Consumer confidence in the UK rose sharply in July, driven by the strong chance of Andy Burnham becoming prime minister, England’s good performance in the World Cup, and better weather. Despite this optimism, people remained cautious about their personal finances, and rising oil prices could slow economic improvement.
Key Facts
UK consumer confidence jumped by its largest amount in nearly three years in July.
Andy Burnham’s byelection win on June 18 raised hopes that he could become the next prime minister.
Positive feelings also came from England’s success in the men’s World Cup and sunny weather.
Consumers expected the UK economy to improve over the next year and rated past performance better too.
Optimism was limited by concerns about personal money matters, which improved only slightly.
Conflicts in the Middle East and rising oil prices (up to $100 per barrel) could raise inflation again.
Inflation had dropped to 2.6% in June but was expected to rise toward 4% by November.
Analysts said Burnham’s government would need to deliver strong results to keep confidence growing amid ongoing economic challenges.
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Oil prices rose above $100 a barrel due to disruptions in major shipping routes caused by Yemen’s Houthi group. The Houthis declared a naval blockade in the Red Sea, targeting Saudi, Israeli, and U.S.-linked tankers, which has raised concerns about crude oil supply and market stability.
Key Facts
Brent crude oil prices rose to $100.65 a barrel, the highest since May.
Yemen’s Houthis declared a naval blockade in Bab el-Mandeb, a key shipping passage linking the Red Sea to the Indian Ocean.
The Houthis attacked two Saudi Arabian oil tankers, with one reported set on fire.
The Houthis’ actions are partially in response to Iran closing the Strait of Hormuz to retaliate against U.S. and Israeli attacks.
Some Chinese-owned tankers have continued to pass through the blockade area, showing selective enforcement by the Houthis.
The current disruptions come amid a period when global oil reserves have not fully recovered from earlier crises.
Diesel prices in the U.S. have also risen due to refinery outages in Russia caused by drone attacks.
The national average price for gasoline in the U.S. is about $4.09 per gallon, with diesel averaging $5.34 per gallon.
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President Donald Trump is introducing new tariffs of 10 to 12.5 percent on imports from 60 countries that make up 99 percent of all US imports. These tariffs target countries that have not enforced bans on goods made with forced labor and replace temporary tariffs that recently expired.
Key Facts
The new tariffs apply to goods from 60 trading partners of the United States.
Tariffs range between 10 and 12.5 percent on these imports.
The tariffs focus on countries that have not properly enforced bans on forced labor products.
The tariffs begin right after temporary 10 percent tariffs expired on Friday at midnight Washington time.
President Trump is using Section 301 of the Trade Act of 1974 to impose these tariffs, a law that allows tariffs against unfair trade practices.
Section 301 tariffs were also used earlier on China and have withstood court challenges.
The Trump administration is investigating other countries for possible overproduction that harms US companies.
The move follows a Supreme Court ruling that stopped the president from using other laws (like IEEPA) to impose tariffs.
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Qantas tested its new Airbus A350-1000ULR plane with a nonstop 19-hour flight from France to Melbourne. The plane is designed for very long flights, like Sydney to London, expected to begin direct service in October 2027.
Key Facts
The test flight covered almost 17,000 kilometers from Toulouse, France to Melbourne, Australia.
The flight took 19 hours and landed in Melbourne on Friday morning local time.
The plane can fly up to 22 hours nonstop, suitable for ultra-long routes like Sydney to London.
Qantas plans to start the direct Sydney-London service in October 2027.
The test crew included four flight test pilots and five engineers; Qantas pilots will join on the return.
The plane carries extra fuel tanks to support flights up to nearly 18,500 kilometers.
Qantas ordered 12 of these planes with 238 seats each, fewer than standard models.
The first plane with full Qantas paint and name "Vega" will be delivered in April 2027.
Qantas is considering direct flights from Melbourne and Brisbane to major cities, adjusting plans based on demand.
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Midwest Poultry Services recalled 1.6 million eggs because they might have salmonella bacteria. The eggs were sent to six states in the southern U.S. and sold in several stores.
Key Facts
Midwest Poultry Services is a large egg producer in the U.S.
They recalled 1.6 million eggs due to possible salmonella contamination.
Salmonella is a type of bacteria that can cause food poisoning.
The eggs were distributed to six southern states.
Multiple retailers sold these eggs before the recall.
The recall aims to prevent foodborne illness in consumers.
Consumers who bought these eggs are advised to check for any warnings.
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President Donald Trump has introduced new tariffs on products from many countries. These tariffs target nations accused of not stopping the use of forced labor in their industries.
Key Facts
President Trump imposed tariffs on goods from dozens of countries.
The tariffs respond to concerns about forced labor practices.
Forced labor means workers are made to work against their will.
The new tariffs aim to pressure countries to address these labor abuses.
The announcement was reported by CBS News political reporter Kathryn Watson.
Tariffs are taxes on imported goods, making them more expensive.
No specific countries or products were named in the summary.
This action is part of President Trump's ongoing trade policies.
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President Donald Trump has imposed new 12.5% tariffs on many Australian exports, citing concerns over forced labour in production. The Australian government has rejected the claim and called for the tariffs to be removed, emphasizing Australia’s strong laws against forced labour and pointing out that major exports like beef and gold are exempt.
Key Facts
The US introduced a 12.5% tariff on many Australian exports as part of a wider policy affecting 54 countries.
The tariffs target countries accused of not sufficiently prohibiting imports made with forced labour.
Australia’s top three exports to the US—beef, gold, and copper—are excluded from the tariff.
Other countries facing the 12.5% tariff include Brazil, China, Japan, and Russia; some countries face a lower 10% tariff.
These tariffs follow a Supreme Court ruling that struck down previous 10% global tariffs implemented by President Trump.
Australia’s trade minister Don Farrell called the tariffs unjustified and inconsistent with the Australia-US free trade agreement.
US Congresswoman Linda Sánchez criticized the tariffs as a way to bypass the Supreme Court ruling.
The tariffs cover trade with the top 60 US partners, accounting for most US imports globally.
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Foreclosure filings in the United States have risen sharply in early 2026, increasing by 21% compared to last year and 28% compared to 2024. Florida shows the highest number of foreclosures per ZIP code, and homeowners of color are affected at rates more than three times the national average.
Key Facts
Foreclosure filings nationwide increased 21% in the first half of 2026 compared to the same period in 2025.
Since 2020, foreclosure filings grew by 71% through 2025 as pandemic protections ended.
Florida has the highest average yearly foreclosures per ZIP code post-pandemic, followed by New Jersey, Delaware, and other states.
Economic challenges like rising mortgage rates, property taxes, insurance costs, and job losses contribute to the increase.
Texas ZIP code 77327 had the highest foreclosure number over six years with 8,189 cases.
Communities of color face foreclosures at rates more than three times the national average, linked to historically targeted bad loans.
Former homeowner Emily Arner lost her home due to her husband’s job loss and rising mortgage payments.
Although foreclosure numbers are rising, they remain below the levels seen during the housing crisis over 15 years ago.
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The CEO of BAE Systems, Dr. Charles Woodburn, said the UK has been too relaxed about the risk of foreign attacks and needs to spend more on defense to meet government goals. He highlighted new autonomous weapons used in conflicts like Ukraine and stressed the importance of combining traditional and unmanned military technology.
Key Facts
Dr. Charles Woodburn is the CEO of BAE Systems, Europe’s largest defense contractor.
He says the current threat level to the UK is the highest he has seen in his lifetime.
The UK government aims to spend 3.5% of its economy (GDP) on defense by 2035.
There is increasing use of autonomous (self-operating) weapons like drones in modern warfare.
BAE Systems showed a new unmanned fighter jet model designed to work with manned jets.
Traditional weapons like battleships and submarines are still important alongside new tech.
The UK defense forces’ readiness for war has recently been questioned by senior officials.
Former defense secretary John Healey criticized current defense funding as too low, leading to some recent budget increases but still below targets.
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UK mortgage rates have increased to the highest level seen in a month. This rise is mainly due to worries about ongoing conflicts in the Middle East, which have affected markets and raised the cost for banks to lend money.
Key Facts
UK mortgage rates went up recently after falling for a short time.
The increase is linked to tensions and attacks in the Middle East.
Higher oil prices, reaching $100 a barrel, raise inflation concerns.
Banks are less likely to cut interest rates because of the conflict.
The average two-year fixed mortgage rate is now 5.58%.
The average five-year fixed mortgage rate is about 5.6%.
Over 80% of UK mortgage holders have fixed-rate deals.
Experts advise locking in mortgage rates now and consulting brokers for the best options.
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Hannah and Max share all their money in a joint account and split bills equally, even though Max earns more. When Max lost his job, they adjusted their spending and Max started a pizza truck business funded by his redundancy package, which now generates monthly income.
Key Facts
Hannah works in charity and earns less than Max, who works in tech and previously earned £70,000 a year.
They put both their salaries into one joint account to pay all shared expenses equally.
Each partner takes the same amount of money monthly for personal spending with no oversight from the other.
Max was made redundant, so they reviewed their budget and cut non-essential expenses.
Max used £20,000 from his redundancy pay to start a pizza truck business.
The business serves weddings, parties, and pop-ups, and makes £4,000 to £6,000 per month.
Max pays himself a salary from the business that covers their mortgage.
The couple talks openly about money, contrasting their different family experiences with finances.
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Tesla's profits dropped in the second quarter because the company spent a lot more on research and development, even though car sales increased sharply. Tesla made $1.11 billion in profit and revenue rose 26%, but earnings per share were below Wall Street expectations due to higher spending on new technologies like robotaxis and robots.
Key Facts
Tesla's second-quarter net income was $1.11 billion, or 32 cents per share.
Revenue increased 26% to $28.24 billion, exceeding analysts' predictions.
Earnings per share, excluding some items, were 33 cents, lower than the expected 53 cents.
Research and development spending rose 49% to $2.37 billion compared to last year.
Tesla plans to increase spending on factories, robotaxis, AI systems, and the Optimus humanoid robot over the next 2-3 years.
Tesla delivered 480,216 cars in the second quarter, a 25% increase from last year.
The Full Self-Driving (FSD) subscription service has nearly 1.5 million users worldwide.
Tesla started production of the Cybercab in Texas and aims to begin Tesla Semi production this year in Nevada.
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President Donald Trump’s administration will impose new tariffs of 10% to 12.5% on goods from 60 trading partners, including the European Union. The tariffs target companies accused of using forced labor and will start on Friday, replacing a previous global tariff set to expire the same day.
Key Facts
The tariffs will affect 60 trade partners, including the European Union.
The tax rates will be between 10% and 12.5%.
The tariffs aim to stop products made with forced labor from entering the U.S. market.
These tariffs replace a 10% global tariff that is expiring.
The previous tariff was removed after a Supreme Court ruling earlier this year.
The new tariffs take effect on the same day the old global tariff ends.
The announcement came from the U.S. Trade Representative Jamieson Greer’s office.
This move is part of President Trump’s ongoing trade policies.
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President Trump will add new tariffs, which are extra taxes on goods, to imports from 60 countries. These tariffs target violations related to forced labor and will affect almost all U.S. imports, including products from major trade partners.
Key Facts
President Trump announced new tariffs on imports from 60 countries.
The tariffs will be in the "double-digit" range, meaning over 10%.
These tariffs focus on preventing goods made with forced labor from entering the U.S.
The tariffs will cover 99.4% of all U.S. imports.
Washington’s biggest trading partners are included in this action.
The tariffs are imposed under U.S. trade law called Section 301.
The U.S. Trade Representative Jamieson Greer made the announcement.
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A government study shows that many delivery app drivers and Amazon workers have increasingly used federal help like food stamps and Medicaid since the pandemic began. The number of Amazon employees getting these benefits has tripled from early 2020 to late 2025.
Key Facts
The U.S. Government Accountability Office (GAO) released a study on Wednesday.
The study focuses on gig economy workers, such as delivery app drivers.
Use of food stamps and Medicaid by these workers has risen sharply since the pandemic started.
Amazon workers receiving federal assistance tripled between February 2020 and September 2025.
The report also mentions increases among Walmart workers, though details are incomplete.
The research highlights growing financial struggles for some workers in large companies.
Federal assistance programs provide food stamps and healthcare coverage for low-income individuals.
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Edinburgh has introduced a tourist tax of 5% on accommodation costs for visitors staying overnight. The tax aims to raise about £50 million yearly to help fund city improvements such as housing, culture, and policing.
Key Facts
The tourist tax started on Friday and applies to hotels, B&Bs, self-catering, and certain other accommodations.
Visitors pay an extra 5% fee on their accommodation cost, capped at five nights.
The tax is collected by accommodation providers and passed to the City of Edinburgh Council.
Exemptions include homeless people in emergency housing, those at risk of abuse, refugees, and some disabled people. Exempt individuals pay initially but can claim the tax back.
Only overnight visitors pay the tax; day visitors to festivals and events are not charged.
The tax was approved by the Scottish government in 2024 and by the Edinburgh Council in early 2025.
Edinburgh joins other European cities like Amsterdam and Paris in charging a visitor levy.
The tax coincides with Edinburgh’s busy summer festival season involving major cultural events and attracts millions of attendees.
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President Trump’s administration will start new tariffs on goods from 60 countries accused of using forced labor. These tariffs range from 10% to 12.5% and aim to push trading partners to stop unfair labor practices and protect U.S. workers.
Key Facts
Tariffs of up to 12.5% begin Friday on goods from 60 countries linked to forced labor issues.
Vietnam and China face the full 12.5% tariff rate; 17 countries like the UK, Canada, and Mexico face a 10% rate.
The European Union and some others will have tariffs adjusted to reach either 10% or 12.5%.
Some products are exempt, including oil, gas, steel (already covered by other tariffs), and goods under the U.S.-Mexico-Canada trade deal.
These forced labor tariffs replace earlier 10% tariffs that expired, which were ruled illegal by the Supreme Court.
The new tariffs use a law called Section 301, which requires investigation and allows longer-lasting tariffs.
Other ongoing investigations could lead to more tariffs on countries involved in unfair trade practices.
The administration says these tariffs protect U.S. manufacturing and prevent unfair competition caused by forced labor.
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The United States government has announced new tariffs of 10% to 12.5% on imports from around 60 countries, including the UK, EU, Canada, Japan, and India. These tariffs target goods from countries accused of not stopping forced labor and mark a continuation of trade tensions started by President Donald Trump.
Key Facts
New tariffs range between 10% and 12.5% on certain imported goods.
Around 60 countries are affected, including major trading partners like the UK, EU, Canada, Japan, and India.
The tariffs are based on claims these countries did not adequately address forced labor in their supply chains.
This action continues a trade conflict that President Donald Trump began when he returned to office in January last year.
Earlier this year, the US Supreme Court ruled that many past emergency tariffs were illegal.
President Trump is now using different legal methods to enforce his trade policies.
The move is part of broader efforts to influence global trade practices and labor standards.
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President Donald Trump’s administration has introduced new tariffs of up to 12.5% on imports from 60 countries as a temporary tariff program is ending. These tariffs aim to continue the U.S. trade policy and are based on findings that some trading partners are not properly stopping goods made with forced labor.
Key Facts
New tariffs up to 12.5% start immediately after the previous temporary tariffs expire.
The tariffs target countries that don’t enforce bans on goods made with forced labor.
Countries with partial enforcement, like India, face a lower tariff of 10%.
Certain products such as oil, gas, some fertilizers, and food are exempt to avoid economic disruption.
The tariffs rely on Section 301 of the Trade Act of 1974, which requires a formal investigation and public comment before duties are imposed.
This replaces the previous use of the International Emergency Economic Powers Act, which was ruled by the Supreme Court to be an unsuitable basis for tariffs.
The administration is also exploring other legal routes and may consider higher tariffs for other trade issues in the future.
The new tariff approach shows legal and policy adjustments to maintain President Trump’s trade agenda.
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Australia’s job market grew strongly in June, adding over 76,000 jobs. However, rising oil prices due to conflict in the Middle East have increased expectations that the Reserve Bank of Australia will raise interest rates later this year. Treasurer Jim Chalmers said the government has other priorities besides introducing a new gas tax and highlighted recent resource tax reforms.
Key Facts
The Australian labour market added more than 76,000 jobs in June.
The Reserve Bank of Australia may raise interest rates for the fourth time in 2024 due to inflation concerns.
Rising oil prices, from about $72 to over $100 per barrel, are pushing petrol prices higher and adding inflation pressure.
Treasurer Jim Chalmers said the government’s focus is on resource tax reforms and gas reservations, not a new gas tax.
Labor party members approved plans to seek a “fairer return” from Australia’s natural resources at their conference.
Chalmers criticized right-wing parties for “anti-worker” policies and said Labor has worked to boost wages and cut taxes.
Real wages have grown recently, but ongoing inflation means people might have less money left after essentials.
The government aims to remain a reliable gas supplier internationally while managing domestic concerns.
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