Live news updates: UK lawmaker Tobias Ellwood sanctioned by Tories after missing confidence vote

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Bookmaker Ladbrokes has Sunak at odds of 10/11 to become the next Tory leader, with Truss at 9/4, ahead of Mordaunt at 9/2 and Badenoch at 14/1.

Former health secretary Jeremy Hunt and chancellor Nadhim Zahawi were eliminated in the first round, while attorney-general Suella Braverman was knocked out in the second ballot.

For more on the leadership race, read our election tracker.

“,”title”:”Conservative MPs to vote in next round of leadership contest, with one more candidate to be eliminated”,”byline”:”Mark Wembridge in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”8e4d4d5c-f064-4234-807a-891f0846a177″,”publishedDate”:”2022-07-19T10:02:09.233Z”,”bodyHTML”:”nttt

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Netflix: Investors will be focused on the streaming company’s subscriber numbers when it announces second-quarter results today. Netflix shares fell in April when it reported it had lost subscribers during the quarter for the first time in a decade. The company recently announced a partnership with Microsoft on an ad-supported subscription tier, which could be cheaper for consumers. Analysts expect Netflix to report a profit of $2.95 a share on $8bn in revenues. The company’s share price is down more than two-thirds so far in 2022.

Housing starts: Economists expect the annualised pace of new home construction to rise to 1.58mn in June, after falling 14.4 per cent month on month in May to almost 1.55mn, below the consensus forecast. Permits for building new homes are expected to decline due to a rise in mortgage rates.

Other earnings: Johnson & Johnson, Lockheed Martin and Hasbro report the latest quarterly results before the bell.

Crypto: FTX founder Sam Bankman-Fried and Galaxy Digital chief Michael Novogratz are scheduled to share their thoughts on digital assets against the backdrop of recent volatility, bailouts and bankruptcies in the sector. Bankman-Fried and Novogratz will be among those scheduled to speak at a crypto summit in New York that is being hosted by Bloomberg.

“,”title”:”What to watch in the Americas today”,”byline”:”Jaren Kerr in Toronto”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”160d79d4-b170-4d95-93db-456de166bfa2″,”publishedDate”:”2022-07-19T09:46:28.492Z”,”bodyHTML”:”nttt

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Tobias Ellwood, chair of the Commons’ defence select committee, has had the UK Conservative party whip removed after failing to support the government in Monday’s confidence vote.

Ellwood, who served as junior defence minister under Theresa May’s government, has been critical of Boris Johnson and was one of the first MPs to call for the prime minister to quit.

He abstained in Monday’s confidence vote against the government, which Johnson won with a majority of 111. The vote was tabled by the government after a dispute with Labour’s initial request for such a vote.

The office of Chris Heaton-Harris, chief whip, said Ellwood had lost the whip “following his failure to vote in support of the government in the confidence vote last night”.

One senior Tory said that Ellwood had requested a “slip” to not be present for the confidence vote to undertake a foreign trip, but all such requests had been rescinded.

The Tory added: “Despite Tobias Ellwood continuing with his foreign trip, he was reminded of the consequences well in advance of the vote on Monday night and given the opportunity to return on numerous occasions.”

The person added that other MPs had cancelled overseas trips to support the government and one Tory’s mother died on the morning of the vote. 

In response to losing the whip, Ellwood said: “Following my meeting yesterday with the president of Moldova, I was unable to secure return travel due to unprecedented disruption both here and in the UK.

“I am very sorry to lose the whip but will now continue my meetings in Ukraine promoting the prime minister’s efforts here and specifically seeking to secure the reopening of Odesa port — so vital grain exports can recommence,” he added.

The suspension of Ellwood’s whip means one less MP voting in the latest shortlisting round of the leadership contest.

“,”title”:”UK lawmaker Tobias Ellwood sanctioned by Tories after missing confidence vote”,”byline”:”Sebastian Payne in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”16df68a2-5762-43f0-ab68-316dbd417421″,”publishedDate”:”2022-07-19T07:57:28.829Z”,”bodyHTML”:”

European and Asian stocks declined on Tuesday as traders anticipated the European Central Bank raising interest rates and Covid-19 lockdowns in China added to fears for global economic growth.

The Stoxx Europe 600 dropped 0.3 per cent in early dealings. Hong Kong’s Hang Seng index shed as much as 1.4 per cent and China’s CSI 300 fell as much as 1.3 per cent. Japan’s Topix gained 0.5 per cent.

The ECB is widely expected to raise its main deposit rate, currently at minus 0.5 per cent, for the first time since 2011 on Thursday, as well as confirm plans to end an eight-year period of negative interest rates by September.

Global stocks have dropped about 20 per cent this year as investors debated central banks’ ability to tame surging inflation without pushing economies into contraction, while the quarterly corporate earnings season has ignited concerns about a potential recession.

In China, as many as 41 cities are under lockdowns or district-based controls, Japanese bank Nomura said, as the nation pursues its zero-Covid policy.

In debt markets, the yield on the benchmark 10-year US Treasury note added 0.01 percentage points to 2.97 per cent. German’s equivalent Bund yield moderated by 0.04 percentage points to 1.17 per cent as concerns about the eurozone economy boosted demand for lower risk assets. Bond yields move inversely to prices.

The euro, which fell below $1 last week, added 0.3 per cent to $1.017 on Tuesday as an anticipated ECB rate rise set a floor under the common currency.

The dollar index, which measures the US currency against six others, slipped 0.2 per cent to trade just below a 20-year high.

Read the full markets briefing here.

“,”title”:”European shares slip as traders weigh looming rate rises”,”byline”:”Naomi Rovnick in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”0387bd5d-198f-45ea-8f9c-44996d4a7d1c”,”publishedDate”:”2022-07-19T07:14:27.916Z”,”bodyHTML”:”

The French government is aiming to launch a €9.7bn tender offer to buy out the shares and convertible bonds in utility EDF it does not already own in September, as it moves towards a full nationalisation of the nuclear specialist in the middle of an energy crisis.

An offer of €12 an EDF share would be made to minority investors, the economy ministry said on Tuesday. The price marks a 53 per cent premium to EDF’s closing price the day before French prime minister Élisabeth Borne announced the nationalisation in early July. The deal will also entail an offer to buy out the 60 per cent of convertible bonds the state does not already hold.

The French state, which already held 84 per cent of the company, has presented the buyout as a means of bolstering EDF’s finances as it embarks on a plan to build six new nuclear reactors in France in the coming years. The group has struggled with production outages in recent months, and its core profits have also been hobbled by political measures to shield consumers from energy price rises.

The government added on Tuesday that taking full control would allow it to accelerate decision-making at the group. However, analysts and people close to EDG have said it faces big problems that nationalisation will not address, including industrial challenges such as delays to the building of new nuclear plants and regulatory hurdles.

EDF’s shares have been suspended since last week.

“,”title”:”French state to offer EDF minorities €12 a share”,”byline”:”Sarah White in Paris”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”d89b2333-de1d-4666-b5d9-66270804505f”,”publishedDate”:”2022-07-19T07:13:24.669Z”,”bodyHTML”:”nttt

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The UK’s transport secretary has warned that heat-induced disruption to travel will occur “a lot more regularly”, as the country’s infrastructure buckles amid an unprecedented heatwave.

“A lot of our infrastructure is just not built for these types of temperatures,” Grant Shapps told Sky News on Tuesday.

Temperatures in the UK are forecast to rise to a record 41C on Tuesday, as an unusual atmospheric pattern carries hot air from southern Europe further north.

The Met Office, the national weather service, said Monday night was provisionally the UK’s warmest on record.

“Temperatures didn’t fall below 25C in places,” the office said in a tweet, which exceeded the previous highest daily minimum of 23.9C, recorded in Brighton on August 3 1990.

“On the railways . . . on the ground those rails can be heating up to 50C, 60C, or hotter, and that means they’re in serious danger of buckling, so you end up having to run the trains slower,” Shapps said.

Network Rail and some train operators have issued a “red weather warning”, and advised London commuters to avoid travel if possible.

The hot weather has prompted the cancellation of some rail services on the East Coast main line, Thameslink, Great Northern and East Midlands lines. There are also severe delays and cancellations on the Transport for London Tube services.

“We’re going to see this a lot more regularly. We’ve seen many of the hottest days ever recorded have come in the last 10 to 15 years, so we’re going to see this more,” Shapps said.

He added that the UK neeed to upgrade its infrastructure and it could take “decades . . . to replace it all”.

“,”title”:”Hot weather to disrupt travel ‘more regularly’, warns UK transport minister”,”byline”:”Leke Oso Alabi in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”50d3fba7-7512-4be5-968a-9da6185c2598″,”publishedDate”:”2022-07-19T06:54:31.117Z”,”bodyHTML”:”

UK private sector pay grew almost five times as fast as that of public sector workers in the year to May, according to official data released on Tuesday as ministers prepare to sign off on further big real-terms wage cuts for teachers, doctors and NHS staff.

The figures showed the jobs market remained strong, despite the growing pressures of high energy prices and rising living costs, with the employment rate 0.4 percentage points higher in the three months to May than in the previous quarter, at 75.9 per cent.

The unemployment rate held steady at the 3.8 per cent recorded a month earlier — below its pre-pandemic level — even though more people were joining the workforce, with economic inactivity down 0.4 percentage points on the quarter.

The number of unfilled jobs edged up to a new record of 1.294mn, although the Office for National Statistics said the rate of growth in vacancies had slowed, and redundancies remained at a record low.

Kitty Ussher, chief economist at the Institute of Directors, said companies struggling to fill vacancies would be encouraged by “early signs” of people who had dropped out of the workforce starting to return.

The tight labour market has given some workers new bargaining power, enabling them to secure bigger wage rises that go some way to offsetting the squeeze on household incomes caused by surging inflation.

Total pay growth of 7.2 per cent in the private sector was almost five times the rate of 1.5 per cent seen in the public sector, where many workers were subject to a pay freeze.

“,”title”:”UK private sector pay outpaces growth in public sector”,”byline”:”Delphine Strauss in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”2fea4048-5e0c-41aa-995f-c7e4ef86e2e8″,”publishedDate”:”2022-07-19T06:34:39.839Z”,”bodyHTML”:”

Shares in Made.com fell almost 40 per cent on Tuesday after the retailer slashed its revenue and profit forecasts, blaming volatile trading and worsening consumer sentiment.

The online furniture retailer said it expected gross sales for 2022 to fall by between 15 and 30 per cent for the current year, against a previous forecast in May of flat to 15 per cent growth.

The company now expects to make a loss before interest, tax, depreciation and amortisation of between £50mn and £70mn, having previously expected a loss of no more than £35mn.

There will also be about £20mn of non-recurring costs around
additional promotional activity to clear excess inventory and additional supply chain costs, mostly incurred during the first half.

Made.com shares, which listed at 200p in June 2021, were down 37 per cent at 24.4p in early trading on Tuesday.

Nicola Thompson, chief executive, said it was clear that things were
“tough for consumers at the moment”.

“Understandably, we’ve seen a worsening in consumer confidence since
May and this has had an impact on this period’s performance,” she said. “As such, it’s prudent for us to take a conservative view of what we can expect in the second half of this year.”

“,”title”:”Made.com forecasts deepening losses as poor trading prompts sales warning”,”byline”:”Jonathan Eley in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”3c3400c8-3041-40f0-bd63-b612a1352210″,”publishedDate”:”2022-07-19T05:39:02.350Z”,”bodyHTML”:”

Singapore sought to deflect responsibility for regulating the cryptocurrency activities of Three Arrows Capital, even after the city-state revealed it had been investigating the company for a year.

Ravi Menon, managing director of the Monetary Authority of Singapore, pushed back at recent reports that crypto hedge fund Three Arrows and other under-fire businesses were even headquartered in Singapore.

“Some crypto players that have come under strain have been reported by the media as being Singapore-based,” he said. “In reality, these … crypto firms have little to do with crypto-related regulation in Singapore.”

Recent controversies surrounding Singapore-linked companies Three Arrows, Terraform Labs and Vauld have drawn heat to the city-state that for years looked to court crypto businesses.

In a stark shift in rhetoric, MAS’s fintech chief last month said the regulator would be “brutal and unrelentingly hard” on bad behaviour in the industry.

MAS, Singapore’s de facto central bank, said last month that Three Arrows had filed false information to authorities, as the regulator revealed the company had been under investigation for a year.

“,”title”:”Singapore’s central bank chief deflects crypto controversies”,”byline”:”Oliver Telling in Singapore”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”dd0ee8e9-3e94-4f72-80b0-b027877d6f20″,”publishedDate”:”2022-07-19T05:35:16.021Z”,”bodyHTML”:”nttt

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UK politics: A further round of voting is planned for the Conservative party leadership election. Tom Tugendhat was knocked out of the contest on Monday, leaving four contenders: Rishi Sunak, Penny Mordaunt, Kemi Badenoch and Liz Truss.

Economic data: The EU releases final June inflation figures and the European Central Bank will publish its eurozone bank lending survey for the second quarter. Meanwhile, the UK will issue labour market statistics for June.

Swedbank: Sweden’s oldest bank publishes its second-quarter results. In January, former chief executive Birgitte Bonnesen was charged with fraud and market manipulation, becoming the highest ranking Swedish banker to be drawn into a sprawling money-laundering scandal in the Baltics.

Volvo Cars: The Swedish carmaker will also release its second quarter results. In April, the company said it had begun sourcing alternatives to its China-made parts as coronavirus lockdowns gripped parts of the country.

“,”title”:”What to watch in Europe today”,”byline”:”Leke Oso Alabi in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”1556ef55-20ff-4624-8ea9-5f6b5542ede9″,”publishedDate”:”2022-07-19T04:13:13.563Z”,”bodyHTML”:”

EU member states are close to agreeing with BioNTech/Pfizer that Covid-19 vaccine deliveries be stretched into 2024 amid a glut of shots, according to people familiar with the matter, even as health authorities broaden eligibility for boosters to tackle rising infections across the continent.

The plan, which two of the people said had tentative backing from the European Commission and the companies, would see delivery of doses after this year split between 2023 and 2024. Member states would be free to order more next year.

The drugmakers have already agreed to a similar move, shifting deliveries from early this year to later in 2022. The EU has a contract in place for up to 1.8bn doses of the shot, including for variant-adapted vaccines. In its current form, the contract only extends to 2023.

Three of the people said no final decision had yet been made, while two said there was broad agreement among member states. The commission declined to answer specific questions but said it followed the situation closely and there had already been amendments to existing contracts.

“We continue to monitor the situation and the commission stands ready to offer support where needed,” it said.

Read more about the EU vaccine deliveries here

“,”title”:”EU considers rescheduling Covid vaccine deliveries to 2024″,”byline”:”Donato Paolo Mancini in Rome and Henry Foy in Brussels”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”9ccddf82-7b47-4388-b046-25f0c928896f”,”publishedDate”:”2022-07-19T03:45:39.294Z”,”bodyHTML”:”nttt

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Nancy Pelosi plans to visit Taiwan next month to show support for Taipei as it comes under mounting pressure from China, in what would be the first visit by a Speaker of the US House of Representatives to the country in 25 years.

Six people familiar with the situation said Pelosi would take a delegation to Taiwan in August. The 82-year-old California lawmaker cancelled a previous visit in April after she caught Covid-19.

Pelosi would be the most senior US lawmaker to visit the island since one of her predecessors as Speaker, Republican Newt Gingrich, travelled there in 1997.

Her visit will come as US-China relations remain mired in their worst state since the countries normalised diplomatic relations in 1979 and Washington switched diplomatic recognition from Taipei to Beijing.

In April, China’s foreign minister Wang Yi said a Pelosi visit would be a “malicious provocation”. News of the trip comes as US president Joe Biden and his Chinese counterpart Xi Jinping prepare to hold an online meeting in the coming weeks.

Three people familiar with the situation said the White House had expressed concern about the trip. The timing is sensitive for China because it will come in the same month as the August 1 anniversary of the founding of the People’s Liberation Army.

The issue is also delicate for Beijing because the Chinese Communist party will hold its 20th congress later this year — a meeting at which Xi is expected to secure an unprecedented third term as leader.

Read more about Pelosi’s planned trip here

“,”title”:”US House Speaker Nancy Pelosi to visit Taiwan next month amid China tensions”,”byline”:”Demetri Sevastopulo in Washington”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”34860216-2cb3-41e4-8e6b-bd51927e8495″,”publishedDate”:”2022-07-19T03:12:40.528Z”,”bodyHTML”:”

Bitcoin prices rallied above $22,000 on Tuesday, as expectations of aggressive interest rate increases from the US Federal Reserve ebbed, stoking sentiment in the highly volatile cryptocurrency market.

The most popular crypto gained as much as 6.8 per cent to hit a high of $22,954.36 per coin, its highest price since June 14, the day lender Celsius Network paused withdrawals amid a digital assets market rout.

Asia-Pacific equity markets mostly followed the US lower, however, as fears over lockdowns in China outweighed the easing of concern over interest rates.

Hong Kong’s Hang Seng index shed as much as 1.2 per cent and China’s CSI 300 fell 0.7 per cent. Japan’s Topix gained 0.8 per cent.

Japanese investment bank Nomura said on Monday that as many as 41 Chinese cities were under full or partial lockdowns or district-based controls.

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The restrictions cover 264mn people in regions that account for about 18.7 per cent of the country’s economic activity, a deterioration from a week ago when just 31 cities were subject to such curbs.

On Monday, US stocks gave up early gains after reports about slowing spending at tech group Apple reignited concerns about a potential recession.

The S&P 500, which had risen as much as 1 per cent earlier in the day, swung to a 0.8 per cent decline. The Nasdaq Composite also slid 0.8 per cent.

Oil prices were also dented by China’s lockdown fears on Tuesday, with international benchmark Brent crude losing 0.2 per cent to trade at $106.03 a barrel and US marker West Texas Intermediate down 0.2 per cent to hit $102.45.

“,”title”:”Bitcoin rises above $22,000 as US interest rates threat recedes”,”byline”:”William Langley in Hong Kong”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”e7b7104b-f043-4316-9c62-46abbe64dcab”,”publishedDate”:”2022-07-19T01:49:57.089Z”,”bodyHTML”:”

Celsius Network, the indebted cryptocurrency lender that roiled markets when it froze customer withdrawals in June, plans to ask creditors to take another bet on digital assets to recover their investments.

The company conducted its first day in court on Monday after it filed for Chapter 11 bankruptcy in New York last week.

In a presentation uploaded to its bankruptcy website, Celsius said it planned to give customers the option “to recover either cash at a discount or remain ‘long’ crypto”, suggesting it would give creditors the option to maintain their original positions.

The presentation also showed that Celsius’s assets under management had shrunk to just $4.3bn, down from $22.1bn at the end of March, mostly driven by a plunge in the value of its crypto assets.

The company has a $1.2bn shortfall in assets, according to its court filing. Last month, Celsius suspended customer withdrawals amid a plunge in the value of the biggest digital currencies.

“,”title”:”Indebted Celsius Network asks customers to hold their crypto positions”,”byline”:”William Langley in Hong Kong”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”945d38a9-6895-4804-99b1-16870c1dd17a”,”publishedDate”:”2022-07-19T01:15:51.728Z”,”bodyHTML”:”nttt

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BHP, the world’s largest resources company, will review its coal mining operations in Queensland after the state government’s decision to introduce steeper royalty rates this month. 

The introduction of a new three-tier royalty rate this month has angered the mining industry, which was not consulted over the Queensland government’s move to take advantage of high coal prices to boost public spending.

The rise earned a rebuke from Japan’s ambassador to Australia, who said this month that investment in the country could be damaged by the move.

BHP operates seven mines generating coal for use in steel production alongside Japan’s Mitsubishi. It said in its fourth-quarter output statement that it would review the impact of the coal royalty rise on its reserves and forecast for how long it will operate the mines. 

“The near tripling of top-end royalties has worsened what was already one of the world’s highest coal royalty regimes, threatening investment and jobs in the state,” said Mike Henry, BHP chief executive. 

BHP’s fourth-quarter output numbers capped a mixed reporting season for the mining industry with a strong performance in copper and thermal coal offset by a disappointing result in other metals, including iron ore, which is its key growth driver.

RBC Capital analyst Tyler Broda said that the weak fourth-quarter numbers and soft outlook for 2023 “will take the shine off” a monumental year for BHP when it spun out its oil and gas operations via a merger with Woodside and reunified its share structure. 

Henry said that China’s stimulus policies would spur growth into 2023 but would not be enough to reverse the effects of the Ukraine invasion, the European energy crisis and rising interest rates.

“,”title”:”BHP to review Queensland coal operations over rise in royalty rates”,”byline”:”Nic Fildes in Sydney”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”1cd58db3-c75f-44da-8446-be8ccb151d65″,”publishedDate”:”2022-07-19T00:17:03.961Z”,”bodyHTML”:”

South Korea: US Treasury secretary Janet Yellen is set to meet President Yoon Suk-yeol and other senior officials in Seoul today. During her meetings Yellen will push for a price cap on Russian oil.

Iran: Russian leader Vladimir Putin will meet Turkey’s president Recep Tayyip Erdoğan and Iran’s president Ebrahim Raisi in Tehran on Tuesday to discuss Syria. A Black Sea access deal could also be sealed when Putin and Erdoğan meet.

Markets: Australian shares rose, while Japanese stocks and Hong Kong futures declined on Tuesday morning. US markets closed lower on Monday after making early gains. That came in contrast to a bounce in Chinese and Hong Kong shares, which rallied after state regulators told banks to meet the financing needs of the country’s indebted property development sector and the central bank pledged to support the economy.

“,”title”:”What to watch in Asia today”,”byline”:”William Langley in Hong Kong”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”bc3669a0-ebed-42a4-b9c8-915e6373fd3a”,”publishedDate”:”2022-07-18T23:59:48.500Z”,”bodyHTML”:”nttt

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The US public health agency said on Monday it has ended its practice of reporting Covid-19 outbreaks on cruise ships in American waters, citing divergent surveillance standards.

Once mandatory, the Centers for Disease Control and Prevention’s reporting requirements, which included testing crew and passengers and minimum vaccination levels, had been voluntary since January.

The CDC ended the colour-coded rating programme because it depended on standardised screening and testing requirements. But these now “vary among cruise lines”, the agency said.

Cruise lines will retain access to CDC information to manage their own Covid-19 mitigation programmes, it added.

“While cruising poses some risk of Covid-19 transmission, CDC will continue to publish guidance to help cruise ships continue to provide a safer and healthier environment for crew, passengers, and communities going forward,” CDC said in a statement.

The agency said travellers would have to contact cruise lines directly for information on outbreaks.

“,”title”:”US CDC ends cruise ship Covid-19 reporting programme”,”byline”:”George Russell in Hong Kong”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”77d624d0-59c6-4c08-8875-064944fdb405″,”publishedDate”:”2022-07-18T22:48:22.833Z”,”bodyHTML”:”

Nadhim Zahawi, the new chancellor, will on Tuesday commit to bringing down inflation and rule out borrowing for tax cuts, in a sign that he will continue with the fiscal policies of his predecessor Rishi Sunak.

In his first speech since being appointed, Zahawi will also endorse Sunak’s plan for a radical overhaul of post-Brexit financial regulation to ensure Britain remains “one of the most dynamic financial centres in the world”.

Sunak quit earlier this month in protest at outgoing prime minister Boris Johnson’s leadership style and over differences on economic policy, particularly over Johnson’s insistence on tax cuts.

Zahawi was swiftly drafted in to replace Sunak, but the new chancellor will insist in his Mansion House speech in the City of London that tackling inflation remains a core priority for the government.

“The country should feel confident that we can, and we will, get inflation back under control,” he will say.

“That means delivering sound public finances to avoid pushing up demand still further, providing help for households as they deal with the worst price rises in over a generation.”

Zahawi’s tenure as chancellor could be shortlived; a new prime minister will be in place by September 5 and is likely to appoint their own choice as chancellor.

In the interim period, Zahawi’s Mansion House speech will indicate that Sunak’s policies will continue, not just in tackling inflation but also on overhauling regulation of the City.

Read what Zahawi will say here.

“,”title”:”UK chancellor sets out commitment to tackling inflation”,”byline”:”George Parker in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”6237cb2f-6ee8-465c-b438-743d707367a1″,”publishedDate”:”2022-07-18T22:47:24.431Z”,”bodyHTML”:”nttt

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SoftBank has put on hold plans for a London initial public offering of Arm because of the political turmoil in the UK government, throwing doubt on Britain’s place as the future home of the Cambridge-based tech giant.

UK prime minister Boris Johnson has personally lobbied SoftBank’s billionaire founder Masayoshi Son to secure at least a partial listing for the chip designer on the London Stock Exchange.

As Johnson’s government collapsed earlier this month, investment minister Lord Gerry Grimstone and digital minister Chris Philp resigned. They had both played leading roles in talks with the Japanese tech investor.

The departures have led SoftBank to pause discussions about a UK listing of Arm in the next year, according to people briefed on the talks. An Arm IPO would be one of the biggest-ever tech flotations for the London market.

The political upheaval could pave the way for SoftBank to pursue a more straightforward US listing, which Son had originally favoured.

SoftBank was in talks with officials and exchange executives over an unusual dual primary listing, in which it would have simultaneously floated in both New York and London, according to people with knowledge of the situation.

Companies have shunned this approach in the past because of the cost and complexity of effectively having to run two IPOs simultaneously, with prospectus and other regulatory requirements needed for both the US Securities and Exchange Commission and the UK’s Financial Conduct Authority.

Read more about SoftBank’s plans here.

“,”title”:”SoftBank halts work on Arm’s London IPO following political turmoil”,”byline”:”Anna Gross, Daniel Thomas and Jim Pickard in London”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”527ad9b5-60e3-4012-b745-5e9c08584ed3″,”publishedDate”:”2022-07-18T22:46:13.777Z”,”bodyHTML”:”

US stocks gave up their early gains on Monday afternoon after reports about slowing spending at tech group Apple reignited concerns about a potential recession.

The S&P 500, which had risen as much as 1 per cent earlier in the day, swung to a 0.8 per cent decline after Bloomberg reported that America’s most valuable company was planning to slow hiring and spending growth in some divisions. The Nasdaq Composite also slid 0.8 per cent.

Concerns about a potential recession have been hanging over markets in recent weeks as the Federal Reserve struggles to tame inflation without pushing the US economy into contraction. Solid retail sales data provided some reassurance last Friday, but the report about Apple suggested worries are growing even at companies that have successfully weathered previous downturns.

Apple’s stock dropped 2 per cent, having climbed as much as 0.9 per cent earlier.

US stocks had begun the day brightly following strong gains in Europe and Asia. A broad FTSE index of Asia-Pacific shares rose almost 2 per cent after Chinese state media reported Beijing regulators were urging banks to finance developers in the wake of homeowners boycotting mortgage payments on unfinished houses.

Hong Kong’s Hang Seng index jumped 2.7 per cent, its biggest daily gain since late May, while the CSI 300 index rose 1 per cent. The Golden Dragon index of US-listed Chinese stocks climbed 2.5 per cent.

European markets also advanced, with the continent-wide Stoxx 600 up 0.9 per cent.

Read more on the day’s market moves here

“,”title”:”Wall Street stocks slip on renewed concerns about potential economic slowdown”,”byline”:”Naomi Rovnick in London, Nicholas Megaw in New York and William Langley in Hong Kong”,”backToTop”:”o-topper”},{“standout”:{“breakingNews”:false,”editorsChoice”:false,”exclusive”:false,”scoop”:false},”id”:”c2f663ab-ec7a-4ded-a3a8-77aba6f02516″,”publishedDate”:”2022-07-18T22:44:44.623Z”,”bodyHTML”:”

Tom Tugendhat has been eliminated from the race to succeed Boris Johnson as leader of the UK Conservative party and the country’s prime minister.

Tugendhat came last in Monday’s vote of Tory MPs. Rishi Sunak came top with 115 votes, followed by Penny Mordaunt with 82, Liz Truss with 71 and Kemi Badenoch with 58.

Tugendhat lost one vote compared with the last round and ended with 31. Mordaunt also lost one vote. Sunak gained 14.

The next vote by the MPs will take place on Tuesday, followed by another on Wednesday with one candidate being eliminated each time. The final two candidates will go to a vote of Conservative party members and the result will be announced on September 5.

A debate that was due to take place on Tuesday evening was cancelled after Sunak and Truss declined to take part. Some MPs have been concerned that the party’s standing is being damaged by the criticisms the candidates have made of each other in previous debates.

For more on the leadership election, including the latest odds from the bookmakers, visit our Tory leadership election tracker.

“,”title”:”Tugendhat eliminated from UK Conservative leadership race”,”byline”:”Oliver Ralph in London”,”backToTop”:”o-topper”}],”articleUrl”:”https://www.ft.com/content/20c8b5e7-e98a-494e-bcad-fc5dd2b35899″,”showShareButtons”:true}}]