Shell has revealed a surge in quarterly profits on the back of the Middle East conflict but also given an update on costly war damage to its output.
UK consumer confidence rose significantly in July, driven by the prospect of Andy Burnham becoming PM, England's World Cup run, and hopes for Middle East peace. Despite this, personal finance outlook remained cautious, and rising oil prices from renewed US-Iran conflict threaten inflation forecasts.
Google parent Alphabet and Tesla shares plunged after both reported negative free cash flow and announced billions more in AI and unspecified investments, raising investor skepticism about returns on high spending.
England's pubs, clubs, and live music venues will receive a 20% business rates discount as part of a £100m aid package from Prime Minister Burnham, aimed at supporting high streets and easing living costs, though some industry leaders and opposition question its scope and funding.
Oil prices surpassed $100 a barrel for the first time in two months due to escalating Middle East tensions, including Houthi militia attacks on Saudi oil tankers in the Red Sea. This renewed conflict threatens global oil supplies, pushing up government borrowing costs and causing stock market declines amid inflation fears.
Centrica, owner of British Gas, will cut 1,300 call centre jobs over two years, citing a 20% reduction in customer calls and a preference for digital channels. CEO Chris O'Shea stated AI isn't the main driver, but the company is deploying AI tools. This comes as retail profits rose despite customer losses.
Dubai's Department of Economy and Tourism launched the 'Dubai Invite' scheme, offering residents benefits worth over 3,000 AED to attract friends and family, aiming to revive tourism numbers that plummeted after the city was drawn into the US-Israel war on Iran, leading to hotel vacancies and revenue declines.
