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Energy is cheaper than at its peak in late April, but gas is still nearly $1 a gallon more expensive than before the Iran warUS consumer prices cooled slightly in July as the annualized inflation rate dipped down to 3.4%, though prices still remain higher than levels seen before the war with Iran.Though inflation decreased 0.7% in June during a brief ceasefire between the US and Iran that brought energy prices down, consumer prices have remained elevated. Price increases hit a three-ye

Falling water levels linked to weather system are expected to limit number of slots to transit shipping laneBusiness live – latest updatesCommercial ships travelling through the Panama canal are facing a rise in costs amid disruption triggered by the Iran war and falling water levels linked to this year’s intense El Niño weather system.Highlighting the fragility of global trade, a container ship reportedly paid about $4m (£3m) to jump a queue of vessels waiting to pass through the vita

Exclusive: England ‘desperately unprepared’ for effects of crisis including water shortages and heatwavesUK heatwave live – latest updatesJust 20 staff are working on climate adaptation within a key government department tasked with protecting the environment and maintaining food security, a freedom of information request has revealed.The officials make up 0.3% of staff within the Department for Environment, Food and Rural Affairs. Continue reading...

West London airport reports 7.86 million passengers in July, compared with 8.15 million for IstanbulBusiness live – latest updatesHeathrow airport has argued “the case for expansion has never been clearer” after it lost its position as Europe’s busiest airport to Istanbul.Figures published on Tuesday showed 7.86 million passengers passed through Heathrow’s four terminals in July,whereas its Turkish counterpart recorded 8.15 million passengers over the same period. Continue reading...

Barclays says survey shows people feel more secure in jobs and have more leeway to spend on non-essentialsBusiness live – latest updatesConsumer confidence hit its highest level in almost two years in July, according to research that indicated the closing stages of the men’s football World Cup and more people holidaying in the UK lifted summer spending.A truce in the Middle East conflict in June and the arrival of a new prime minister in No 10 also gave a lift to consumers after a long

In a widely expected decision, the Reserve Bank of Australia holds interest rate after three hikes earlier this yearFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe Reserve Bank of Australia has held the official cash rate at 4.35% but threatened to hike again if needed, as it warned falling house prices would slow income growth.The widely expected decision comes after a steep decline in property values in Sydney and M

UN index says weather is affecting wheat yields while conflicts in Ukraine and Iran hit exports and drive up pricesBusiness live – latest updatesGlobal food prices have hit their highest level in three and a half years, as summer heatwaves and conflict in Ukraine and the Middle East push up crop costs.The UN Food and Agriculture Organization (FAO) index of food commodity prices rose last month to its highest level since January 2023, after a jump in prices for cereals, sugar and vegeta

Inspections ordered by US regulator will affect about 470 aircraft, after reported problems in earlier modelsBusiness live – latest updatesThe US aviation regulator has ordered inspections of the fuselages of Boeing 737 Max planes for possible cracks in a component.The Federal Av

Property prices in ‘suspended animation’ owing to higher mortgage rates and uncertainty in Middle EastBusiness live – latest updatesUK house prices were broadly stagnant in July as prospective buyers were squeezed by higher mortgage rates, uncertainty around the Middle East and stretched affordability, according to the lender Lloyds.The average property cost £299,253 in July, down by £143 compared with June, the bank’s monthly index found. Continue reading...

Problems after power failure at regional signalling centre likely to continue until noon with many crews and trains in wrong locationsBusiness live – latest updatesRail passengers are facing a second day of travel disruption across parts of north-west England, after a power failu

Government has so far returned $100bn to companies from levies that US supreme court struck downBusiness live – latest updatesThe Trump administration has refunded about $100bn from the tariffs it collected before the US supreme court ruled them illegal, according to reports.The $100bn (£74bn) figure, which represents 60% of the total $165bn collected from Donald Trump’s “liberation day” tariffs, was reported by customs officials to the US court of international trade (CIT) on Tuesday,

Trump’s FCC is developing a measure to bar US imports of new models of Chinese datacenter devices, sources sayThe Trump administration is reportedly drafting a ban on US imports of new models of Chinese datacenter components, in the latest sign US authorities are scrambling to respond to the rapid development of AI technology in China.Four people familiar with the matter told Reuters that the Federal Communications Commission (FCC), which oversees the US ⁠telecommunications industry, i