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Brent crude prices hover near $90 per barrel, as fallout from Iran war hits travel firm Tui’s profitsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil prices are still on the rise, as fresh attacks on ships raise concerns about disruptions to Middle Eastern fuel supplies, adding to doubts over the prospects of a US-Iran peace deal.Yesterday, the rally in US crude paused for a minute after Pakistan’s Defence Minister said that

Verdant thinktank says cost could top £25bn a year by 2030 and calls for maximum temperature for working and urban redesign to cool down citiesRepeated debilitating heatwaves this summer are likely to have cost the UK economy more than £4bn in lost economic output by the end of July, new analysis shows.Green thinktank Verdant had suggested June’s unseasonally hot weather had an economic cost of £2.36bn. Updating its assessment to include last month’s high temperatures, it finds a £4.4b

Thames Water says it has £515m cash in the bank as its debts swell to £18.5bnGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.China grew 4.3% in the quarter to 30 June, one of the slowest rates on record, as sluggish domestic demand outweighed a surge in exports.While operationally the business is improving, we are also working with our creditors, regulators and government to complete our recapitalisation.10am BST: Eurozone indu

Country risks new tariffs from US and EU as it looks likely to match or beat last year’s record surplus of $1tnBusiness live – latest updatesChina’s monthly car ‌exports topped 1m for the first time in June as overall overseas shipments from the world’s second biggest economy rose 27%.Official Chinese customs data showed that a stronger-than-expected trade performance kept China on track to match or beat last year’s record trade surplus of $1tn (£748bn), achieved despite Donald Trump’s

Brent crude rises over $85 a barrel after US carries out third night of strikes against IranGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil prices rose more than 2% after the conflict in the Middle East worsened, with the US carrying out a third consecutive night of strikes against Iran. Two tankers came under fire in the strait of Hormuz.Stasis has taken over markets as investors wait for the latest twist in the Iran confl

Despite spending increase in June, Barclays says most people still pessimistic about economyRelentless sunshine and the World Cup coaxed consumers to spend more on beer and online shopping last month, with purse strings expected to remain loose as England fans gear up for Wednesday’s semi-final.Most people remain pessimistic about the UK economy, according to data from Barclays Bank based on debit and credit card transactions. Continue reading...

Asian shares tumble with South Korea’s Kospi down nearly 10%Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.It’s a gloomy start to the week as attacks between the US and Iran in the Gulf continue. Tehran said it had closed the strait of Hormuz, while Donald Trump insisted the key shipping passage remained open and US officials said 20 ships were escorted through the waterway in the past 24 hours.For now, we remain hopeful that

As England prepare to take on Norway on Saturday, sales of pints, takeaways and new TVs continue to surgeFrom a cosy Norwegian pub to outdoor fan zones packed with hopeful England football fans, Saturday’s World Cup quarter-final between the two nations is expected to generate a multimillion-pound windfall for venues showing the game.The quarter-finals will collectively generate a near half-billion pound sales increase for the wider UK economy, as fans drink 9.3m pints, order takeaways

Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economyThe Bank of England has been handed powers to regulate important tech firms including Amazon and Google from next week, amid fears that system failures could threaten financial stability and harm consumers.From Monday, the Bank and fellow City regulator the Financial Conduct Authority (FCA) will be in charge of ensuring that four large-scale pr

Gigs by Gallagher brothers, Coldplay, Lana Del Rey and Beyonce gives £11bn boost to the economyBig name artists including Oasis with their highly anticipated reunion tour, Coldplay and Beyoncé helped to attract a record number of fans to travel to watch live music last year, helped by a surge in overseas visitors at UK gigs.A report from the industry body UK Music estimated that 24.7 million “music tourists” attended concerts and festivals last year, up 4.8% on 2024, leading to an unpr