Russia's Novatek says Q2 gas output up 2.8% y/y
Crude oil and gas condensate output in the April - June quarter rose by 2.2% from the same period a year ago to 3.44 million metric tons, or around 277,450 barrels per day, the company said.
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Trump's labor firing, Fed resignation, Russia-US and Witkoff in Gaza
Follow on Apple or Spotify. Listen on the Reuters app. U.S. President Donald Trump fires a Labor Department official over jobs data he disputes. Fed Governor Adriana Kugler has unexpectedly resigned, giving Trump an early chance to reshape the Federal Reserve. Trump orders U.S. nuclear submarines to be repositioned after a war of words with former Russian President Dmitry Medvedev. And envoy Steve Witkoff visits a controversial U.S.-backed aid site in Gaza. Sign up for the Reuters Econ World newsletter here. Listen to the Reuters Econ World podcast here. Find the Recommended Listen, our new On Assignment podcast, here. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit to opt out of targeted advertising. Recommended listen: On Assignment ICE raids Further Reading Trump fires US labor official over data and gets earlier than expected chance to reshape Fed Trump orders nuclear submarines moved after Russian 'provocative statements' US envoy Witkoff visits the Gaza aid operation that the UN calls unsafe
The Sun
27 minutes ago
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I'm begging strangers to fund my ex-council house renovation, I spent £15k but nowhere near done & spent half my budget
A YOUNG woman who purchased an ex-council house has begged strangers online to help complete her renovation. Anya Roscoe, from the UK, put down a £15,000 deposit on the rundown house and hopes to turn it into her dream home. 2 She decided she could do the transformation with just £30,000, but has quickly realised her budget may not be enough. Taking to social media, Anya said: "£15,000 was spent on the initial deposit and we're about 15k down in renovation funds which officially means we're over halfway through the entire renovation budget. "Best case scenario, I spend another 10k and the house is completely finished. "Worst case scenario, I fully run out of money and we have to sell the entire house which I'm gonna make sure doesn't happen." She hoped to extend her renovation fund by using TikTok, and begged strangers to help her out. "All that I'm asking is that if you got this far into the video, please interact from the bottom up," she said." "I mean, I would do that for a stranger if it meant that they would be able to finish their dream house. "And I know, I'm basically begging for support but I'm just saying, please, help a girly out." In the video, Anya showed the progress of the renovation and it was far from being finished. Creators on TikTok can make money through TikTok's creator fund if they have over 10,000 followers, and she had over 500k. My council flat is so stylish thanks to second-hand finds - plus the treasure chest place you need to look for bargains TikTok bosses say: "The funds that each creator can earn are worked out by a combination of factors - including the number of views and the authenticity of those views, the level of engagement on the content, as well as making sure content is in line with our Community Guidelines and Terms of Service. No two creators or videos are the same, and there is no limit to the different kinds of content we will support with the fund. "The Creator Fund total varies daily and is dependent on the amount of videos published by our community that day - so this will fluctuate based on the amount of content being published." Strangers Help Anya's plea for help didn't go unnoticed on social media. The video posted to her TikTok account @ anyaroscoe went viral with over 5 million views and 1.2 million likes. Many took to the comments to share their support and help get her paid. One person wrote: "Commenting so you get paid." "This is awesome! I enjoy watching house renovations!" penned a third. Meanwhile, a fourth said: "Still renovating my house 5 years later. Keep up the good work! You got this!"
Telegraph
27 minutes ago
- Telegraph
Reeves must break her manifesto pledge to save Britain from ruin
UK business leaders are perennially a gloomy lot, but it takes a special kind of disenchantment to make them quite as gloomy as they are now. According to the latest survey by the Institute of Directors, they are gloomier than they were even after the Brexit referendum, the onset of the pandemic, and the debacle of Liz Truss's mini-Budget. The main cause of that gloom is easily diagnosed; above all it is the near certainty of further tax rises in the autumn Budget three months from now. This hangs like a sword of Damocles over all gainful activity, with consumers already tightening their belts and firms delaying investment decisions until they know just what's coming down the road at them. Granted, you wouldn't think this on reading the International Monetary Fund's (IMF) latest assessment of the UK economy, published a week ago. This said that economic recovery was already well under way, with growth projected at 1.2pc for 2025 before gaining further momentum next year. Moreover, said the IMF, the Government's 'fiscal plans strike a good balance between supporting growth and safeguarding fiscal sustainability'. This they most certainly do not, as anyone with half an eye on what's really going on in the UK economy would know. The IMF has a habit of being overly generous to key member states, and this would appear to be a case in point. Rachel Reeves, the Chancellor, might have written the report herself. The reality is a great deal different. The Chancellor's tears in the House of Commons just days after the Prime Minister pulled the rug from under her by abandoning £5bn of welfare cuts told their own story of the pressure she's under, whatever the ultimate cause. Sadly, the Labour leadership has no one to blame but itself. There have been two key errors in policy. First was the manifesto commitment not to raise any of the main sources of taxation, including value added tax, income tax and National Insurance. Second was a set of fiscal rules which though they initially allowed a considerable loosening in borrowing constraints now act like a pro-cyclical straitjacket which is forcing the Government into growth destructive measures. The Chancellor calls herself an economist, but it is clear that she doesn't properly understand the often pernicious way in which public policy interacts with commercial and consumer behaviour – or if she does, she seems to have decided to deliberately ignore it. The root of the problem is the rule that obliges the Government to balance the books on day-to-day spending in five years' time. Nobody knows what the situation might look like five years from now; your guess is as good as mine. But the rules nevertheless require the Office for Budget Responsibility to project five years into the future and adjudicate on whether the rule is met or not. The last time the OBR passed judgment, Reeves was given the thumbs-up, but only by the narrowest of margins. Things have deteriorated a lot since then, making it highly likely that the rule will be broken when the OBR next adjudicates. The obvious solution is for the Government to grit its teeth and make meaningful cuts in public spending. Sadly, this does not seem to be an option with the present lot. Despite a huge majority, Downing Street repeatedly caves at the first sign of rebellion. Large scale cuts in spending might in any case further entrench today's economic stagnation. With the big sources of taxation ruled out, Reeves is instead left casting around in the foothills of the tax system for revenue that might fill the gap. Her problem is that virtually all such options tend to evoke strong behavioural responses and therefore end up raising far less money than static costing suggests. Many of them also tend to be growth destructive, witness the exodus of non-doms and millionaires since the last tax-raising Budget. Reeves says she is strongly focused on growth in all she does, yet she has locked herself into a set of fiscal rules which oblige her to do the exact opposite. I imagine that she will continue trying to paper over the cracks in the autumn Budget with lots of itsy-bitsy revenue-raising measures which further discourage wealth creation. Her rules are non-negotiable, she insists, making it hard to see how she can credibly wriggle out of them. Presumably it would be a resigning issue. One of the unfortunate consequences of the Truss debacle is that it has made her successors almost completely beholden to the bond markets. Their terror is in some respects justified; lack of progress towards meeting the balanced budget rule is already causing distress in the gilts in the market, where yields have risen sharply and are now the highest in the G7 – higher even than the US, where fiscal profligacy has run riot, and higher than both France and Italy, both of which have larger debt burdens than the UK. Credit risk is becoming a real issue for investors in UK gilts, adding further to the Government's already crushing debt servicing costs. These are forecast to be more than 8pc of all public spending this financial year, making them bigger than the Government's entire capital spending budget. The Bank of England might mitigate the consequent waste of public money by discontinuing its ruinous programme of quantitative tightening. To be still selling off the stockpile of gilts accumulated during the era of quantitative easing looks hard to justify in current circumstances. But it wouldn't be enough to make any more than a marginal difference. When it comes to fiscal consolidation, the Government has shown itself incapable of sticking to its guns on at least three occasions now – once with the winter fuel allowance and then twice with welfare cuts. This has undermined confidence in Downing Street's commitment to almost any form of fiscal correction, with announced initiatives quickly reversed in the face of backbench pressure. The sensible thing for Reeves to do would be to abandon the current mishmash of fiscal rules, and replace them with a single, easily understood commitment to limiting the rise in overall spending to less than the rate of economic growth, subject to the operation of automatic stabilisers at times of economic contraction. She should also break the manifesto commitment not to raise any of the main sources of taxation. Cuts to National Insurance by the last government were always unaffordable given the already perilous state of the books. This could still be used as political cover for reversing them or raising one of the other big sources of tax. These two measures combined would give the markets greater confidence in fiscal sustainability, and thereby take the pressure off bond yields. This would in turn reduce debt-servicing costs, and once wealth creators were certain they are no longer a target, potentially create a virtuous circle of growth and improvement in the public finances. Will the Chancellor take my advice? Don't hold your breath.
