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Business•The Guardian•

Iran war cost US $38bn and significantly depleted missile stockpile, report finds

Damaging budget report estimates cost would grow $3bn per month and stockpile could take five years to rebuild The war in Iran has cost the US at least $38bn and left its stockpile of defensive missiles so depleted it could take five years to rebuild, the non-partisan Congressional Budget Office (CBO) has found, in a damaging report less than two months before midterm elections where the war and the cost of living crisis will likely hurt Republicans at the polls. The economic report comes a day

Business•The Guardian•

Jaguar Land Rover in talks to sell Defender to Nato countries

Carmaker builds on relationship with British armed forces by seeking to cash in on Europe’s rearmament drive Business live – latest updates Jaguar Land Rover is in talks with Nato countries about selling them the newly revamped Defender military vehicle, as the UK-based carmaker seeks to tap into Europe’s defence spending boom. It is also among carmakers bidding for a UK defence ministry contract worth £900m to replace an ageing fleet of Land Rovers that have been out of production since 2016

Business•The Guardian•

UK pay growth slows to 3.9% before crunch interest rates decision

Figure likely to dictate rise in state pension triple lock, as workers face inflation squeeze fuelled by oil price rises Business live – latest updates Wage growth in the UK slowed in July as workers came under pressure from a renewed cost of living squeeze fuelled by the Iran war, highlighting the challenge for the Bank of England as it prepares to set interest rates. Figures from the Office for National Statistics (ONS) show average growth in total earnings, including bonuses, eased to 3.9%

Business•The Guardian•

Bank of England urged to slow or halt bond-selling to slash UK borrowing costs

Economists urge John Healey to press Bank to change policy that is costing the exchequer billions of pounds Economists have urged the chancellor, John Healey, to press the Bank of England to slow down its bond-selling programme that has already cost the exchequer billions of pounds. The Bank’s monetary policy committee (MPC) meets this week to not only decide the level of interest rates but also whether they should freeze or slow the sale of government bonds, known as gilts, bought as part of th

Business•The Guardian•

British man accused of drugging and raping wife over two decades admits 60 offences

Man, who cannot be named to protect anonymity of his victim, admits scores of criminal offences A man has pleaded guilty to drugging and sexually assaulting his wife over a period of 20 years as he admitted 60 criminal offences. The man, who cannot be named in order to protect the anonymity of his victim, is in his 60s and before his arrest lived in Stockport, Greater Manchester. Continue reading...

Business•The Guardian•

US borrowing costs hit 5% for first time since 2023 amid bond sell-off

Soaring oil prices of above $108 a barrel after Houthi attacks on Saudi infrastructure stoke inflation fears US government borrowing costs have risen to 5% for the first time since 2023 as soaring oil prices fuelled by the war in the Middle East trigger an intensifying sell-off in the global bond market. The yield – in effect the interest rate – on 10-year US Treasury bonds hit the psychologically important threshold on Monday, on a day of renewed selling pressure on Wall Street as the global

Business•The Guardian•

Bond market rebuffs US treasury’s plan to buy back $6bn in government debt

Scott Bessent made announcement on Wednesday as bond yields rose to highest point since 2008 financial crisis US politics live – latest updates The US treasury moved to cut the cost of borrowing on Wednesday only to be swiftly rebuffed by the bond market. Scott Bessent, the treasury secretary, announced the US would buy back $6bn worth of government debt – treasuries – in an effort to alleviate a selloff in the US bond market that has put pressure on interest rates. Continue reading...

Business•The Guardian•

Oil prices rise above $100 a barrel for first time since July as Iran war escalates

Brent crude up by more than 3% after latest fire between US and Iran in Gulf and Houthi attacks on Saudi cities Business live – latest updates The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies. Brent crude, the international benchmark for oil prices, rose by more than 3% to top $101 after tensions increased in the Gulf amid the latest tit-for-tat exchange of fire between the

Business•The Guardian•

‘Trust deficit’: Why India’s economic data has sparked a furore

India’s statistical system once commanded respect, and its data on economic and social indicators was considered rigorous – that appears to have eroded • Don’t get This is India delivered to your inbox? Sign up here There isn’t much that we Indians agree on these days. GDP numbers are no exception. Last week, India released glowing GDP numbers for the latest quarter – 7.8% growth – higher than the forecast 7%. It sparked a furore. Subhash Garg, a former finance secretary under Narendra Modi’s go

Business•The Guardian•

Five held by police after newborn baby dies from stab wounds in Sheffield

Officers responded to reports concerning safety of baby girl at property in Wincobank area of the city Five people are being held on suspicion of murder after a newborn baby died from stab wounds in Sheffield on Sunday. Police officers found the girl at a property in Holywell Heights, in the Wincobank area of Sheffield, while responding to reports concerning her safety just before 6am on Sunday. She was pronounced dead at the scene. Continue reading...