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Rolling coverage of the latest and economic news, as US sells 30-year bonds at highest borrowing costs since 2001Gennadiy Goldberg, head of US rates strategy at TD Securities, agrees that the rise in US borrowing costs is “problematic” for the Trump Treasury, adding (via the FT):“They have to fund the government at more expensive levels.”“Investors are being asked to absorb a growing supply of government debt globally at a time when deficits remain large, inflation uncertainty persists

Pilot scheme will provide three weeks of training as part of UK government’s latest attempt to address Neets crisisYoung people out of work or at risk of unemployment in the UK are to join “AI boot camps” where they harness the technology to get a foothold in the workplace.The government’s latest attempt to address the crisis in Neets – young people not in work or education – involves turning to a technology that many view as a potential threat to employment. Continue reading...

Mike Ashley’s Frasers Group acquires Knightsbridge-headquartered retailer after it went into administrationBusiness live – latest updatesThe owner of Sports Direct has bought Harvey Nichols out of administration after the upmarket department store chain warned it could run out of money if it did not find new funding.Mike Ashley’s Frasers Group said on Thursday it had bought the department store chain, which is headquartered at its store in Knightsbridge, for an undisclosed sum on the s

Weaker growth, rising energy costs and persistent inflation mean Britain could face tougher times in the autumnUK economic growth slows downBusiness live – latest updatesIn the spring the International Monetary Fund warned Britain faced the heaviest economic blow from the Iran war among the world’s most advanced nations. Almost six months into the conflict, on the surface, the UK appears to be proving the forecasters wrong.The latest official figures show the UK maintained its pole pos

Firms in England and Wales seek to fund measures including supporting new homes and datacentresBusiness live – latest updatesMillions of households in England and Wales face higher bills after water companies were given the green light to spend £3.4bn more than planned, including to support new homes and datacentres.The new spending will come on top of the £104bn programme of investment approved by the regulator that had already meant water bills will rise by 36% over the second half o

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...

Master’s student made first bar with 100% UK ingredients since 1932 to highlight affect of climate crisis on cocoa plants The late queen was the only person in history to have ever eaten a chocolate bar made with 100% British ingredients, after she was given one as a six-year-old in 1932 by the confectioner Rowntree’s.The bar was created from a glasshouse-grown cocoa plant, at Rowntree’s headquarters in York. 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