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UK Consumer Confidence Rises Slightly After Interest Rate Cut, But Risks Remain

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British consumer confidence edged up in August following the Bank of England’s recent interest rate cut, according to a survey by GfK released on Friday. The consumer confidence index rose to -17 from -19 in July, its highest level since December, with households showing a modest three-point improvement in sentiment about their personal finances.

Despite the uptick, analysts warned that optimism remains fragile. GfK’s consumer insights director Neil Bellamy noted that confidence is still moving within a narrow band, with little sign of a decisive shift toward stronger optimism. He cautioned that unexpected developments could trigger sudden changes in sentiment, especially with inflation pressures and fiscal concerns looming.

Official data showed inflation climbed to 3.8% in July, while media reports suggested potential tax increases in Finance Minister Rachel Reeves’ upcoming autumn budget. Meanwhile, GfK’s measure of savings fell by four points to +30 in August after hitting its highest level since 2007 the previous month. The survey polled 2,002 individuals between August 1 and 14.

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French Researcher Laurent Vinatier Faces Espionage Charges in Russia

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French researcher Laurent Vinatier, who was already serving a three-year sentence in Russia for violating the country’s “foreign agent” laws, is now facing a fresh espionage charge. Court documents from Moscow’s Lefortovo Court, cited by Russian news agencies, confirmed the new charge, though details remain undisclosed. A hearing on the case has been scheduled for next Monday.

Vinatier, 49, was convicted last October for failing to register as a “foreign agent” while carrying out research that Russian authorities claimed involved collecting military-related information. His appeal against the sentence was rejected in February. At his trial, Vinatier expressed regret, saying he loved Russia and apologised for breaking the law.

France has condemned his detention as arbitrary, with President Emmanuel Macron denying any state links to Vinatier and describing his case as part of Moscow’s misinformation campaign. Vinatier is employed by the Switzerland-based Centre for Humanitarian Dialogue, a conflict mediation organisation. Academics familiar with his work described him as a respected scholar engaged in legitimate research, caught in the middle of heightened tensions between Russia and the West over the war in Ukraine.

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Kneecap Rapper Challenges Terrorism Charge in London Court Over Hezbollah Flag

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Hundreds of supporters gathered outside Westminster Magistrates’ Court in London on Wednesday as Liam Óg Ó hAnnaidh, better known by his stage name Mo Chara from the Irish rap group Kneecap, sought to dismiss a terrorism charge. The 27-year-old is accused of displaying Hezbollah’s yellow flag and shouting “Up Hamas, up Hezbollah” during a London gig on November 21, 2024. Kneecap maintain the flag was thrown onto the stage by the audience and that the case is an attempt to silence them.

Ó hAnnaidh, who appeared in court wearing a Palestinian keffiyeh scarf and accompanied by an Irish language interpreter, faces prosecution under the Terrorism Act, which makes it an offence to display symbols of proscribed organisations in a way that suggests support. His lawyers argue that the charge was filed too late, on May 22, one day past the six-month deadline. Prosecutors countered that it was formally brought on May 21, within the time limit, leaving Judge Paul Goldspring to decide.

The rapper’s bandmates, Móglaí Bap and DJ Próvaí, joined him in court as fans filled the public gallery. Kneecap, known for mixing Irish and English lyrics and voicing strong political stances, have openly supported the Palestinian cause and Irish republicanism. Since the charge, they have become increasingly vocal about the Gaza war, leading a 30,000-strong crowd at Glastonbury in chants against Prime Minister Keir Starmer and accusing Israel of war crimes—allegations Israel denies.

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Lavrov Praises Constructive U.S. Stance on Ukraine After Alaska Summit

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Russian Foreign Minister Sergei Lavrov said on Tuesday that U.S. President Donald Trump and his administration showed a sincere desire to achieve a long-term and sustainable peace in Ukraine during last week’s U.S.-Russia summit in Alaska. Lavrov described the atmosphere at the meeting between Trump and President Vladimir Putin as “very good.”

Speaking to Rossiya 24 state television, Lavrov emphasized that the U.S. leadership appeared genuinely committed to finding a “reliable and lasting” solution to the conflict. He contrasted this with Europe’s approach, noting that some European leaders, who attended an extraordinary White House summit with Trump and Ukrainian President Volodymyr Zelenskiy on Monday, focused only on securing a cease-fire while continuing military support to Kyiv.

Lavrov suggested that Washington’s stance could open the door to more constructive negotiations, while Europe’s insistence on arming Ukraine risked prolonging tensions. His remarks underscore Russia’s effort to highlight differences in Western strategies on the Ukraine conflict as Moscow continues to seek leverage in international diplomacy.

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Tesla Slashes UK Leasing Costs Amid Sharp Sales Decline

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British motorists can now lease a Tesla electric vehicle for just over half the price compared to last year, The Times reported on Monday, citing industry sources. The price cuts come as Tesla offers discounts of up to 40% to leasing companies in an effort to clear excess inventory.

The move is reportedly driven by a lack of storage space for Tesla vehicles in the UK, forcing the automaker to take aggressive measures to move stock. Reuters could not immediately verify the report, and Tesla has not yet responded to a request for comment.

According to the Society of Motor Manufacturers and Traders (SMMT), Tesla’s UK sales fell nearly 60% in July to 987 units, while overall new car registrations across the country dropped 5% year-on-year. Despite the decline, battery electric vehicles are projected to make up 23.8% of new registrations by 2025, slightly higher than the previous forecast of 23.5%.

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Trump-Putin Alaska Summit Ends Without Breakthrough on Ukraine

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A highly anticipated summit between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska on Friday concluded without any agreement to pause or resolve Moscow’s war in Ukraine. The nearly three-hour meeting, described by both leaders as “productive,” offered few details, and neither leader took questions from the press. Trump, standing before a backdrop reading “Pursuing Peace,” said the talks made “some headway” but acknowledged unresolved issues.

Market watchers and analysts noted that while the summit signaled diplomatic engagement, it produced no concrete commitments. Helima Croft of RBC Capital Markets said the outcome fell short of easing European sanctions, while Carol Schleif of BMO Private Wealth called it “absolutely no news” in terms of market impact. Others, like Comerica’s Eric Teal, highlighted potential opportunities in the energy sector given the absence of new sanctions on Russian oil.

Analysts also emphasized the symbolic significance of the meeting. Eugene Epstein of Moneycorp noted it as a “first step” toward future dialogue, while Tom Di Galoma of Mischler Financial suggested groundwork may have been laid for a potential three-way summit with Ukrainian President Volodymyr Zelenskiy. Still, with no tangible outcome, experts believe the talks will be seen as maintaining the status quo, leaving markets and geopolitics largely unchanged for now.

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Clashes Erupt Between Ruling Party Supporters and Anti-Government Protesters in Serbia

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Supporters of Serbia’s ruling Serbian Progressive Party (SNS) clashed with anti-government protesters in Novi Sad on Wednesday evening, throwing flares and firecrackers, prompting police intervention to end the standoff. The incident marked a sharp escalation in the nine-month-long protests sparked by the deaths of 16 people when the roof of a renovated railway station in Novi Sad collapsed last November. The demonstrations have eroded support for populist President Aleksandar Vucic and the SNS, which has ruled for 13 years.

At a late-night press conference, Vucic, alongside Interior Minister Ivica Dacic, said 16 police officers and around 60 SNS supporters were injured in Novi Sad, accusing unidentified foreign powers of orchestrating unrest. Footage from N1 TV showed flares and firecrackers hurled from the direction of SNS offices and protesters with bloodied faces claiming they were attacked with sticks and truncheons. Opposition groups, including the Move-Change movement, blamed Vucic’s loyalists for the violence, calling it a violation of the right to life and peaceful protest.

In Belgrade, police in riot gear blocked protesters from approaching SNS camps near the parliament, while clashes also erupted outside local party offices in several cities. Protest leaders, largely students, have accused the government of corruption, ties to organized crime, and curbing media freedoms—allegations officials deny. They are demanding early elections in hopes of ending SNS’s long hold on power. The latest unrest follows injuries sustained by protesters in the town of Vrbas on Tuesday, prompting calls for nationwide demonstrations outside SNS offices.

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Evoke Swings to Profit, Maintains Full-Year Outlook Amid Cost Cuts and International Growth

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British bookmaker Evoke (EVOK.L) has swung to an adjusted pre-tax profit in the first half of 2024, buoyed by cost-cutting measures and a robust performance in its international operations. The owner of William Hill UK and 888 posted a profit of £12.6 million for the six months ended June 30, compared to a £9.8 million loss a year earlier, with revenue rising 3% to £887.8 million. Shares rose 3.7% to 64.6 pence following the results.

The company has doubled down on expansion plans and operational efficiencies as part of its turnaround strategy, helping drive second-quarter momentum and a return to growth for its UK retail business. Evoke reiterated its full-year revenue growth forecast of 5%-9% and an adjusted core earnings margin of at least 20%, noting that third-quarter revenue so far is tracking in line with expectations. CEO Per Widerstrom said a strong product pipeline and efficiency initiatives give the group confidence in stronger growth during the second half.

Looking ahead, the bookmaker faces potential headwinds from possible tax increases in the UK’s autumn budget. The domestic market remains critical for Evoke, contributing about two-thirds of its total revenue in 2024. Despite the uncertainty, the company remains optimistic about sustaining its recovery trajectory through continued innovation and disciplined cost management.

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Moldovan Court Sentences Pro-Kremlin Leader Evgenia Gutul to Seven Years for Illicit Party Financing

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A Moldovan court on Tuesday sentenced Evgenia Gutul, a pro-Kremlin regional leader, to seven years in prison for channeling illicit funds from Russia to support a banned political party. Gutul was found guilty of financing the “Shor” party, a pro-Moscow group that authorities say posed a threat to Moldova’s democratic integrity.

Prosecutors revealed that from 2019 to 2022, Gutul systematically transferred undeclared money from Russia to fund the activities of the Shor party, which was founded by Ilan Shor—an exiled businessman convicted of fraud in Moldova. The party has since been outlawed for its alleged attempts to destabilize the country using foreign money and influence.

Despite the verdict, Gutul has denied any wrongdoing. Her sentencing is part of a broader effort by Moldovan authorities to combat Russian interference and safeguard the country’s political system. The case also underscores Moldova’s ongoing tensions with Moscow amid its push for closer ties with the European Union.

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Switzerland Moves to Revise U.S. Trade Offer Amid Threat of Heavy Tariffs

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Switzerland is preparing to revise its trade offer to the United States after President Donald Trump announced a steep 39% tariff on Swiss imports, one of the highest in his global trade reset. Business Minister Guy Parmelin said the government would act quickly ahead of the August 7 implementation date, with the cabinet set to hold a special meeting on Monday. Parmelin indicated that options under consideration include increased Swiss purchases of U.S. liquefied natural gas (LNG) and further investments in the U.S., Switzerland’s largest export market for pharmaceuticals, watches, and machinery.

The move follows reports of a tense but non-confrontational call between Swiss President Karin Keller-Sutter and Trump, in which the U.S. leader rejected the idea of a lower 10% tariff. Swiss officials stressed they are in close contact with Washington and open to sending top representatives to the U.S. to negotiate. Parmelin said understanding U.S. expectations would be key to forming a basis for continued talks. Industry associations have warned the tariffs could put tens of thousands of Swiss jobs at risk, particularly in export-oriented sectors.

Economists warn that the tariff hike could significantly slow Switzerland’s economy, with Hans Gersbach of ETH Zurich estimating a 0.3% to 0.6% GDP drop, rising above 0.7% if pharmaceuticals are included. Prolonged trade disruptions could lead to a recession, he said. Financial analysts at Nomura predict the Swiss National Bank may cut its policy rate by 25 basis points to -0.25% in September to counter deflationary pressures. Swiss shares are expected to feel the impact when markets reopen after the National Day holiday.

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