
Sweden will step up insurance checks on foreign ships as worries about Russia rise
The government in Stockholm said that, starting July 1, the coast guard and the Swedish Maritime Administration will be tasked with collecting insurance information not just from ships that call at Swedish ports, but also those that pass through the country's territorial waters and exclusive economic zone.
'This underlines Sweden's clear presence in the Baltic Sea, which in itself has a deterrent effect,' Prime Minister Ulf Kristersson said in a statement. 'It also provides Sweden and our allies with important information about vessels that can be used as a basis for sanctions listings of more vessels in the shadow fleet.'
Russia uses its shadow fleet to transport oil and gas, or to carry stolen Ukrainian grain. The European Union has now targeted almost 350 of the ships in total in sanctions packages, most recently on May 20.
Kristersson said that 'we are seeing more and more problematic events in the Baltic Sea and this requires us not only to hope for the best, but also to plan for the worst.'
The average age of the vessels is around 18 years, meaning they're near the end of their lifespan and are more vulnerable to accidents, especially if they're not well-maintained.
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Reuters
4 minutes ago
- Reuters
Burghley Capital: BoE Rate Cut Signals Cautious Policy Path
LONDON, United Kingdom, August 13, 2025 (EZ Newswire) -- Burghley Capital, opens new tab positions the Bank of England's latest interest rate decision within the broader context of monetary policy recalibration, noting the complex trade-off between inflation control and growth stability. The Monetary Policy Committee votes by a narrow 5–4 margin to reduce the Bank Rate from 4.25% to 4.00%, a move requiring a second ballot not used since 1997. Sterling appreciates to $1.35 per £1, while short-dated gilt yields edge higher and equity markets close lower, reflecting a rebalancing of expectations for the remainder of the year. Division within the committee highlights differing assessments of the economic outlook Four members support holding rates at 4.25% due to concerns over slowing disinflation and the risk of inflation expectations embedding into wage dynamics. Four others favour a 0.25 percentage point cut, citing evidence of sustained underlying disinflation, while one member initially calls for a 0.50 percentage point cut before aligning with the quarter-point reduction in the final vote. The outcome underscores what Burghley Capital describes as a deliberate, step-by-step policy stance that avoids premature easing. Household impacts are uneven For borrowers on tracker mortgages, a typical outstanding balance of £140,000 (approximately $189,000) translates into monthly repayments falling by about £28.97 (around $39.11). However, 7.1 million of the UK's 8.4 million residential mortgages are fixed-rate, meaning most borrowers will not see immediate payment relief. Burghley Capital's analysis notes that the near-term boost to household spending is therefore likely to be modest. Inflation remains the key constraint on further easing Consumer price inflation reaches 3.6% year-on-year in June 2025, up from 3.4% in May. Food prices rise 4.5% year-on-year, the highest since February 2024, while services inflation stays elevated at 4.7%, reflecting persistent domestic cost pressures. Labour market conditions show early signs of cooling, with unemployment at 4.7% for the three months to May 2025 and the vacancy-to-unemployment ratio slipping below its equilibrium level. Markets respond with a measured repricing of assets The pound strengthens 0.4% against the U.S. dollar to $1.35 and 0.6% against the euro. Two-year gilt yields increase by 6 basis points to 3.887%, reflecting reduced expectations for rapid easing. The FTSE 100 ends lower. According to Burghley Capital's analysis, these moves indicate that while investors see the Bank's decision as measured, they remain cautious about the prospect of further cuts in 2025. Current market consensus anticipates no further adjustments until early 2026 Burghley Capital projects the Bank Rate settling at approximately 3.75% in the first quarter of next year, conditional on continued disinflation and stable employment data. The firm's analysis also highlights a growing divergence between the Bank of England and the European Central Bank, which has enacted eight rate cuts since June 2024, reducing deposit rates by around 50% from their peak. This divergence has potential currency and asset allocation implications for institutional investors. Economic growth indicators present a mixed picture UK GDP is forecast to expand by 1.25% in 2025, up from earlier 1% projections, but quarterly momentum slows sharply from 0.7% in Q1 to 0.1% in Q2. Corporate insolvencies rise 13% between the first and second quarters, while small business confidence remains in negative territory. Burghley Capital's analysis suggests that such conditions favour quality balance sheets, resilient cash flows, and prudent leverage strategies in both public and private markets. Conclusion Burghley Capital concludes that the Bank's cautious, data-dependent approach will remain the dominant feature of UK monetary policy into 2026. The firm notes that rate-sensitive assets, selective credit opportunities, and currency-aware strategies could benefit from this environment, provided investors maintain flexibility and a disciplined approach to capital allocation. About Burghley Capital Founded in 2017, Burghley Capital Pte. Ltd. (UEN: 201731389D) is a Singapore-based global investment management firm specialising in long-only asset management strategies. The firm delivers institutional-grade research, tailored portfolio design, and advisory services to both institutional and private investors. By combining rigorous analytical methods with disciplined investment practices, Burghley Capital seeks to deliver consistent returns and long-term portfolio resilience. For more information, visit opens new tab or our resources page at opens new tab. Media Contact Martin ### SOURCE: Burghley Capital Copyright 2025 EZ Newswire See release on EZ Newswire


Daily Mail
6 minutes ago
- Daily Mail
Backlash grows against Fringe venue in free speech row over ban on Kate Forbes
The Edinburgh Fringe venue which plans to ban Kate Forbes faced a major backlash yesterday amid calls for its public funding to be withdrawn. Summerhall Arts faced criticism from across the political spectrum for indicating that the Deputy First Minister will not be allowed to appear in future due to her views on trans issues. The organisation, which received more than £600,000 of public cash from Creative Scotland earlier this year, said it was an 'oversight' that she was interviewed onstage at the venue last week and it would now draw up 'robust, proactive inclusion and wellbeing policies' to ensure it doesn't happen again with future bookings. SNP Finance Secretary Shona Robison led the criticism yesterday, saying it 'doesn't send out the right signal around freedom of speech and intolerance', while the Scottish Government said it 'supports individuals' rights to freedom of expression'. But ministers were urged to go further and ensure that Summerhall and other venues which restrict freedom of speech do not get public cash. In a separate development, it emerged that the National Library of Scotland had removed a book about the fight against the SNP Government's gender self-ID crusade from a major exhibition following concerns by staff members. Murdo Fraser, culture spokesman for the Scottish Conservatives, said: 'There's a need across the public sector to understand that free speech needs to be upheld. 'Public bodies like the National Library of Scotland cannot be involved in censorship of public opinion because they want to protect militant activist groups in the workforce. The same has to apply to groups in receipt of public funds. 'Summerhall has received substantial grant funding from Creative Scotland and these grants need to be conditional on certain standard being met, including upholding free speech. 'The idea that anyone is terrified of Kate Forbes is laughable and it is ridiculous that one of the most powerful politicians in the country as Deputy First Minister is not going to be allowed to speak. No organisation taking that view should receive a penny of public funds.' Mr Fraser said he intends to raise the issue with Culture Secretary Angus Robertson and with Creative Scotland. Asked about the decision by LBC yesterday, Ms Robison said: 'I think we need to be tolerant of each other's views. 'She is the Deputy First Minister of Scotland and I just think it doesn't send out the right signal around freedom of speech and intolerance. 'I know Kate very well and I just don't think it sends out the right message.' Former SNP MP Joanna Cherry yesterday raised concerns about 'threats to freedom of speech in Scotland' from within her party and others. Appearing in a live version of Matt Forde's Political Party at the Edinburgh Fringe, Ms Cherry said: 'It is shocking that a venue in this city has effectively said that the Deputy First Minister is not welcome there, I presume because of her religious faith, and that staff are so coddled that they need to have a safe room provided for them when Kate comes to speak. 'I was at the event that Kate spoke at last week. With all due respect to Kate, it wasn't particularly exciting.' She said there is a 'real problem' across Scottish society, and added: 'This is a problem which has not grown up from the grassroots; it has been imposed from top down. 'It is only with political leadership that we can address these problems and I fear the political leadership isn't there. 'I hold Nicola Sturgeon responsible for a lot of this - a lot of this nonsense is part of her legacy. But I also hold the current First Minister responsible for not having the courage to speak against it. And I think Anas Sarwar is pretty much missing in action on this as well.' A Scottish Government spokesman said: 'While ministers have no role in booking or curation decisions taken by individual venues or institutions, the Scottish Government supports individuals' rights to freedom of expression and we are clear that there is no place for any form of discrimination in Scotland.' Summerhall Arts did not respond yesterday when asked if it would reverse its decision to prepare policies to prevent some artists and politicians like Ms Forbes appearing in future. A spokesman for Summerhall Arts said: 'The Fringe event referenced passed without incident. 'Forbes is not banned from the Summerhall building which encompasses a cafe, pub, arts venues, galleries and independent traders' offices and studios. Swinney, Curtice, Sarwar, Forbes all entered and exited the building the same way for the events over each day. 'The Herald Unspun events were a paid hire and programmed by The Herald newspaper.' Other acts to feature in the Summerhall Arts Fringe programme this year include a spoken word performance by Russian activist group Pussy Riot and a show called 'No Apologies', which reimagines the late Nirvana frontman Kurt Cobain as a trans woman. The programe also includes a performance entitled 'Chat Sh**, Get Hit', which 'dives into women's anger: how it fuels, how it festers and how it is swallowed'.


The Guardian
21 minutes ago
- The Guardian
Boosting productivity will be main priority of autumn budget, Reeves says
Rachel Reeves has promised to use her autumn budget to prioritise fixing Britain's dismal record on productivity as she sought to downplay mounting tax speculation with a focus on economic growth. Setting out her priorities for the budget for the first time, the chancellor said tackling the efficiency of the economy through higher investment and a fresh assault on planning rules would form the backbone of her tax and spending plans. Writing exclusively for the Guardian, she said: 'If Labour's first year in power was about fixing the foundations, then the second year is about building a stronger economy for a renewed Britain.' However, Reeves pushed back against what she called 'speculation' over tax increases being explored by the Treasury to close a yawning gap in the public finances that is estimated to reach more than £40bn. 'The months and weeks before any budget are filled with people speculating about – or claiming to know – what tax and spend decisions I will take or what the Office for Budget Responsibility [OBR] will conclude,' she said. 'This budget is no different – I get that. I will set out the decisions I take in the responsible manner.' The chancellor's comments come as the government braces for gloomy official figures that are expected to show the economy narrowly avoided flatlining in the second quarter. With Labour under mounting pressure over its management of the economy, City forecasters predict that Thursday morning's update from the Office for National Statistics will find that GDP rose by 0.1% in the three months to June. The UK outpaced its G7 peers in the first quarter with growth of 0.7%. However, experts have blamed tax increases announced by Reeves in her first budget, last October, and Donald Trump's trade war for a marked hit to activity. The chancellor, aiming to shrug off the anaemic performance, argued the government was taking steps to break a 'cycle of low growth' in which Britain had become trapped under Conservative governments. Laying out one of the central themes of her budget, which could be held in November, Reeves said the government would aim to boost the productive capacity of the economy by allocating investment for infrastructure projects and ripping up planning rules. 'If renewal is our mission and productivity is our challenge, then investment and reform are our tools,' she said. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Earlier on Wednesday, the Guardian revealed that Keir Starmer was preparing to revive plans for the Northern Powerhouse Rail project, which would improve transport connections between the main cities of northern England. Reeves has ordered Treasury officials to draw up proposals for slashing additional red tape in the UK's planning system to speed up large infrastructure projects. 'We are providing that investment and unblocking the barriers to it too,' she said. Successive chancellors have pushed to solve what economists refer to as a 'productivity puzzle' that has contributed to the UK's sluggish growth since the 2008 financial crisis. Productivity growth is considered one of the key determinants for raising living standards and wages over the long term. However, progress to drive up the measure of output per hour of work has stalled in recent years. The chancellor's renewed focus comes as the Treasury braces for a potentially devastating downgrade in productivity forecasts from the OBR, which could blow a £20bn hole in the chancellor's tax and spending plans. With the shortfall made worse by a weak growth outlook, higher debt interest payments, and a series of U-turns on welfare cuts, Reeves and the prime minister are laying the groundwork for tax rises and changes from September, before the autumn budget. The Guardian revealed on Tuesday that the Treasury was looking at ways to raise more money from inheritance tax to reduce the deficit. Labour MPs have been pushing the idea of a wealth tax, but changes to inheritance tax thresholds could be similarly controversial. Sarah Coles, the head of personal finance at Hargreaves Lansdown, said it was 'hardly surprising' that inheritance tax was 'back in the frame'. It is among a limited suite of taxes that can be changed, despite the government's commitment to not increase the basic, higher or additional rates of income tax, employee national insurance or VAT. 'The system is so fiendishly complex that there are an enormous number of rules, and therefore tweaks, that the government could consider,' Coles added.