EU tariffs aimed at China hitting Ukraine, steel boss says

🔮 The Ukraine steel industry estimates steel exports to the EU could ultimately fall by about 50–60%.

🔮 - Published Not building a third runway at Heathrow Airport would be a "huge missed opportunity" for the UK, the boss of the country's busiest airport has warned.

🔮 The latest figures show borrowing - the difference between tax receipts and government spending - was £18.3bn ($24.4bn) in August, almost a fifth higher than the year before and higher than official forecasts.

🔮 - Published Investment banking giant JP Morgan has said it is struggling to predict how oil prices will be impacted by the US-Iran war, telling investors in a rare note that "we simply don't know how to model the endgame".

🔮 - Published US interest rates have been raised for the first time in more than three years and could be increased further in a bid to slow rising prices.

🔮 It comes ahead of the Federal Reserve making its latest interest rate decision next week, with growing expectations they will be increased in a bid to slow the rate at which prices are rising.

🔮 For two days, Toronto will host more than 100 global investors overseeing more than C$100tn ($72tn; £53tn) in assets, in the hope that new economic relationships will help Canada navigate an increasingly unstable geopolitical climate.

🔮 - Published When the central bank of the Netherlands confirmed this week that it had moved tonnes of the country's gold out of North America, it said the relocation would make it "better prepared for severe crises".

🔮 The president's remarks came as stronger-than-expected jobs figures in the US added to growing expectations that rates could be increased, with inflation still running high and American households feeling the pinch of rising prices.

🔮 But questions remain over the PM's plans, with surging government borrowing costs set to limit his room for manoeuvre at October's Budget.

🔮 The Ukraine steel industry estimates steel exports to the EU could ultimately fall by about 50–60%.

🔮 John Healey has described the banks as part of "the crown jewels" of the UK economy, yet has refused to rule out a raid on the sector. The biggest four banks collectively made around £15bn profit in the first six months of this year, leading to calls from trade unions and others for additional taxes. However, the banking sector trade body, UK Finance, warned that "further increases in bank taxes would weaken competitiveness, discourage investment and job creation, and work against the government's ambition to deliver growth in every postcode". The UK's biggest banks and building societies currently pay a surcharge of 3% on top of the baseline 25% rate of corporation tax, plus a levy on the assets held on their balance sheets.

🔮 Inside the factory, the three-litre diesel engines that will power this camo-painted beast drift down a production line that has seen output cut from 90,000 engines a year to about half that over the last decade.

🔮 BBC News understands that Ineos is trying to obtain liquefied natural gas (LNG) directly from the US at lower prices, but that will take up to a year.

🔮 He told the BBC failing to invest further in North Sea oil and gas amounted to "insanity" and warned gas storage was so low that the UK could "run out of gas" if there was a cold snap this winter.

🔮 The UK government is set to give the go-ahead for a controversial new gas field off the coast of Aberdeen, the BBC understands.

🔮 But Weston said if that were to happen, there was a risk the taxpayer would have to bear the cost of funding it, and instead backed a rescue deal put forward by the firm's lenders.

🔮 That has added to lingering concerns that the big AI companies – Meta, Alphabet, Open AI, Anthropic – will find it hard to charge end users enough to justify the hundreds of billions being spent on buying the chips and building the data centres that power the technology.