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US Secretary of State Marco Rubio has ordered US diplomats in Europe to launch a lobbying campaign against the European Union's Digital Services Act (DSA). A State Department cable - the headline of which described it as an "action request" - said the EU is pursuing "undue" restrictions on freedom of expression by its efforts to combat hateful speech, misinformation and disinformation, and the DSA was further enhancing these curbs.

 

Reuters

Global insured losses from natural disasters reached $80bn in the first half of 2025, nearly double the ten-year average, primarily due to wildfires in California and severe thunderstorms in the US. The Swiss Re Institute warns that full-year losses could exceed $150bn, as insurers retreat from high-risk areas, leaving vulnerable communities exposed to increasing financial strain.

 

Reuters

Norway's government has initiated a review of its sovereign wealth fund portfolio to exclude Israeli companies linked to the occupation of the West Bank or the conflict in Gaza. The decision follows a report which revealed that the fund, valued at $1.9 trn, invested in Bet Shemesh Engines Ltd (BSEL), which services Israel's armed forces. Norwegian Prime Minister Jonas Gahr Stoere expressed concern, saying: "We must get clarification on this because reading about it makes me uneasy." The fund currently holds stakes in 65 Israeli companies, valued at $1.95 bn.

 

Financial Times

Daily Telegraph

UBS has announced its departure from the Net-Zero Banking Alliance (NZBA) following a review of its sustainability and climate-related membership. UBS said that while the alliance provided valuable frameworks for initial target-setting, it has developed its own capabilities and no longer requires the group's support. Major UK banks included Barclays and HSBC have already exited the group, as have global peers including JPMorgan, Citi, Morgan Stanley, Macquarie and Bank of Montreal. The NZBA, established in 2021 to align banks with global climate goals, faces uncertainty in the wake of these exits. 

 

Reuters

The Times

The UK's Financial Conduct Authority (FCA) has announced that stricter regulations for electronic payment firms will come into force in May 2026. The new rules say companies must separate customer funds from their own, ensuring refunds in case of firm failures. The City watchdog says firms will face annual audits by qualified auditors, monthly reporting, and daily checks on safeguarded funds. The rules will apply to payment institutions, e-money institutions and credit unions that issue e-money. UK Finance said it backed a "robust and effective safeguarding regime that protects customers without placing unrealistic demands on businesses, particularly smaller firms," adding that "getting the balance right means having rules that are practical, proportionate, and internationally competitive."

 

Reuters

The Times

Complaints to the UK's Financial Ombudsman Service (FOS) fell to their lowest in more than a year in the April to June quarter. Figures show that the FOS received 68,000 new cases in the period, down from 74,600 complaints seen a year ago. Complaints about motor finance were the most common grievance but the total dropped to 21,500 cases from 36,000. Complaints regarding fraud and scams fell to 6,800 from 8,800. The data covers a period that saw a series of FOS reforms that introduced tighter restrictions on complaints from professional representatives. As of April, banks are not charged for the first three complaints they receive in the financial year. A case fee of £650 is applied to subsequent complaints, reduced to £475 if a complaint is dismissed, withdrawn, abandoned, or found to be outside the FOS’s jurisdiction. The figures show that 30,800 cases were brought by professional representatives in the first quarter of the 2025/26 financial year, compared to 36,600 in the same period last year.

 

Financial Times

City AM

The Independent UK

UK tax authority HM Revenue & Customs has been ordered to reveal whether it used artificial intelligence when making key judgments, after losing a legal battle over a transparency request.

 

Financial Times

BHP Group and Vale have proposed a $1.4bn settlement for a class action lawsuit in the UK related to the 2015 Mariana dam disaster in Brazil. The settlement includes $800m for victims and $600m for legal costs. The offer was made during a meeting in New York with Pogust Goodhead, the law firm representing the claimants.

 

Financial Times

Reuters

Booking.com is facing a class-action lawsuit from over 10,000 European hotels, alleging the platform distorted the market with its 'best price' clauses. The Association of Hotels, Restaurants and Cafes in Europe leads the legal action, which has garnered support from 30 national hotel associations. The lawsuit seeks damages for the period from 2004 to 2024, following a European Court of Justice ruling that found Booking.com's practices violated EU competition law.

 

The Guardian

Judges must enhance their scientific and technical literacy, according to Patrick Hodge, deputy president of the UK's Supreme Court. He emphasised the growing complexity of legal cases and the crucial role of expert witnesses, warning: "You can't be in thrall to an expert witness . . . you need to be on your guard." He argues that lawyers and judges should improve their "scientific and technical literacy" so they are not "completely cold" on a subject and overly reliant on expert witness evidence. The Expert Witness Institute advocates for better training and oversight of expert witnesses.

 

The Guardian

Nearly 60% of German companies anticipate that the EU's trade deal with the United States will impose additional burdens, such as higher tariffs and increased bureaucracy, according to a survey by the German Chamber of Commerce and Industry (DIHK). This concern is even more pronounced among firms with direct US business, where 74% expect negative impacts, while only 5% foresee any economic relief from the agreement. DIHK chief executive Helena Melnikov noted that while the deal may have been politically necessary, it remains a "bitter pill to swallow" for many businesses facing uncertainty about its long-term viability.

 

Reuters

Swiss-headquartered mining company Glencore has decided against moving its stock market listing from London to the US. In a presentation published alongside its half-year results, which saw a 37% drop in profits, Glencore said: “Of the major global equity exchanges, the scale and depth of US capital markets is unrivalled, but having considered the costs and benefits . . . we do not believe that becoming a US domestic issuer or having a sponsored [American depositary receipt] programme would be value-accretive for shareholders at this point in time.”

 

The Guardian

The number of potential victims of modern slavery referred to the Home Office has reached a record high. In the quarter from April to June 2025, 5,690 individuals were referred, marking a 32% increase from the same period last year. UK nationals comprised 23% of referrals, the highest number since the National Referral Mechanism began in 2009. Almost three-quarters (74%) of all referrals were male. Anti-Slavery Commissioner Eleanor Lyons said the figures "show that a record number of victims of modern slavery are being exploited." She added: "Shockingly, a record number of young boys are being exploited and more UK nationals are victims of modern slavery than ever before." The government aims to address a backlog of cases awaiting decisions by December 2026.

 

Daily Mail

Daily Mirror

The FT's John Burn-Murdoch considers data which suggests the trait of conscientiousness (the quality of being dependable and disciplined) is fading out - and especially quickly among young adults.

 

Financial Times

Germans are concerned over potential price increases and a possible shortage of their beloved kebab in a pita. Workers at Birtat Meat World, a major kebab factory, are engaged in ongoing strikes, demanding wage increases of €375 per month. The Food, Beverages and Catering Union has previously highlighted issues of non-transparent pay among workers, many of whom are immigrants from Turkey, Romania, and Bulgaria. Halil Duman, a kebab vendor in Berlin, observed: “It’s all getting more and more difficult. The produce is becoming more expensive and we barely make profit anymore.” With rising costs, the classic döner kebab, once a cheap staple, is now priced at around €7. The kebab, which was introduced to Germany by Turkish immigrants in the 1970s, has become a national favourite, with over 13 million consumers each month relying on Birtat's production.

 

US News and World Report

Waterstones has apologised after attendees of its annual BookFest at the Piccadilly flagship store in London described the event as chaotic and overcrowded. Videos showed large crowds and long queues, and guests reported a lack of visible staff or organisation. The bookseller insisted attendee safety was never at risk, but said it was "sorry to hear about any negative experiences."

 

BBC News