\n<\/p>\n
<\/span>American President Donald Trump playing golf at Turnberry Golf Club, which he owns, in Scotland on Sunday.<\/span> Photograph: Hugo Philpott\/UPI\/Shutterstock<\/p>\n Donald Trump<\/strong> is in the UK, and by the looks of it he has been talking to someone with an interest in the oil industry: he has said the UK\u2019s taxes on North Sea oil<\/strong> \u201cmake no sense\u201d.<\/p>\n The US president wrote on the social network he owns, Truth Social, that the UK should \u201cincentivize the drillers\u201d and that there was \u201cA VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people\u201d.<\/p>\n Trump made the comments on a trip to several golf courses he owns, where he met European Commission leader Ursula von der Leyen as well as Keir Starmer. It is the latest example of the mixing of his personal financial interests with official diplomacy.<\/p>\n Trump has long been supported by the US fossil fuel industry, and he made \u201cDrill, baby, drill\u201d one of his election mantras. Yet he has not usually been concerned with other countries\u2019 oil production efforts \u2013 indeed, his trade deals, including this week\u2019s with the EU \u2013 have focused on getting trading partners to buy more energy products from the US.<\/p>\n The UK is planning to wind down North Sea oil production, because it would conflict with its duty to try to reach net zero carbon emissions by 2050. The Conservative government imposed a \u201cwindfall tax\u201d on the North Sea in 2022 after energy prices soared in the wake of Russia\u2019s invasion of Ukraine.<\/p>\n The UK government has argued that increasing drilling in the North Sea would not have an appreciable effect on lowering energy prices, because any oil and gas would be sold into the global market.<\/p>\n Here is Trump\u2019s post:<\/p>\n <\/span>A Donald Trump Truth Social post reading: \u201cNorth Sea Oil is a TREASURE CHEST for the United Kingdom. The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, \u201cwe don\u2019t want you.\u201d Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people!\u201d<\/span> Photograph: Truth Social\/@realDonaldTrumpShare<\/span><\/span><\/p>\n Key events<\/p>\n <\/span>Show key events only<\/p>\n Please turn on JavaScript to use this feature<\/span><\/p>\n <\/span><\/p>\n Consumer goods maker Procter & Gamble<\/strong> has reported that tariffs took a bite out of its profit margins in the last quarter.<\/p>\n P&G<\/strong> reports that its gross margin in April-June fell by 50 basis points compared with the same quarter a year ago.<\/p>\n It explains:<\/p>\n The decrease was driven by 150 basis points of unfavorable product mix, 70 basis points of product\/package reinvestments, 40 basis points of higher commodity costs, 40 basis points of higher costs from tariffs and 40 basis points of other miscellaneous items and rounding.<\/p>\n But this squeeze on profits was partly offset by 240 basis points of productivity savings, while higher prices added 50 basis points to profit margins.<\/p>\n P&G<\/strong>, whose brands include Pantene, Head & Shoulders, Pampers, Ariel and Fairy, also reported that net sales were flat over the last year.<\/p>\n Share<\/p>\n Graeme Wearden<\/span><\/p>\n Americans have been warned that Donald Trump\u2019s tariffs are likely to lead to higher food prices in the shops.<\/strong><\/p>\n New analysis from the Tax Foundation, a think tank, shows that it will not be possible for US retailers to switch to domestic producers to replace an imported product once it incurs a higher tariff.<\/p>\n They cite bananas, which the US has \u201ca limited ability to produce\u201d and \u201cBrazilian coffee\u201d, which US producers cannot simply make.<\/p>\n Tax Foundation<\/strong> explain:<\/p>\n In 2024, the US imported about $221 billion in food products, 74 percent of which ($163 billion) faced the Trump tariffs. While these imports currently face tariff rates ranging from 10 percent to 30 percent, they will exceed 30 percent for some countries if the reciprocal tariffs go into effect on August 1.<\/p>\n The top five exporters of food products to the US, in order, are Mexico, Canada, the EU, Brazil, and China, accounting for 62 percent of total US food imports.<\/p>\n Share<\/p>\n Updated at\u00a007.05 EDT<\/p>\n Donald Trump<\/strong>\u2019s call for lower taxes on North Sea oil<\/strong> was based on the idea that it would be a \u201ctreasure chest\u201d for the UK. That is strongly disputed in some quarters.<\/p>\n There is little doubt that there is money to be made for oil companies \u2013 although much less than in the North Sea\u2019s heyday \u2013 the idea that it would cut energy prices is questionable. Oil is a global market, so it is unlikely that the relatively small amounts left in the North Sea would impact prices. Another option would be to force the oil to be kept in the UK at a lower price \u2013 but that would represent nearly unprecedented state control of the industry.<\/p>\n James Alexander<\/strong>, chief executive of UK Sustainable Investment and Finance<\/strong> (UKSIF)<\/strong>, a lobby group for green investors, said:<\/p>\n Investors have repeatedly expressed their desire to support the UK\u2019s clean energy transition, provided the right policy framework and signals are in place.<\/p>\n Expanding drilling will have no impact on energy bills, as crude oil is bought and sold at international prices. It would also undermine the UK\u2019s green credentials with investors, which risks driving investment, growth and jobs out of our country.<\/p>\n The idea that North Sea oil is an untapped \u2018treasure\u2019 is just another false myth told about our heavily depleted reserves.<\/p>\n Share<\/span>Chinese vice premier He Lifeng arrives at Rosenbad, Sweden, ahead of the second day of trade talks between the US and China on Tuesday.<\/span> Photograph: Fredrik Sandberg\/TT\/Reuters<\/p>\n US<\/strong> and Chinese<\/strong> officials have arrived in Sweden for the second day of trade talks<\/strong> in an effort to avert a return to huge tariffs on Chinese goods on 12 August.<\/p>\n Pictures from Sweden show the Chinese delegation led by vice premier He Lifeng<\/strong> arriving on Tuesday.<\/p>\n Share<\/p>\n <\/span>American President Donald Trump playing golf at Turnberry Golf Club, which he owns, in Scotland on Sunday.<\/span> Photograph: Hugo Philpott\/UPI\/Shutterstock<\/p>\n Donald Trump<\/strong> is in the UK, and by the looks of it he has been talking to someone with an interest in the oil industry: he has said the UK\u2019s taxes on North Sea oil<\/strong> \u201cmake no sense\u201d.<\/p>\n The US president wrote on the social network he owns, Truth Social, that the UK should \u201cincentivize the drillers\u201d and that there was \u201cA VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people\u201d.<\/p>\n Trump made the comments on a trip to several golf courses he owns, where he met European Commission leader Ursula von der Leyen as well as Keir Starmer. It is the latest example of the mixing of his personal financial interests with official diplomacy.<\/p>\n Trump has long been supported by the US fossil fuel industry, and he made \u201cDrill, baby, drill\u201d one of his election mantras. Yet he has not usually been concerned with other countries\u2019 oil production efforts \u2013 indeed, his trade deals, including this week\u2019s with the EU \u2013 have focused on getting trading partners to buy more energy products from the US.<\/p>\n The UK is planning to wind down North Sea oil production, because it would conflict with its duty to try to reach net zero carbon emissions by 2050. The Conservative government imposed a \u201cwindfall tax\u201d on the North Sea in 2022 after energy prices soared in the wake of Russia\u2019s invasion of Ukraine.<\/p>\n The UK government has argued that increasing drilling in the North Sea would not have an appreciable effect on lowering energy prices, because any oil and gas would be sold into the global market.<\/p>\n Here is Trump\u2019s post:<\/p>\n <\/span>A Donald Trump Truth Social post reading: \u201cNorth Sea Oil is a TREASURE CHEST for the United Kingdom. The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, \u201cwe don\u2019t want you.\u201d Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people!\u201d<\/span> Photograph: Truth Social\/@realDonaldTrumpShare<\/p>\n Dutch healthcare technology company Philips<\/strong> has lowered its estimated impact from import tariffs<\/strong> after the US and EU agreed a deal to limit tariffs on European goods to 15%.<\/p>\n The tariffs will still cost the company between \u20ac150m (\u00a3130m) and \u20ac200m \u201cafter substantial mitigations\u201d it said \u2013 but that is lower than the \u20ac250m to \u20ac300m that it had estimated before.<\/p>\n Profit margins in the third quarter will be lower than last year, thanks to the tariffs, Philips said.<\/p>\n That just about sums up a lot of the reaction to the EU-US trade deal: it is better than the alternative, but not that much better.<\/p>\n Share<\/p>\n The number of UK house purchases<\/strong> dropped in April after buyers raced to beat a stamp duty increases. That wobble now appears to be firmly in the rear-view mirror, however.<\/p>\n The number of mortgages approved by British banks<\/strong> rose to 64,200 in June, according to the Bank of England. That was up from 63,300 in May, and 60,900 in April. It also beat economists\u2019 expectations of a reading of 63,000.<\/p>\n The total net borrowing of mortgage debt by individuals increased by \u00a33.1bn to \u00a35.3bn in June, the Bank said.<\/p>\n Consumers also borrowed more, with net borrowing up to \u00a31.4bn, from \u00a30.9bn in the previous month, the Bank said. Credit card borrowing drove the increase.<\/p>\n Share<\/p>\n Kalyeena Makortoff<\/span><\/span>Barclays chief executive CS Venkatakrishnan speaks during a Barclays conference in New York in 2024.<\/span> Photograph: Brendan McDermid\/Reuters<\/p>\n Barclays <\/strong>has reported strong second quarter results this morning, allowing its chief executive CS Venkatakrishnan<\/strong> to announce another \u00a31.4bn in returns for shareholders. <\/p>\n That includes a \u00a31bn share buyback and an interim dividend worth 3p per share.<\/p>\n It came as second quarter profits rose 28% to \u00a32.5bn, beating consensus estimates for \u00a32.2bn, thanks to higher income from its investment bank, as well as hedging investments which are making up for falling interest rates. <\/p>\n The takeover of Tesco Bank proved to be a double edged sword this quarter, contributing to higher income for its UK business, as well as a 22% rise in credit impairment charges and 4% increase in costs.<\/p>\n Economic uncertainty in the US was also partly to blame for the rise in impairments to \u00a3469m \u2013 which is the money that the banks need to put aside to protect themselves and cover current and future defaults. <\/p>\n Its legal and conduct costs ballooned, rising to \u00a376m from \u00a37m last year, with a hefty chunk arising from a \u00a342m FCA fine for historic failures in its anti-money laundering controls, as revelaed earlier this month. <\/p>\n Barclays is also in the midst of a number of legal battles, including a class action lawsuit in the US over claims that Barclays and its chairman Nigel Higgs defrauded and misled investors over Staley\u2019s relationship with the child sex offender Jeffrey Epstein. <\/p>\n The Barclays CEO also sidestepped a number of questions during the media call this morning, including from the Guardian, which asked whether the bank was reviewing any of its banking relationships for exposure to Israeli forces in light of the humanitarian crisis in Gaza, which Israeli human rights organisations are now calling a genocide.<\/p>\n The CEO did not answer the question but said:<\/p>\n This is now coming upon two years. We\u2019ve said many times that we feel great sadness for the loss of life, the suffering that\u2019s taking place at an enormous scale, day by day. We wish for it to end, and we will do our best to provide comfort to those who are suffering.<\/p>\n Venkatakrishnan also declined to comment on our report last week, that chancellor Rachel Reeves is considering using legislation to overrule the supreme court, in order to help protect lenders like Barclays from a \u00a344bn compensation bill over the car finance commission scandal. He said:<\/p>\n We will consider the decision of the Supreme Court when it comes out. We should note that we are not a party to that case, so I really can\u2019t comment on it any further at this time.<\/p>\n Share<\/p>\n Joanna Partridge<\/span><\/span>An Anglian Water crew attend a street sewer connection to residential property in the east of England.<\/span> Photograph: Justin Kase z12z\/Alamy<\/p>\n Anglian Water<\/strong> has been ordered to pay \u00a362.8m by the water regulator, Ofwat, over failures in managing its wastewater treatment works and network that meant it was unable to cope with sewage flows.<\/p>\n The regulator found that the company, which supplies water to 7 million customers across the east of England and Hartlepool, \u201cfailed to operate, maintain and upgrade its wastewater assets adequately\u201d, leading to a breach of its legal obligations.<\/p>\n Anglian Water is one of six water companies \u2013 including Thames Water, United Utilities and Yorkshire Water \u2013 that have been banned from paying bonuses for the 2024-25 financial year to their chief executives and chief financial officers.<\/p>\n The Water (Special Measures) Act 2025 brought in by Labour prohibits performance-related payments to senior executives of water companies that repeatedly pollute English and Welsh waterways with sewage.<\/p>\n You can read the full story here:<\/em><\/p>\n ShareLisa O\u2019Carroll<\/span><\/p>\n Pharmaceutical exports<\/strong> from the EU<\/strong> to the US<\/strong> could be hit by 15% tariffs as soon as Friday, according to the White House.<\/p>\n It published a fact sheet summarising the deal with the EU that stated pharma will be taxed at the base rate agreed in deal sealed at Donald Trump\u2019s golf course in Scotland on Sunday.<\/p>\n But it has caused yet more confusion because it comes less than 24 hours after EU officials were told that pharma would remain duty-free until Trump\u2019s \u201csection 232\u201d national security investigations into pharma and semiconductors concluded.<\/p>\n As part of President Trump\u2019s strategy to establish balanced trade, EU exports to the US will be liable for a tariff rate of 15%, including on autos and auto parts, pharmaceuticals, and semiconductors.<\/p>\n However, Trump had also said earlier this month he was going to phase in tariffs for pharma this week.<\/p>\n The text also says that the EU has agreed not to introduce a tech tax. It said:<\/p>\n The United States and the European Union intend to address unjustified digital trade barriers. In that respect, the European Union confirms that it will not adopt or maintain network usage fees. Furthermore, the United States and the European Union will maintain zero customs duties on electronic transmissions.<\/p>\n Share<\/span>AstraZeneca chief executive Pascal Soriot reacts during a signing event in Washington for documents related to a manufacturing site investment in Virginia.<\/span> Photograph: \u00dcmit Bekta\u015f\/Reuters<\/p>\n Drug company AstraZeneca<\/strong>\u2019s profits jumped by 30% year-on-year in the second quarter of 2025 to $3.1bn (\u00a32.3bn), as sales surged in the US.<\/p>\n The largest UK-listed company reported an 11% increase in sales to $13.8bn, beating forecasts.<\/p>\n AstraZeneca\u2019s share price rose 1.9% on Tuesday morning, behind only Games Workshop on the FTSE 100.<\/p>\n The strong sales come with the pharmaceutical industry bracing for more tariffs from Donald Trump\u2019s US administration if, as expected, it finds that reliance on drug imports are a threat to national security.<\/p>\n AstraZeneca has already pledged to increase spending in the US, including last week\u2019s announcement of a $50bn investment in the US to expand manufacturing in the state of Virginia.<\/p>\n Pascal Soriot<\/strong>, AstraZeneca<\/strong>\u2019s chief executive, said:<\/p>\n Our strong momentum in revenue growth continued through the first half of the year and the delivery from our broad and diverse pipeline has been excellent.<\/p>\n As we enter our next phase of growth, we have pledged $50bn to continue to grow in the US, which includes the largest manufacturing investment in AstraZeneca\u2019s history, set for Virginia. This landmark investment reflects not only America\u2019s importance but also our confidence in our innovative medicines to transform global health and power AstraZeneca\u2019s ambition to deliver $80bn revenue by 2030.<\/p>\n Share<\/p>\n <\/span>Roisin Currie, Greggs\u2019s chief executive, said the UK had not reached \u201cpeak Greggs\u201d.<\/span> Photograph: Greggs<\/p>\n Greggs<\/strong>\u2019s chief executive has said the UK has not reached \u201cpeak Greggs\u201d, after the bakery chain reported a dip in profits that it blamed on lower demand \u2013 and the hot weather.<\/p>\n The company, famed for its sausage rolls<\/strong> (and various other foodstuffs wrapped in pastry), said the first half of the year was \u201cimpacted by challenging market footfall, more weather disruption than in 2024, and phasing of cost headwinds\u201d.<\/p>\n Roisin Currie told reporters that trading in July \u201chas still been quite soft\u201d \u2013 but hit back at the suggestion that the chain\u2019s expansion had reached its peak, Reuters reported.<\/p>\n The company \u2013 a member of the FTSE 100 \u2013 said it had opened 87 new shops in the first half of 2025 with 56 closures, and it said it had \u201ccontinued expansion of footprint beyond traditional high street locations\u201d.<\/p>\n The bakery\u2019s pre-tax profits dropped from \u00a374m in the first half of last year to \u00a364m this year, despite an increase in total sales to over \u00a31bn.<\/p>\n Share<\/p>\n Updated at\u00a003.40 EDT<\/p>\n Trading is open on European stock markets, and it is looking fairly quiet in the first trades.<\/p>\n The FTSE 100<\/strong> has gained 0.1%. The top risers are gambling company Entain<\/strong> \u2013 up 2.1% after it was boosted by rival BetMGM raising its full-year guidance \u2013 and Warhammer figurine maker Games Workshop<\/strong>, up 1.5% after saying profits jumped 30%.<\/p>\n The Euro Stoxx<\/strong> index of Europe\u2019s biggest companies rose 0.2% in the early trades, while France\u2019s Cac 40<\/strong> was up 0.1% and Germany\u2019s Dax<\/strong> rose 0.4%.<\/p>\n Share<\/p>\n Good morning, and welcome to our live coverage of business, economics and financial markets.<\/strong><\/p>\n After the US<\/strong> and EU announced the outline of a trade deal that would limit tariffs to 15%, it looks like talks with China<\/strong> could be the next on the agenda, with an extension of a truce in the trade war \u201clikely\u201d, according to a top official in the Trump administration.<\/p>\n US Treasury chief Scott Bessent<\/strong> arrived yesterday in Sweden, alongside China\u2019s vice premier He Lifeng<\/strong>, according to Reuters. Back in the US, Howard Lutnick<\/strong>, the commerce secretary told Fox News that a delay to a higher tariff deadline was probable:<\/p>\n Is that a likely outcome? Sure, it seems that way, but let\u2019s leave it to President Trump to decide.<\/p>\n Donald Trump triggered financial market chaos after slapping tariffs at 145% on China. However, in May he announced a 90-day pause, lowering tariffs to (a still significant) 30%. That left a deadline of 12 August for the talks, but it is<\/p>\n US trade representative Jamieson Greer<\/strong> told the CNBC news channel he did not expect \u201csome kind of enormous breakthrough today\u201d at the talks in Stockholm, although he flagged that a deal last month to speed up rare earth metal imports from China to the US would be on the agenda. He said:<\/p>\n What I expect is continued monitoring and checking in on the implementation of our agreement thus far, making sure that key critical minerals are flowing between the parties and setting the groundwork for enhanced trade and balanced trade going forward.<\/p>\n It came after the US and EU announced a deal to limit tariffs to 15%. The end of market uncertainty appeared to be welcomed at first by markets on Monday \u2013 only for the mood to sour somewhat later in the day. The French prime minister, Fran\u00e7ois Bayrou<\/strong>, said the EU had capitulated to Donald Trump, and said it was a \u201cdark day\u201d for the EU.<\/p>\n Trump on Monday suggested that he could impose a \u201cworld tariff\u201d on all of the countries that have not agreed a trade deal. That tariff could be 15% or 20% \u2013 meaning that, after all the negotiating effort, the EU could be left with similar terms to the rest of the world.<\/p>\n <\/span>US President Donald Trump and British Prime Minister Keir Starmer (left) listen to a bagpipe band as they arrive at the Trump International Golf Links course in Aberdeen, Scotland on 28 July 2025.<\/span> Photograph: Chris Ratcliffe\/EPA<\/p>\n At his golf course in Scotland yesterday, while visiting UK Prime Minister Keir Starmer, Trump said:<\/p>\n I would say it\u2019ll be somewhere in the 15 to 20% range. Probably one of those two numbers.<\/p>\n On the prospects of Chinese talks, Trump said:<\/p>\n I\u2019d love to see China open up their country.<\/p>\n Back in May, Trump had said that China had already \u201cagreed to open up\u201d \u2013 but it appears there may be more work to be done.<\/p>\n 9:30am BST<\/strong>: Bank of England mortgage approvals (June; previous: 63,032; consensus: 63,000)<\/p>\n<\/li>\n 9:30am BST<\/strong>: Bank of England consumer credit (June; previous: \u00a3859m; consensus: \u00a31.2bn)<\/p>\n<\/li>\n<\/ul>\n Share<\/p>\n Updated at\u00a003.00 EDT<\/p>\n","protected":false},"excerpt":{"rendered":" Donald Trump calls for UK to cut taxes on North Sea oil American President Donald Trump playing golf at Turnberry Golf Club, which he owns, in Scotland on Sunday. Photograph: Hugo Philpott\/UPI\/Shutterstock Donald Trump is in the UK, and by the looks of it he has been talking to someone with an interest in the<\/p>\n","protected":false},"author":1,"featured_media":12877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[303,6553,304,964,132,242,268,464,6552,272,462,81],"class_list":{"0":"post-12876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-chest","10":"tag-cut","11":"tag-donald","12":"tag-live","13":"tag-north","14":"tag-oil","15":"tag-sea","16":"tag-taxes","17":"tag-tells","18":"tag-treasure","19":"tag-trump"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/12876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12876"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/12876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/12877"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Think tank: Trump tariffs will raise the cost of food for Americans<\/h2>\n
Donald Trump calls for UK to cut taxes on North Sea oil<\/h2>\n
Barclays beats estimates with profits up by 28%<\/h2>\n
Anglian Water fined \u00a362.8m over sewage leaks<\/h2>\n
The UK has not reached ‘peak Greggs’ – chief executive<\/h2>\n
US-China talks extension ‘likely’ as Trump targets ‘world tariff’<\/h2>\n
The agenda<\/h2>\n
\n