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European banks have seen widespread unauthorised direct debits from PayPal accounts, according to the German Savings Banks Association (DSGV). The German newspaper Sueddeutsche Zeitung said payments worth in the region of €10bn have had to be blocked after PayPal's fraud-checking system failed. It said payments were paused on Monday when lenders reported millions of suspicious direct debits from the payment firm. The DSGV confirmed to the BBC there had been "incidents involving unauthorised direct debits initiated by PayPal against various credit institutions."

 

BBC News

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Many of Britain's largest companies struggle to accurately report their emissions data, leading to significant adjustments in their climate metrics. According to Deloitte, 46 FTSE 100 firms made "material prior-year adjustments" this year.  Companies including HSBC and Unilever have corrected errors in their reports. Steve Farrell, head of sustainability assurance at Deloitte UK, said these restatements are likely to persist. He noted that over 75% of adjustments were related to greenhouse gas emissions, which are particularly challenging to measure due to reliance on supply chain data.

 

The Times

The Net-Zero Banking Alliance (NZBA) faces a pivotal vote on its future structure after a significant withdrawal of members. Major banks, including Goldman Sachs and JP Morgan, have left the group, having been influenced by a shift in attitudes towards environmental, social, and governance (ESG) policies following President Donald Trump's election. The NZBA said it aims to continue to support banks in their transition efforts despite the exodus. The new structure is expected to be determined by the end of September.

 

The Daily Telegraph

The Times

City AM

Apple has expressed concerns over proposed UK competition regulations, saying they could harm users and developers. The company argues that similar EU laws have delayed features for European users. Apple claims the UK's Competition and Markets Authority (CMA) risks repeating these mistakes, which could undermine privacy and security. The CMA, however, insists its rules differ from the EU's and aim to foster innovation. It has found that Apple and Google dominate the UK mobile market, leading to proposed changes that would allow app developers more freedom to make products interoperable with Apple technology.

 

BBC News

Lawyers for online forums 4chan and Kiwi Farms have launched a legal challenge in Washington DC against UK regulator Ofcom, seeking to block enforcement of the Online Safety Act in the United States. The complaint argues that US-based companies with no UK presence should not be subject to British law and claims the act conflicts with American free speech protections. Ofcom has previously written to both sites demanding compliance, including risk assessments on illegal content, and has threatened 4chan with a provisional fine of £20,000. The regulator maintains that any service with UK users has duties under the act, regardless of where it is based.

 

The Daily Telegraph

BBC News

UK authorities have identified three China-based technology firms linked to cyber attacks targeting telecoms and critical infrastructure. The National Cyber Security Centre, part of GCHQ, warns UK organisations to proactively seek out malicious activity and address vulnerabilities. The firms, Sichuan Juxinhe Network Technology Co Ltd, Beijing Huanyu Tianqiong Information Technology Co Ltd, and Sichuan Zhixin Ruijie Network Technology Co Ltd, are accused of supporting a campaign that has affected governments and military infrastructure since 2021.

 

The Independent UK

UK Ministry of Defence staff were warned before the Afghan data leak not to share information containing hidden tabs, according to documents released by the Information Commissioner's Office (ICO), the UK's data regulator. Last month it emerged that the details of almost 19,000 people who had applied to move to the UK were leaked when an official emailed a spreadsheet that contained a hidden tab with the information. Hidden tabs are a common feature in spreadsheet software and make information invisible to the user, but still easily accessible if the settings on a document are changed.

 

BBC News

The European Union has responded to President Donald Trump's accusations regarding unfair digital regulations, asserting its right to regulate economic activities within its territory. European Commission spokeswoman Paula Pinho said: "It's the sovereign right of the EU and its member states to regulate our economic activities on our territory that are consistent with our democratic values." Trump threatened tariffs and export restrictions on US technology in retaliation for digital service taxes imposed by other nations. The EU's Digital Services Act and Digital Markets Act were defended by spokesman Thomas Regnier, who said: "The DSA does not look at the colour of a company." The dispute arises as the EU prepares to finalise a trade framework with the US that aims to eliminate certain tariffs on US exports, while the US maintains a 27.5% tariff on EU automobiles until an agreement is reached.

 

Accounting Today

Pablo Hernandez de Cos, the new General Manager of the Bank for International Settlements (BIS), has highlighted the critical need for central bank independence and accountability in his inaugural speech. He noted the importance of maintaining a clear mandate for price stability and warned against political interference, particularly in light of recent criticisms directed at the US Federal Reserve by former President Donald Trump. De Cos also pointed out the shared challenges facing global economies, such as inflation and geopolitical tensions, underscoring the necessity for robust frameworks to navigate these uncertainties.

 

Reuters

The German industrial sector has lost approximately 245,500 jobs since 2019, according to an EY study. In the second quarter of 2025, employment in the industry fell by 2.1% to 5.43 million. The automotive industry suffered the most, with a 6.7% decline, equating to around 51,500 jobs lost in a year. Jan Brorhilker, EY managing partner, warned: "We will see rising unemployment among university graduates - something that hasn't happened in Germany for a long time."

 

Daily Sabah

Reuters

The UK's borrowing costs have surged, with the yield on 30-year bonds reaching 5.62%, close to a 27-year high. The increase puts Chancellor Rachel Reeves under pressure to address a potential deficit of £20bn to £40bn in the upcoming autumn Budget. Economists warn of unique financial strains, including high welfare costs and stagnant productivity. Japanese investment bank Nomura said that despite public finances developing broadly in line with expectations, "a large tax-raising budget remains likely."

 

The Daily Telegraph

The Guardian

The Times

HSBC has apologised after an online banking outage left customers unable to access their accounts in the UK. Thousands reported issues once they first emerged. While online services were disrupted, customers could still use phone and in-person banking. HSBC said: "We're really sorry and are investigating as a matter of urgency." This incident follows a trend of banking outages, with a report revealing that nine major banks experienced around 803 hours of downtime since 2023.

 

The Independent UK

BBC News

Thames Water has reached a payment agreement with Ofwat regarding £123m in fines, as the utility seeks funding to prevent government nationalisation. The company, which serves 16m customers, faces severe financial challenges. Ofwat imposed a record £104m fine for environmental breaches and an additional £18.2m for dividend rule violations. The payment plan allows Thames to pay £24.5m by the end of September, with the remainder due by 31 March 2030. Lynn Parker, senior director of enforcement at Ofwat, said: "This payment plan continues to hold Thames Water to account for their failures."

 

Sky News

The Guardian

Rio Tinto has announced a significant restructuring of its operations and leadership team under new CEO Simon Trott. The company will review its smaller divisions, including borates and iron and titanium, and reorganise into three core units: iron ore, aluminium and lithium, and copper. Trott stated that this change aims to enhance accountability and focus, stating: "A simplified business structure... will enable us to deliver new standards of operational excellence and value creation." The overhaul will also consolidate iron ore operations and adjust leadership roles, with Sinead Kaufman leaving the company later this year.

 

London Evening Standard

Russia is optimistic about resuming a joint venture with Boeing in the Sverdlovsk region, which had been halted in 2022 when Boeing suspended titanium purchases from Moscow. First Deputy Prime Minister Denis Manturov said that there are no restrictions on titanium supplies to the US, suggesting that American companies can still acquire Russian titanium.

 

Reuters