by market capitalisation climbed as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak hit in July. On the day, the second largest crypto-token ether hit $4,780.04, the highest level since late 2021.
Bitcoin’s rally is being powered by increasing certainty of Fed rate cuts, sustained institutional buying and moves by the Trump administration to ease investment in crypto assets, said IG market analyst Tony Sycamore.
“Technically a sustained break above $125k could propel BTC to $150,000,” he wrote in a note.
Bitcoin has risen nearly 32% so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump’s return to the White House. Trump has called himself the “crypto president” and his family has made a series of forays into the sector over the past year.
An executive order last week paved the way to allow crypto assets in 401(k) retirement accounts, highlighting an increasingly favorable regulatory environment in the United States.
Crypto has scored multiple regulatory wins in the U.S. over 2025, including the passage of stablecoin regulations and the U.S. securities regulator’s move to overhaul regulations in order to accommodate the asset class.
Bitcoin’s surge has also sparked a broader rally in the asset class over the past few months, shrugging off the tremors of Trump’s wide-ranging tariff policies.
According to data from CoinMarketCap, the crypto sector’s overall market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, when Trump won the U.S. presidential election.
The latest push for crypto adoption in the United States came via an executive order on Thursday last week, which would ease access to the asset class in 401(k) retirement accounts.
The executive order could also be a boost for asset managers such as BlackRock and Fidelity, which operate crypto exchange-traded funds (ETFs).
Crypto’s push into retirement savings can also be peppered with risks, as the asset class tends to experience much more volatility than stocks and bonds, which asset managers had typically relied on for such accounts.
Reporting by Jaspreet Kalra and Rocky Swift; Editing by Sam Holmes
Official figures published on Thursday showed Britain’s economy slowed less than expected between April and June after a strong start to the year
FILE PHOTO: Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester, Britain, Septem,ber 21, 2018. REUTERS/Phil Noble/File Photo
International News via Reuters:
The pound rose to a fresh three-week high against the dollar on Thursday even as the greenback advanced against other major currencies, after UK GDP figures for July showed the economy slowing less than expected in the second quarter.
At 0937 GMT, the pound was 0.1% higher at $1.135875, sitting at a three-week high against the dollar. Meanwhile, the dollar rose against the euro and Swiss franc.
Against the euro, sterling rose 0.22% to 86.01 pence.
Official figures published on Thursday showed Britain’s economy slowed less than expected between April and June after a strong start to the year, despite the shock of U.S. import tariffs and a weaker jobs market, offering help to finance minister Rachel Reeves in meeting her budget goals.
Francesco Pesole, FX strategist at ING, said while the numbers were generally positive they matter more for gilts and for the government heading into the autumn budget.
“The BoE hasn’t really looked at GDP numbers closely because they’re volatile and backward-looking, and they’re really looking much more closely at inflation and jobs.”
UK labour data on Tuesday showed weakness in hiring but persistent wage growth, a headache for the Bank of England, which is faced with the tricky task of balancing a slowing economy and stubborn inflation.
The next batch of inflation figures is due on August 20 after last month’s CPI figures for June showing UK inflation rising to 3.6% – its highest since January 2024.
“The fact that policymakers are pondering how to respond to the challenging combination of a rather weak real economy and persistent inflation has bolstered the pound,” wrote Commerzbank analysts in a note.
“…these doubts reinforce the view that the BoE is not leaning towards a dovish stance.”
Money markets expect the BoE to hold rates steady at 4.25% at its next meeting on September 18.
OBA leadership hopeful Robert King suggests the current leadership is not strategic or media savvy, and says he’s someone who can get results
WATCH highlights above, SCROLL DOWN for extended interview
Robert King says the OBA was not prepared for an election it called for.
The OBA leadership hopeful says he is a political disrupter, and the party needs to be “loud and effective” – something it has not been under Jarion Richardson and Ben Smith, he suggests.
Mr Richardson had said it’s time for an election in response to the PLP Government’s Throne Speech in November. The party went on to lose 25-11 in the February General Election, regaining four seats that they lost in 2020.
Robert King cites the need for a media strategy to rival the PLP’s – and claims that he can attract more of the kind of funding the party needs to run such a campaign.
The six month overtime ban at Hamilton Docks drags on, and the Port Worker’s Division are set to meet on Friday to review the situation.
At Bermuda Industrial Union HQ today, Division President Dawud Tucker made their expectations clear – and called for the community’s help:
“We would like to get, with the public support, management and SSL team to recognize… reinstatement rights.”
The matter concerns Chris Furbert Jr, son of BIU President Chris Furbert, who was fired in February 2020 following a verbal exchange with former Stevedoring boss Warren Jones.
It’s a case stretching over several years.
…and in November last year, an Employment Tribunal ruled that the dismissal was unfair, because SSL had not followed its own grievance procedures.
The union maintains that the tribunal’s ruling of unfair dismissal should result in automatic reinstatement – under article 30 of the Collective Bargaining Agreement.
The Tribunal, chaired by former BPSU President Ed Ball Jr, indicates that the CBA was considered in its ruling.
We understand both the union and SSL are appealing the Tribunal’s decision.
WATCH our report above, SCROLL DOWN for the full press conference
It should be noted that Article 30 of the Collective Bargaining Agreement applies to the “unjustified dismissal or suspension of an Employee who is subsequently reinstated…”
Since the Tribunal ruled against reinstatement – does it make this part of the CBA inapplicable?
We have reached out to the BIU for clarity.
RELATED MEDIA:
Employment Tribunal Hearing, Chris Furbert Jr vs XXX, click HERE.
Employment Tribunal Quantum Award, Chris Furbert Jr & BIU vs XXX, click HERE.
Article 30 of the Collective Bargaining Agreement between BIU Port Workers & SSL, below:
The scientists also discovered three other teeth dating to 2.59 million years ago that had traits showing they belonged to the oldest-known species of Homo
International News via Reuters:
Researchers have unearthed tooth fossils in Ethiopia dating to about 2.65 million years ago of a previously unknown species in the human evolutionary lineage, one that lived in the same time and place as the earliest-known member of the genus Homo to which our own species belongs.
The scientists discovered in the Ledi-Geraru research project area of northeastern Ethiopia’s Afar Region 10 teeth – six molars, two incisors, one premolar and one canine – that they concluded belonged to a new Australopithecus species. The teeth came from two individuals.
Until now, six species of the genus Australopithecus, an important early human ancestor that displayed a mix of ape-like and human-like traits, were known from fossils at various African sites. The researchers said the newly found teeth bore traits indicating they belonged to a seventh species.
A genus is a group of closely related species that share similar characteristics. For example, lions and tigers are from the same genus but represent different species.
The scientists also discovered three other teeth dating to 2.59 million years ago that had traits showing they belonged to the oldest-known species of Homo, one that was first revealed by a jawbone unearthed in the same vicinity in 2013.
Scientists have not yet assigned names to the Australopithecus and Homo species represented by these 13 teeth because of the incomplete nature of the fossil remains. Our species Homo sapiens is the most recent member of the Homo genus, first appearing roughly 300,000 years ago in Africa before later spreading worldwide.
The new dental fossils provide insight into a poorly understood period in human evolution. The close age of the teeth suggests that this newly identified Australopithecus species coexisted in this region with the early Homo species, raising questions about whether they competed for the same resources.
The teeth also indicate that there were four hominins – as species in the human evolutionary lineage are known – that inhabited East Africa at the time. Previous fossils showed that another Australopithecus species and a species of Paranthropus, a hominin possessing a specialized skull adapted for heavy chewing, lived in East Africa during this time. An additional Australopithecus species also inhabited southern Africa, bringing the number of hominins then on the continent to five.
The presence of these contemporaneous hominins illustrates the complicated nature of the human evolutionary process.
“This reinforces the idea that the story of human evolution is not of a single lineage changing slowly through time,” said University of Nevada, Las Vegas paleoanthropologist Brian Villmoare, lead author of the research published on Wednesday in the journal Nature.
“Rather, the pattern of human evolution is similar to that of other organisms, repeatedly branching into multiple species throughout the fossil record, many of whom lived at the same time,” Villmoare added.
The researchers are seeking clues about the nature of any interaction between the Australopithecus and Homo species represented by the 13 teeth.
“We are currently analyzing teeth to see if we can tell if they ate the same thing,” said Arizona State University paleoecologist and project co-director Kaye Reed.
If so, they may have fought over resources, Reed said. Crude stone tools dating to about the same time were previously discovered nearby, Reed said, probably made by the Homo species.
The researchers determined the age of the teeth using a technique that dated feldspar crystals contained in volcanic ash in the sediments where they were discovered based on radioactive decay of the element argon.
The Afar Region, one of Earth’s hottest and lowest places, is an arid expanse of badlands. But at the time of these species, rivers flowed across a vegetated landscape into shallow lakes in a landscape populated by a splendid array of animals. These included giraffes, horses, pigs, elephants, hippos and antelopes as well as predators such as saber-toothed cats and hyenas.
Homo is generally thought to have descended from a species of Australopithecus, though the exact species and the timing have been a matter of debate. Australopithecus eventually died out.
Australopithecus includes the famous fossil Lucy, who was a member of the species Australopithecus afarensis who lived approximately 3.18 million years ago. Lucy’s remains were discovered in 1974, also in the Afar Region. The newly discovered teeth had characteristics that showed they did not belong to Lucy’s species, the researchers said.
“This new Australopithecus species is in no way some ‘missing link,’ and we actually don’t think that it was necessarily ancestral to any known species,” Villmoare said.
“Species arose and many went extinct,” Reed said. “Each find is a piece of the puzzle that puts human evolution into a twiggy tree, rather than a linear graphic.”
Reporting by Will Dunham in Washington, Editing by Rosalba O’Brien
Walmart, the largest private employer in the United States, had previously extended its grocery discount during the holidays
International News via Reuters:
Walmart is expanding its 10% employee discount to nearly all of its grocery items, including dairy and meat, through the year, the company’s chief people officer told its staff in a letter on Wednesday.
The discount, previously limited to fresh produce and general merchandise such as apparel, now extends to almost all food categories — including milk, meat, dry grocery, and seafood — in stores and online, effective immediately.
Walmart, the largest private employer in the United States, had previously extended its grocery discount during the holidays, but the perk will now be available year-round, the company said.
“We’ve heard your feedback that these savings make a real difference for you and your families,” Donna Morris, Walmart’s chief people officer, wrote in the letter.
Morris said the extension of the discount card program, first introduced more than 50 years ago, was among the company’s most requested benefits.
The company has also raised wages for U.S. hourly workers and launched a bonus program for about 700,000 front-line staff over the last couple of years to help retain workers.
The Wall Street Journal first reported on the extension of the discount program.
Reporting by Juveria Tabassum in Bengaluru; Editing by Tasim Zahid
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