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The Latest Breaking News from G7

EU releases €1.4 Billion to Ukraine from frozen Russian asset profits after Kyiv attacks

European Commission President Ursula von der Leyen announced that €1.4 billion in profits from immobilised Russian assets will be allocated after Russia’s deadly strikes on Kyiv. Most of the funds will be used to repay G7 and EU loans while €70 million will be directed toward military assistance.

Euronews

Sanction in limbo: How the EU hit a wall with its maritime services ban

Earlier this year, European Commission President Ursula von der Leyen proposed a full ban on maritime services for Russian oil tankers. But an extraordinary combination of factors has plunged the sanction into political limbo. Here's how the plan went awry.

Euronews

Why Andy Burnham’s devolution pledge will be tricky to deliver

Sharing income tax with England’s regional mayors could tackle inequality but many councils are ill-equipped for an enlarged role

The Guardian - UK

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Time is running out: what trade concessions can the EU win from China?

With an October deadline unlikely to yield major concessions from Beijing given structural and leverage imbalances, EU-China trade tensions look set to keep escalating.

Euronews

Burnham warned he will have to raise taxes or cut spending to fund his pledges

Leading economic think tank warns there is ‘no capacity’ to borrow more with inflation set to go higher than expected, growth set to plummet and a massive squeeze on spending

The Independent UK

Why helicopters carrying Trump and Starmer at G7 event have disrupted Brighton’s pre-season plans

Club staff discovered the issue when they arrived on Wednesday to prepare the camp in Evian-les-Bains, close to the Swiss border

The Independent UK

‘Good growth in every postcode’: Burnham’s economic to-do list in seven charts

From industrial strategy and defence to housing and living costs, we lay out the challenges facing the new PM

The Guardian - UK

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G7 and EU call for halt to attacks in Sudan's El-Obeid and wider arms embargo

G7 foreign ministers and the European Union's foreign policy chief on Wednesday urged Sudan's Rapid Support Forces and allied armed groups to halt all actions that could lead to further atrocities or endanger civilians in El-Obeid.

Radio France Internationale

UK strikes ‘biggest ever’ deal with European country amid e-gate and roaming agreement

The trade deal followers similar situations with India, the US, the EU, Gulf states and South Korea

The Independent UK

Government brings British Steel under public ownership; oil price rises to $85 as US-Iran tensions escalate – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

Keir Starmer says UK support for Ukraine will ‘always endure’ on farewell visit

Sir Keir made a final visit to Ukraine as Prime Minister on Thursday.

Evening Standard

Energy inflation and regional divides weighing on UK living standards – OECD

The OECD said it was important to keep up the momentum with policy reforms for the pro-growth agenda to be successful.

Evening Standard

Rise in energy and petrol prices due to Iran war holding back UK economy, OECD warns

The economic body has urged the Government to accelerate its pro-growth agenda and tackle regional divides

The Independent UK

In Brazil's Crowded Road to October's Presidential Election, Lula Still the Man to Beat

As Brazil heads toward its October vote, a banker's leaked film-financing pitch has turned a coin-flip race between Lula and Flávio Bolsonaro into a widening lead for the incumbent — even as governors, an activist, and family infighting reshape the right.

Latin Times

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International Business Times UK

Japan Warns Russia There Is No Easy Way Around Jet Fuel Sanctions Amid Aviation Crackdown

Japan reinforces sanctions on Russian aviation fuel exports, aiming to curb Moscow's access to critical supplies amid ongoing international restrictions following the Ukraine invasion.

The Economic Times

Lindsey Graham may be dead, but his ‘bunker-buster’ looms over India

Senator Graham's Russia Sanctions Bill remains a significant concern for India's energy security. This legislation targets countries purchasing Russian energy, placing India and China in its sights. Graham's recent death may have unexpectedly boosted the bill's political momentum. India's increasing reliance on Russian crude oil makes its exposure more pronounced.…

The Guardian - UK

Labour MPs call for Andy Burnham to restore aid spending target set by Brown

Thinktank urges prospective prime minister to reclaim UK’s role as an international leader on development

Euronews

Newsletter: Money talks, but first listen to Lagarde

In today's newsletter: An exclusive interview with EBC President Christine Lagarde, the Spanish proposal of €850 billion of EU common borrowing, and ambassadors race to the 21st sanctions package against Russia finish line.

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The Conversation

US-Iran ceasefire had a built-in detonator. This week it went off

The breakdown of the ceasefire between the US and Iran was perhaps the least surprising news this week. The 14-point plan – AKA the memorandum of understanding (MoU) – signed by Donald Trump in Versailles at the end of the G7 summit on June 17 and by the Iranian president,…

Euronews

EU countries rush to avoid disastrous revision of Russian oil price cap

If ambassadors fail to agree on the sanctions by 15 July, the price cap on Russian oil will be automatically revised, going all the way up to $58 per barrel, a scenario that Brussels considers unpalatable.

The Economic Times

Are data centres uncool? Questions over AI's ecological trade-off are growing louder but solutions may be emerging

AI's environmental strain from data centers and resource exploitation is causing growing public concern. Communities face water shortages and e-waste issues while AI promises resource management improvements. AI can enhance grid efficiency and climate modeling, offering local benefits. However, equitable distribution of AI's economic gains remains a significant global challenge.…

Euronews

A World Bank for defence? The lender that Europe's big powers have yet to join

Nine countries have thrown their weight behind a new multilateral bank designed to bankroll Western rearmament, but the notable caution of Europe's largest military and economic powers raises the question of whether it can become the answer to defence funding.

The Independent UK

UK inflation to fall faster than predicted as impact of Iran war ‘better than feared’

UK inflation projections have been tempered by the interim US-Iran peace deal, which helped to ease oil prices

The Guardian - UK

IMF upgrades UK growth forecast as fears over impact of Iran war diminish

July update projects GDP growth of 1% this year, making UK the third fastest-growing economy in the G7

The Economic Times

Donald Trump calls Italy's Meloni a 'nice person' but blames her for not helping with Iran

President Trump called Italian Prime Minister Meloni a nice person but criticised her involvement in the Iran conflict. He stated their relationship soured after she refused to help with Iran's issues. Meloni previously denied Trump's claim about begging for a photo at a G7 summit. Italy decided to stop responding…

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