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BRICS demand wealthy nations fund global climate transition

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BRICS demand wealthy nations fund global climate transition

Lula urged a global transition away from fossil fuels, the main drivers of climate change

International News via Reuters:

Leaders of the BRICS group of developing nations addressed the shared challenges of global warming on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund mitigation of greenhouse gas emissions in poorer nations.

In his opening remarks, Brazilian President Luiz Inacio Lula da Silva, who will host the United Nations climate summit in November, also blasted denialism of the climate emergency, indirectly criticizing U.S. President Donald Trump’s decision to pull his country out of the 2015 Paris Agreement.

“Today, denialism and unilateralism are eroding past achievements and harming our future,” he said. “The Global South is in a position to lead a new development paradigm without repeating the mistakes of the past.”

Trump took issue on Sunday with veiled criticism from the BRICS group, accusing the bloc of having “anti-American policies” and threatening them with extra 10% tariffs. BRICS members brushed off his accusation and reaffirmed their commitment to a multilateral world.

In his comments to leaders at the Rio summit, Lula urged a global transition away from fossil fuels, the main drivers of climate change.

But a joint statement from BRICS leaders released on Sunday argued that petroleum will continue to play an important role in the global energy mix, particularly in developing economies – in another sign that the increasingly heterogeneous BRICS group faces challenges finding a unified position on major issues.

“We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions,” Brazil’s Environment Minister Marina Silva said on the sidelines of the summit, when asked about the plans to extract oil off the coast of the Amazon rainforest. 

In their joint statement, BRICS leaders also underscored that providing climate finance “is a responsibility of developed countries towards developing countries,” which is the standard position for emerging economies in global negotiations. 

But their declaration also mentioned the group’s support for a fund that Brazil proposed to protect endangered forests – the Tropical Forests Forever Facility – as a way for developing economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the Paris Agreement. 

China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions told Reuters last week. 

The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called “discriminatory protectionist measures” under the pretext of environmental concerns.

Reporting by Manuela Andreoni and Lisandra Paraguassu; Additional reporting from Rodrigo Viga Gaier; Editing by Will Dunham, Brad Haynes and Rod Nickel

Dow to close three European chemical plants, cut 800 jobs

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Dow to close three European chemical plants, cut 800 jobs

The company said the shutdowns will remove higher-cost, energy-intensive portions of Dow’s portfolio in Europe

International News via Reuters:

Dow will shut down three upstream plants in Europe and cut around 800 jobs in response to structural challenges in the region, the chemicals company said on Monday, sending its shares down 2.5% in morning trade.

The company said the shutdowns will remove higher-cost, energy-intensive portions of Dow’s portfolio in Europe.

Global chemical companies are feeling the pressure to reassess strategies, with the European Union’s increasing production costs, lackluster demand and stringent environmental regulations.

Last year, Dow had said that it had started a review of some of its European assets.

An Ethylene cracker in Böhlen, Germany, Chlor-alkali & vinyl assets in Schkopau, Germany and a Basics siloxanes plant in Barry, UK will be shut in the next two years, the chemicals company said on Monday.

The Midland, Michigan-based company said the 800 impacted jobs is in addition to the reduction of about 1,500 Dow roles globally, announced in January as part of a $1 billion cost savings plan.

The company had nearly 36,000 employees as of September 2024.

“While this decision is costly and will take some time to play out, we see this as positive for Dow given the run-rate EBITDA and free cash flow improvement,” said TPH Energy Research analyst Matthew Blair.

Such actions should improve the balance between supply and demand in the commodity chemical market, Blair added.

Dow will record charges ranging from $630 million to $790 million, for items including disposal of assets and severance.

The shutdown is expected to begin in mid-2026 and is estimated to be complete by the end of 2027, with potential decommissioning and demolition to stretch into 2029 as needed, the company added.

In April, Dow had said it expects extended pressure on earnings due to uncertainty from U.S. President Donald Trump’s shifting trade policies.

Reporting by Pooja Menon and Katha Kalia in Bengaluru; Editing by Sahal Muhammed

Team lands 501lb blue marlin to lead tournament

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Team lands 501lb blue marlin to lead tournament

The Bermuda Billfish Blast draws anglers from around the world  

Team OVERPROOF has laid down a formidable marker on Day Two of the Bermuda Billfish Blast, successfully landing a solid 501lb blue marlin. This impressive catch immediately puts them in a strong leading position in the prestigious three-tournament series.
The Bermuda Billfish Blast is a true highlight of the summer angling calendar, renowned for its incredible blue marlin bite that annually attracts top anglers from around the world. For decades, Bermuda has cemented its reputation as a premier destination for those pursuing giant Atlantic blue marlin, alongside a host of other challenging gamefish species. The event itself is a key component of the Bermuda Triple Crown, a series of highly competitive billfish tournaments that captivate the international angling community each July.
With Team OVERPROOF making such a significant early statement on the scales, the pressure is now firmly on the rest of the fleet.
Competitors will be pushing hard as they continue their pursuit of the elusive giant blue marlin over the remaining days, promising an exciting conclusion to the tournament. 

Regiment summer camp builds junior leaders

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Regiment summer camp builds junior leaders

The weeklong camp exposed youth to military life and helped them to develop leadership skills

Images supplied

The Royal Bermuda Regiment issued the following media release.

A group of teenagers gained new friends and new skills during a weeklong camp run by the Royal Bermuda Regiment.

The 24 youths took part in the RBR’s Junior Leaders programme, which exposes young people to military life and helps them to develop leadership skills.

Eight members of the group joined the cohort for the first time when the camp began last Friday.

Activities over the past seven days have included fieldcraft and skill-at-arms lessons, physical training and foot drill.

There was also time for recreational pursuits such as swimming, football, volleyball, basketball and tug-of-war games.

Captain Gavin Rayner, the JL Commandant and the RBR’s Adjutant, said: “The summer camp provides a good introduction to what can be expected in Junior Leaders. Like camps for adult soldiers, it’s a short, sharp shock to
the system for new members, which offers a taste of what we do.

“The camp provides a base for them – now that we’ve got some of the fundamentals down, we can build on that and work towards activities that are more exciting.”

Like regiment soldiers, Junior Leaders can advance to command positions, allowing for formal recognition of their capabilities and promise.

“We had promotions at the beginning of the camp based on the maturity of Junior Leaders and their leadership potential,” Capt Rayner said. “For the most part, they have all really come into their own in terms of stepping up
to their new ranks.”

The programme, which runs throughout the school year, is also an award centre for the Duke of Edinburgh’s International Award, allowing JLs to gain credit towards the scheme’s Bronze, Silver and Gold levels of achievement.

Lance Corporal Tristan White, 14, a pupil at Chatmore, has been a Junior Leader for two years and noted that the programme offered opportunities to meet people from diverse backgrounds.

“I want to keep going and rise through the ranks,” he said. “But I’m also proud of myself because my grandfather reached the rank of Captain. He was very proud of me when I joined and also when I got promoted.”

Reflecting on his time in the RBR’s youth wing, LCpl White added: “I’ve seen that my confidence has increased and I’m using my voice. I’m a loud speaker so I’m using that to my advantage now.”

Private Haylee Hamilton, a 14-year-old CedarBridge Academy pupil, joined the Junior Leaders just last week for the camp.

She enjoyed skill-at-arms and medic lessons and added: “I’ve learned how to make time.”

Private Amir Best, 13, who attends Erie Day School in Pennsylvania, was also new to the group and said part of the reason he joined the camp was to make new friends.

He enjoyed the discipline of drill and said the most fun activity was firing a weapon.

“All the work and time spent in skill-at-arms lessons paid off,” Pte Best said.

He too honed his timekeeping skills.

“Usually I’m a couple of minutes late to most places but after being here I will never be late,” Pte Best insisted.

To learn more about Junior Leaders, visit rbr.bm or call 238-1045

Sterling slips with economic data, tariff uncertainty in focus

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Sterling slips with economic data, tariff uncertainty in focus

Last week saw investors in UK assets rattled by ambiguities around the health of public finances

International News via Reuters:

Sterling slipped on Monday in a lacklustre start to a week packed with economic data reports that could offer clues to the interest rate outlook, while globally investors watched the latest deadline on U.S. tariffs.

Sterling slipped 0.3% and last fetched $1.3601 against the U.S. dollar, while the pound was broadly unchanged against the euro at 86.23 pence.

Last week saw investors in UK assets rattled by ambiguities around the health of public finances, as a number of U-turns by the governing Labour Party over welfare reforms sparked speculation around the future of finance minister Rachel Reeves.

Traders are now shifting their focus to a set of data this week, with Monday bringing a report that showed British house prices stagnated month-on-month during June as expected, after an increase in tax on property transactions took effect in April.

However, “the post April dip is likely to fizzle out”, said Victoria Scholar, head of investment at interactive investor. “Plus, mortgage lending is improving, thanks to four rate cuts from the Bank of England over the last year and two more priced in this year.”

Later in the week, traders will scrutinize a report on gross domestic product that could offer clarity on the health of the UK economy and determine the outlook on interest rates.

Bank of England policymaker Alan Taylor said late on Friday that he thought it would be better to cut interest rates now rather than wait and risk needing to cut them in a hurry.

Taylor expects the Bank Rate to fall to “around 3%” by the end of next year. Traders largely anticipate the next 25 basis points interest rate cut by the central bank will be in September, according to data compiled by LSEG.

Meanwhile, investors globally were awaiting a Wednesday deadline ahead of which economies scrambled to strike trade deals with the U.S. to avoid sharply higher duties on their exports to the United States.

Britain was the first to secure an agreement with the U.S. in May and has avoided the additional tariffs on steel and aluminium. Negotiations are ongoing to remove existing 25% duties on industrial metals altogether.

The pound has appreciated about 2% since the deal with the U.S. and is trading close to its highest level since late 2021, also benefiting from a broader dollar weakness.

Separately, a Deloitte survey showed British business executives now see greater opportunities closer to home, while the attractiveness of the United States as an investment destination dwindled.

In other news, Reeves is expected to announce a 28.6 million pound ($39 million) investment by the National Wealth Fund in a carbon capture project that could create jobs in central and northern England, as the government strives to shore up public support.

Reporting by Johann M Cherian; Editing by Aidan Lewis

Fives Nordon to build parts for new nuclear reactors in deal with France’s EDF, company says

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Fives Nordon to build parts for new nuclear reactors in deal with France’s EDF, company says

The French government has yet to pass legislation approving the construction of new reactors

International News via Reuters:

French engineering firm Fives Nordon has received an order from state-owned power utility EDF to build 300 pieces of boilermaking equipment for the country’s six new nuclear reactors, it said on Monday.

After 18 months of engineering studies, parts construction will begin in 2027, with deliveries continuing through 2038, according to the statement. Fives Nordon did not disclose the value of the contract.

President Emmanuel Macron has made expanding France’s nuclear production capability a flagship project, both by extending the lifetimes of existing sites and building at least six new reactors with a capacity of about 10 Gigawatts in the coming decades.

Earlier this year the French government agreed to issue EDF a subsidized loan covering at least half of the construction costs of six new reactors, which were estimated to be around 52 billion euros in 2022. An updated budget is expected by year-end.

The French government has yet to pass legislation approving the construction of new reactors, which is required under France’s multi-annual energy planning law.  

Faced with a divided parliament seeking to slash 40 billion euros($46.90 billion) from the budget, the government has said it intends to pass the required decree before autumn.

($1 = 0.8530 euros)

Reporting by America Hernandez in ParisEditing by Bernadette Baum and Joe Bavier

Oil shrugs off OPEC+’s bigger hike as tight market provides support

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Oil shrugs off OPEC+’s bigger hike as tight market provides support

Oil had also come under pressure as U.S. officials flagged a delay on when tariffs would begin

International News via Reuters:

Oil on Monday shrugged off the impact of OPEC+ hiking output more than expected for August as well as concern about the potential impact of U.S. tariffs, with prices reversing early losses as a tight physical market lent support.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months.

Brent crude futures fell as low as $67.22 a barrel but by 1018 GMT were up 40 cents, or 0.6%, to $68.70. U.S. West Texas Intermediate crude was at $67.04, up 4 cents, and up from an earlier low of $65.40.

“For now, the oil market remains tight, suggesting it can absorb additional barrels,” said UBS analyst Giovanni Staunovo.

The OPEC+ decision will bring nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note.

However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added.

In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia.

Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3.

Oil had also come under pressure as U.S. officials flagged a delay on when tariffs would begin but failed to provide details on changes to the rates that will be imposed. Investors are worried higher tariffs could slow economic activity and oil demand.

“Concerns over Trump’s tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now,” said Priyanka Sachdeva, a senior market analyst at Phillip Nova.

Additional reporting by Florence Tan; Editing by Sharon Singleton and Jane Merriman

Survivors grieve, worry about future after deadly building collapse in Pakistan

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Survivors grieve, worry about future after deadly building collapse in Pakistan

Rescue officials said the death toll had reached 27 and dozens of people were being housed in makeshift shelters

International News via Reuters:

Survivors of a building collapse that killed 27 people in the Pakistani city of Karachi were trying on Monday to come to terms with the loss of loved ones and their homes.

The five-storey building collapsed on Friday in the overcrowded inner-city Lyari district where many working-class and poor families live in ageing apartment blocks. The site is now a tangle of twisted metal, shattered concrete and scattered belongings, schoolbooks, shoes and sewing machines.

On Monday, rescue officials said the death toll had reached 27 and dozens of people were being housed in makeshift shelters following the building’s collapse and the evacuation of nearby buildings over structural fears.

“I grew up in that building. I knew everyone who lived there,” said Imdad Hussain, 28, a fisherman who lost neighbours, childhood friends and seven members of his extended family.

He is now sheltering with relatives, and family members are in mourning as they try to figure out what the future holds.

“We’ve lost our home, our people. I don’t know how we’ll start again,” he said.

Officials in Karachi, the capital of the southeastern province of Sindh, said the building had received multiple evacuation notices since 2023, including a final one in late June.

Saeed Ghani, Provincial Minister of Sindh for Local Governments, said the Karachi commissioner – who oversees the city administration – had been tasked with inspecting 51 buildings identified as “extremely dangerous” to prevent similar collapses.

BUILDING SHOOK VIOLENTLY

Residents said the building in Lyari, which has been home to generations of working-class families from minority and migrant backgrounds, shook violently on Friday before collapsing in a cloud of dust.

Rescue workers had been digging through the debris since Friday but declared the search over late on Sunday.

They said about 100 residents from 12 families had been living in the building, and nearly 50 more families had been displaced after three neighbouring buildings were declared unsafe and evacuated.

Lakshmi, a school janitor who lived next door to the collapsed building, said her sister had lived in the building that came down and called moments before it fell to say it was shaking.

Her sister survived, but Lakshmi feared losing the gold she had left with her for safekeeping before her daughter’s wedding.

“We got out with our lives, but everything else is gone, with no certainty about what is to come,” Lakshmi said.

Reporting by Akhtar Soomro and Ariba Shahid in Karachi, Writing by Ariba Shahid, Editing by Timothy Heritage

UN council votes to keep researching abuses for LGBT people despite US U-turn

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UN council votes to keep researching abuses for LGBT people despite US U-turn

Trump has signed executive orders to curb transgender rights and dismantle diversity, equity and inclusion practices in the government and private sector

International News via Reuters:

The U.N. Human Rights Council voted on Monday to renew the mandate of an LGBT rights expert, a move welcomed by advocates amid the absence of the United States, a former key supporter that is now rolling back such protections.

Western diplomats had previously voiced concerns about the renewal of the mandate of South African scholar Graeme Reid who helps to boost protections by documenting abuses and through dialogue with countries.

The motion for a three-year renewal passed with 29 votes in favour, 15 against and three abstentions. Supporters included Chile, Germany, Kenya and South Africa while several African nations and Qatar opposed it.

“The renewal of this mandate is a spark of hope in a time when reactionary powers worldwide are trying to dismantle progress that our communities fought so hard to achieve,” said Julia Ehrt, executive director of campaign group ILGA World.

The United States, which has disengaged from the council under President Donald Trump, citing an alleged antisemitic bias, was previously a supporter of the mandate under the Biden administration.

Since taking office in January, Trump has signed executive orders to curb transgender rights and dismantle diversity, equity and inclusion practices in the government and private sector.

His administration says such steps restore fairness, but civil rights and LGBT advocates say they make marginalised groups more vulnerable.

In negotiations before the vote, Pakistan voiced opposition to the mandate on behalf of Muslim group OIC, calling it a tool to advocate “controversial views”.

Reporting by Emma Farge; Editing by Clarence Fernandez

Apple takes fight against $587 million EU antitrust fine to court

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Apple takes fight against $587 million EU antitrust fine to court

Apple overhauled its App Store rules to comply with the EU order to scrap its technical and commercial curbs on app developers

An Apple logo is seen at the entrance of an Apple Store in downtown Brussels, Belgium March 10, 2016.

International News via Reuters:

Apple took a challenge against EU regulators to Europe’s second highest court on Monday after they fined it 500 million euros ($587 million) earlier this year for breaching landmark rules aimed at curbing the power of Big Tech.

The European Commission in a decision in April said the iPhone maker’s technical and commercial restrictions that prevent app developers from steering users to cheaper deals outside the App Store breached the Digital Markets Act.

Apple, which had previously said it would seek legal redress, filed its lawsuit on Monday, the deadline for doing so. “Today we filed our appeal because we believe the European Commission’s decision – and their unprecedented fine – go far beyond what the law requires,” the company said in a statement. “As our appeal will show, the EC is mandating how we run our store and forcing business terms which are confusing for developers and bad for users. We implemented this to avoid punitive daily fines and will share the facts with the court.”

Last month, Apple overhauled its App Store rules to comply with the EU order to scrap its technical and commercial curbs on app developers in order to avoid daily fines of 5% of its average daily worldwide revenue or about 50 million euros per day. The EU competition watchdog is seeking feedback from app developers before deciding whether to accept the changes or demand more. ($1 = 0.8522 euros)

Reporting by Foo Yun Chee; editing by Barbara Lewis

Search teams scour Texas flood zone for dozens missing; 78 confirmed dead

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Search teams scour Texas flood zone for dozens missing; 78 confirmed dead

Officials said on Saturday that more than 850 people had been rescued

International News via Reuters:

Search teams plodded through mud-laden riverbanks and flew aircraft over the flood-stricken landscape of central Texas for a fourth day on Monday, looking for dozens of people still missing from a disaster that has claimed at least 78 lives.

The bulk of the death toll from Friday’s flash floods was concentrated in the riverfront Hill Country Texas town of Kerrville, accounting for 68 of the dead, including 28 children, according to Kerr County Sheriff Larry Leitha.

The Guadalupe River, transformed by predawn torrential downpours into a raging, killer torrent in less than hour, runs directly through Kerrville.

The loss of life there included an unspecified number of fatalities at the Camp Mystic summer camp, a nearly century-old Christian girls retreat on the banks of the Guadalupe where authorities reported two dozen children unaccounted for in the immediate aftermath of the flooding on Friday.

On Sunday, Leitha said search teams were still looking for 10 girls and one camp counselor, but he did not specify the fate of others initially counted as missing.

As of late Sunday afternoon, state officials said 10 other flood-related fatalities were confirmed across four neighboring south-central Texas counties, and that 41 other people were still listed as unaccounted for in the disaster beyond Kerr County.

Freeman Martin, director of the Texas Department of Public Safety, predicted the death toll would rise further as floodwaters receded and the search gained momentum.

Authorities also warned that continued rainfall – even if lighter than Friday’s deluge – could unleash additional flash floods because the landscape was so saturated.

State emergency management officials had warned on Thursday, ahead of the July Fourth holiday, that parts of central Texas faced the possibility of heavy showers and flash floods based on National Weather Service Forecasts.

CONFLUENCE OF DISASTER

But twice as much rain as was predicted ended up falling over two branches of the Guadalupe just upstream of the fork where they converge, sending all of that water racing into the single river channel where it slices through Kerrville, according to City Manager Dalton Rice.

Rice and other public officials, including Governor Greg Abbott, vowed that the circumstances of the flooding, and the adequacy for weather forecasts and warning systems would be scrutinized once the immediate situation was brought under control.

In the meantime, search and rescue operations were continuing around the clock, with hundreds of emergency personnel on the ground contending with a myriad of challenges.

“It’s hot, there’s mud, they’re moving debris, there’s snakes,” Martin said during a news briefing on Sunday.

Thomas Suelzar, adjutant general of the Texas Military Department, said airborne search assets included eight helicopters and a remotely piloted MQ-9 Reaper aircraft equipped with advanced sensors for surveillance and reconnaissance missions.

Officials said on Saturday that more than 850 people had been rescued, some clinging to trees, after a sudden storm dumped up to 15 inches (38 cm) of rain across the region, about 85 miles (140 km) northwest of San Antonio. 

In addition to the 68 lives lost in Kerr County, three died in Burnet County, one in Tom Green County, five in Travis County and one in Williamson County, according to Nim Kidd, chief of the Texas Division of Emergency Management.

The Federal Emergency Management Agency was activated on Sunday and was deploying resources to Texas after President Donald Trump issued a major disaster declaration, the Department of Homeland Security said. U.S. Coast Guard helicopters and planes were aiding search and rescue efforts.

SCALING BACK FEDERAL DISASTER RESPONSE

Trump, who said on Sunday he would visit the disaster scene, probably this coming Friday, has previously outlined plans to scale back the federal government’s role in responding to natural disasters, leaving states to shoulder more of the burden themselves.

Some experts questioned whether cuts to the federal workforce by the Trump administration, including to the agency that oversees the National Weather Service, led to a failure by officials to accurately predict the severity of the floods and issue appropriate warnings ahead of the storm.

Trump’s administration has overseen thousands of job cuts from the National Weather Service’s parent agency, the National Oceanic and Atmospheric Administration, leaving many weather offices understaffed, former NOAA director Rick Spinrad said.

Ahead of Friday’s floods, the Weather Service office near San Antonio, which oversees warnings issued in Kerr County, had one key vacancy – a warning coordination meteorologist, who is responsible for working with emergency managers and the public to ensure people know what to do when a disaster strikes.

The person who served in that role for decades was among hundreds of Weather Service employees who accepted early retirement offers and left the agency at the end of April, media reported.

Trump pushed back when asked on Sunday if federal government cuts hobbled the disaster response or left key job vacancies at the Weather Service under Trump’s oversight.

“That water situation, that all is, and that was really the Biden setup,” he said referencing his Democratic predecessor, Joe Biden. “But I wouldn’t blame Biden for it, either. I would just say this is 100-year catastrophe.”

Reporting by Sergio Flores and Evan Garcia in Kerrville, Texas. Additional reporting by Marco Bello and Sandra Stojanovic in Comfort, Texas; Rich McKay in Atlanta; Alexandra Alper, Tim Reid and Deborah Gembara in Washington; Nathan Howard in Morristown, New Jersey; Ryan Jones and Bhargav Acharya in Toronto; Brendan O’Brien in Chicago; and Nathan Layne in New York; Writing and additional reporting by Steve Gorman in Los Angeles; Editing by Bill Berkrot, Will Dunham and Diane Craft and Stephen Coates

UK equities mixed as investors assess tariff-related updates, company news

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UK equities mixed as investors assess tariff-related updates, company news

Oil and gas stocks weighed on the index, dropping 2.6%, with energy giant Shell losing almost 3%

Signage is seen outside the LSEG (London Stock Exchange Group) headquarters in Paternoster Square, London, Britain, April 25, 2025. REUTERS/Toby Melville/File Photo

International News via Reuters:

London’s main stock indexes were mixed on Monday as investors focused on corporate updates and a three-week delay in higher U.S. tariff rates, alongside progress on trade agreements.

The blue-chip FTSE 100 was flat by 0910 GMT, while the domestically oriented midcap index rose 0.2% after ending the previous week in the red.

U.S. President Donald Trump said on Sunday that Washington was close to several trade agreements and would notify other countries of higher tariff rates set to go into place on August 1, a delay from the July 9 deadline.

Oil and gas stocks weighed on the index, dropping 2.6%, with energy giant Shell losing almost 3% after trimming its second-quarter outlook for integrated gas division and liquefied natural gas production ahead of full results.

Other oil companies also came under pressure with oil prices slipping after OPEC+ hiked output above expectations in August. BP was down 1.9%. Diversified Energy, Harbour Energy and Ithaca Energy all fell over 1% on the midcap.

Among individual stocks, miner Ferrexpo slid 1.7% as iron ore production fell after the discontinuation of Ukraine’s value-added tax refunds reduced operations.

Electricals retailer Currys fell 6.2% and led midcap losses, after an RBC downgrade.

Online trading platform Plus500 was among the top gainers on the FTSE 250 after positive second-quarter results.

Weir Group was the top gainer on the blue-chip after Citigroup raised its rating and price target.

On the data front, Halifax data showed that British house prices stagnated in June from the previous month following the increase in tax on property transactions from April.

In other news, British finance minister Rachel Reeves is set to announce a 28.6 million pound ($39 million) investment into a carbon capture project, which is expected to create jobs in central and northern England.

($1 = 0.7325 pounds)

Reporting by Twesha Dikshit; Editing by Vijay Kishore

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