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Britain’s economy edged back into growth in August, expanding by a marginal 0.1% from July, official data revealed on Thursday, providing a slight boost ahead of Finance Minister Rachel Reeves’ November budget. However, GDP for July was revised downward to show a 0.1% decline from June, highlighting ongoing volatility in the economy, according to the Office for National Statistics (ONS). Annual growth stands at 1.3%, leaving limited room to avoid potential tax increases.

Economists noted that growth remains fragile, with early indicators for September pointing to muted expansion. Public health service activity supported the slight quarterly growth of 0.3% in the three months to August, while consumer-facing services contracted. Experts warned that the services and construction sectors are in a “pre-budget funk,” and uncertainty around fiscal policy could dampen household and business spending further.

The Bank of England is maintaining a careful stance, keeping interest rates at 4% amid stubborn inflation and weak growth. Governor Andrew Bailey noted a softening labor market, with rising unemployment and slowing private sector wage growth. Monetary Policy Committee member Alan Taylor also flagged the risks of a “bumpy landing,” citing the ongoing effects of U.S. trade tariffs and domestic budget uncertainty.

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British Prime Minister Keir Starmer on Wednesday released senior security officials’ evidence in the high-profile prosecution of two men accused of spying for China, aiming to show that the case’s collapse was not due to government interference. Last month, the Crown Prosecution Service (CPS) unexpectedly dropped charges against the men, who had denied sharing politically sensitive information with a Chinese intelligence agent. The CPS said the decision stemmed from a lack of official evidence confirming that China posed a threat to UK national security, despite months of requests to the government

The published documents, including witness statements from Deputy National Security Adviser Matthew Collins, detailed Chinese malign activity and espionage efforts but stopped short of explicitly declaring China a threat to national security. Collins noted that while bilateral trade and investment benefit both countries, China presents the “biggest state-based threat to the UK’s economic security.” The documents also emphasized the UK government’s commitment to maintaining a positive relationship with China to foster cooperation and stability.

Opposition parties, however, accused the government of a cover-up. Conservative leader Kemi Badenoch claimed the situation “stinks of a cover-up,” while a party spokesperson criticized Starmer for not intervening before the trial’s collapse, despite being aware of the impending outcome. The case has drawn scrutiny for allegedly involving sensitive information about briefings to former Prime Minister Rishi Sunak, intensifying debates over national security and diplomatic ties with China.

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One of Russian President Vladimir Putin’s top economic officials has rejected U.S. President Donald Trump’s claims that Russia’s economy is on the brink of collapse. Trump, in remarks on Tuesday, said Russia faced “long lines waiting for gasoline” and urged Putin to end the war in Ukraine, which he said was making Russia “look bad.” In response, Deputy Prime Minister Alexander Novak said Russia’s domestic fuel supply remains stable, with a balance maintained between production and consumption.

Speaking at an energy conference in Moscow, Novak emphasized that the government was taking all necessary steps to ensure continued stability in the domestic market. “We have a stable domestic market supply, we see no problems in this regard,” he said, countering Western reports of shortages. Russia’s economy, however, has shown signs of slowing, with GDP growth forecasted at 1% for 2025, compared to over 4% in the past two years.

Recent gasoline shortages in some peripheral regions were attributed to high interest rates deterring winter stockpiling and Ukrainian drone attacks that damaged refinery capacity. The Kremlin has since prioritized fuel distribution to affected areas, maintaining that the economy is deliberately cooling to prevent overheating. Moscow insists its economy has adapted to Western sanctions, while Western analysts argue that rising pressure could eventually strain Russian society and force policy shifts over the prolonged Ukraine conflict.

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The European Union is pushing forward with plans for a continent-wide anti-drone defence network following repeated drone incursions into Polish airspace and incidents over airports in Denmark and Germany. Initially pitched by Baltic nations as a “drone wall” along the eastern border, the proposal has evolved into a broader “European Drone Defence Initiative,” aiming to deploy interconnected sensors, jamming systems, and interception technologies across the EU. The move highlights Europe’s growing recognition of drone threats and its desire to take greater responsibility for regional defence amid calls from the U.S. for increased self-reliance.

However, the proposal remains mired in internal disputes over cost, coordination, and control. France and Germany are reluctant to hand authority over major defence projects to the European Commission, preferring national oversight. Smaller states, meanwhile, argue for a unified EU-led approach to streamline efforts and funding. Without broad government support, experts warn the project could struggle to access EU financing despite potentially generating billions of euros in defence contracts.

Drawing on Ukraine’s battlefield experience against Russian drones, the proposed system would integrate cameras, acoustic sensors, radar, and AI-assisted detection tools, supported by interceptor drones, cannons, and electronic jammers. Defence firms such as Rheinmetall, Helsing, and Alpine Eagle have lined up to participate, promoting solutions for cost-effective protection against swarms of low-cost drones. Yet defence officials caution that Europe’s counter-drone capabilities remain limited and fragmented, with full implementation likely years away despite the growing urgency.

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Austrian former billionaire Rene Benko went on trial on Tuesday in Vienna in connection with the collapse of his property empire, Signa Group — once one of Europe’s largest real estate firms. At its peak, Signa held high-profile assets such as stakes in New York’s Chrysler Building and the British department store Selfridges, before becoming the biggest casualty of Europe’s property downturn in 2023. Prosecutors estimate the total damage from the group’s downfall at around €300 million ($348 million).

The first of two cases filed against Benko accuses him of insolvency-related fraud involving about €660,000 in questionable transactions. Investigators allege that part of the money was used for unjustifiable rent and expenses amounting to €360,000, while the remaining €300,000 was allegedly gifted to relatives to conceal funds from creditors. The charge alone carries a potential prison sentence of up to 10 years.

Benko, 48, has denied all allegations. This trial marks his first public appearance since his arrest in January, after which he has remained in custody. Signa’s collapse triggered Austria’s largest-ever bankruptcy, impacting several major creditors including Deutsche Bank, Allianz, Julius Baer, and Raiffeisen Bank International, which have filed billions of euros in claims.

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Lloyds Banking Group announced on Monday that it will take an additional charge of £800 million ($1.07 billion) related to the UK motor finance mis-selling scandal, raising its total provision to £1.95 billion. The move follows new guidance from the Financial Conduct Authority (FCA), which expanded the scope of potentially affected cases.

The FCA’s proposed redress scheme indicates that more historical cases, dating back as far as 2007, may now be eligible for compensation. Lloyds, which had previously set aside about £1.15 billion for the issue, said the regulator’s approach to calculating redress is “less closely linked to actual customer loss than previously anticipated,” suggesting overall payouts could exceed earlier estimates.

The mis-selling scandal has sent ripples through the UK banking sector, with the FCA estimating total industry compensation costs between £8.2 billion and £9.7 billion. Lloyds’ increased charge underscores the growing financial impact of the regulator’s intervention, as banks prepare to compensate consumers affected by improper motor finance practices.

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French Prime Minister Sebastien Lecornu announced his new cabinet on Sunday, retaining most of his previous top ministers despite pledging “renewal and diversity.” Reappointed just last week after a short 27-day tenure, Lecornu kept key figures such as Finance Minister Roland Lescure, Foreign Minister Jean-Noel Barrot, and Justice Minister Gerald Darmanin. Catherine Vautrin, a centre-right veteran, replaced Lecornu as defence minister, while Laurent Nunez, Paris police chief and former intelligence head, took over the interior portfolio.

The reshuffle comes at a critical moment as France faces a deep political crisis and urgent budget deadlines. Hard-left France Unbowed (LFI) and the far-right National Rally have announced no-confidence motions, setting up a tense parliamentary vote later this week. The Socialist Party, whose backing is vital for the government’s survival, remains undecided, with leader Olivier Faure declining to comment on the new appointments.

With France’s parliament fractured into opposing ideological blocs, Lecornu must steer the upcoming budget through treacherous negotiations. Key opposition demands include repealing Macron’s pension reform and reintroducing a wealth tax, both resisted by conservatives. Acknowledging the political uncertainty, Lecornu said he would not hesitate to resign again if “conditions were no longer met,” signalling the fragile balance of power in French politics.

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Prime Minister Keir Starmer on Wednesday dismissed accusations that Britain sought to appease China by halting the prosecution of two men accused of spying for Beijing, asserting that the decision stemmed from legal limitations rather than political motives. British prosecutors had unexpectedly dropped charges last month against Christopher Cash, 30, and Christopher Berry, 33, just weeks before trial. Both men had denied accusations of passing sensitive information to a Chinese intelligence agent.

The move sparked criticism from opposition lawmakers who alleged that the government wanted to avoid straining relations with Beijing amid efforts to boost economic ties. Britain’s Director of Public Prosecutions, Stephen Parkinson, revealed prosecutors had been unable to secure essential evidence from the government to establish China as a “threat” under the 1911 Official Secrets Act — a key legal requirement for proceeding with the case.

Speaking during a visit to India, Starmer said the failure of the prosecution stemmed from the previous Conservative government’s position on China, which had not classified Beijing as an enemy at the time. “Whatever their position was, was the only position that could be presented at trial,” he said. Despite ongoing security concerns, Starmer’s government has continued to pursue Chinese investment, maintaining a delicate balance between national security and economic cooperation.

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Germany’s federal cabinet has approved new measures to curb the online sale of cannabis, following a sharp rise in imports since the country legalised recreational use of the drug in April 2024. The amendment will mandate in-person consultations with doctors for cannabis prescriptions and prohibit mail-order deliveries, limiting distribution to physical pharmacies to ensure proper patient counselling.

Health Minister Nina Warken said the move was prompted by a “massive increase in cannabis imports” and the growing trend of online prescriptions issued without direct medical contact. Government data showed that cannabis imports in the first half of 2025 surged by more than 400% compared to the same period last year, though prescriptions through the social health insurance system only rose slightly.

While Warken assured that patients with genuine medical needs would still have access to the drug, concerns have been raised about rural patients. A spokesperson for Jiroo, a Berlin pharmacy specialising in cannabis, told Reuters the restrictions could make access difficult for people living in remote areas with limited healthcare services.

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London’s FTSE 100 remained largely unchanged on Tuesday, as investors paused following last week’s record highs. The blue-chip index stood at 9,480.84 at 1050 GMT, while the mid-cap FTSE 250 slipped 0.2%. Gains in major energy stocks helped offset broader market declines, keeping the overall market relatively steady.

Retailers led the losses, with the FTSE 250’s B&M plunging 5.5% to its lowest level in over five years after forecasting a drop in annual profit amid weak sales. Homebuilders also declined after Halifax reported that the rise in British housing prices slowed to 1.3% over the past year, the weakest growth since April 2024, weighing on the household goods and construction sector.

On the upside, energy shares rose 1.3%, with Shell climbing 1.6% following a higher third-quarter LNG production forecast. Other notable performers included Imperial Brands, up 2.1% on a new share buyback announcement, and Rentokil, which surged 2.4% after receiving a double-upgrade from Bernstein. Analysts expect markets to remain in a wait-and-watch mode amid ongoing U.S. government shutdown concerns and European political uncertainties.

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