As Starmer Struggles, Rayner and Streeting March On
In a Labour administration that appears to have lost its way after only a year in power, Rayner and Streeting each possess both the gift of the common touch and a strong political compass - which is more than can be said for their leader. They would, however, take their party in quite different directions.
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30 minutes ago
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Russia welcomes Trump's cut to Ukraine's military aid but it could be deadly for Kyiv
The reactions to the Trump administration's decision to pause some weapons shipments to Ukraine couldn't be more illustrative of the conflict: welcomed by the Kremlin, branded 'inhumane' by Kyiv. The Pentagon said on Wednesday that it was pausing some aid because it needs to review whether the assistance that is provided to Ukraine is aligned with US President Donald Trump's 'America First' agenda. But the move could have deadly consequences for Ukraine as the halt on shipments includes missiles for Patriots, the US-made air defense systems that are currently protecting millions of Ukrainian civilians from Russia's increasingly massive daily aerial attacks. Kyiv endured the biggest ever attack overnight into Friday, with 13 dreadful hours of explosions and buzzing overhead as Russia launched a record 539 drones towards the Ukrainian capital and 11 cruise and ballistic missiles, according to the country's air force. As the smoke began to clear over the city, Ukraine's President Volodymyr Zelensky praised the military for shooting down or jamming the majority of the Russian drones and missiles. 'It is critically important that our partners continue to support us in defending against ballistic missiles. Patriots and the missiles for them are true protectors of life,' he said – a remark clearly aimed at trying to persuade Trump to reconsider the pause. Zelensky got a chance to make the case directly to Trump when the two spoke by phone on Friday. A readout of the call from Zelensky's office said the two leaders 'agreed that we will work together to strengthen protection of our skies.' 'We are ready for direct projects with the United States and believe this is critically important for security, especially when it comes to drones and related technologies,' the readout said. No other air defense system can match the Patriots in its effectiveness – but their power comes at a huge cost, their production is limited and the demand for them is growing rapidly around the world, especially in areas deemed by the Trump administration to be more strategically important – such as the Middle East or, southwest Asia and South Korea. The announcement by the US sent shockwaves through Ukraine, with presidential adviser Mykhailo Podolyak saying it would be 'very strange' and 'inhumane' to stop supplying missiles that are used to protect civilians. But despite the panicked reaction, the move was not entirely unexpected. Trump has threatened to withdraw Ukraine's support in a bid to force Kyiv to the negotiating table, and he has previously briefly paused shipments of aid. While the US was for a long time Ukraine's biggest supporter, singlehandedly covering about 40% of Ukraine's military needs, it has not announced any new aid to Ukraine since early January, when Trump returned to power. Meanwhile, European countries have stepped up their support of Ukraine. According to the German Kiel Institute, which monitors aid to Ukraine, Europe has now surpassed the US as the biggest donor – having supported Ukraine to the tune of 72 billion euro ($85 billion) in total military aid since the start of the full-scale invasion to the end of April, compared to 65 billion euro ($76.6 billion) from the US. But the numbers don't tell the whole story. 'Ukraine has a lot of different needs, and some of them can be filled by other suppliers, but some can only be filled by the United States,' Daniel Byman, director of the Warfare, Irregular Threats, and Terrorism Program at the Center for Strategic and International Studies (CSIS), told CNN. 'For ballistic missiles in particular, only the US can provide this. A cut off in those leaves a huge gap in Ukraine and air defenses. And given the kind of daily and horrible Russian attacks, that's very consequential.' Russia has ramped up its airborne attacks against Ukraine in recent weeks. Ballistic missiles pose the deadliest threat and, according to Ukrainian officials, Russia fired as many as 80 of these in June alone. While Ukraine managed to shoot some of them down, likely with the Patriot system, the ones that slipped through caused unimaginable suffering. One ballistic missile strike killed 21 people in Dnipro last week. The week before that, 21 people were killed when a ballistic missile hit an apartment building in Kyiv. Deadly attacks like this will become more frequent if Ukraine loses access to the Patriots, which are widely considered to be among the best air defense systems available. They are capable of bringing down cruise and hypersonic missiles, short-range ballistic missiles and aircraft. According to analysts, the Ukrainian military has been using them in an extremely effective way, shooting down missiles that Moscow claimed were impossible to intercept, such as the Kinzhal ballistic missiles. At an estimated cost of about $1.1 billion for each system, the Patriots are by far the most expensive piece of equipment sent by allies to Ukraine. According to the CSIS, missile rounds for the Patriot come in at roughly $4 million each – an incredibly high price tag. But even if Ukraine had the cash to purchase these systems, which it doesn't, it would find it difficult to source them. 'The production pace of Patriot missiles is low. Not because the US doesn't want to produce more, but because it's very sophisticated – you can't produce thousands a year, you can produce hundreds and you have allies all over the world who need them,' Pavel Luzin, a senior fellow at the Centre for European Policy Analysis, said Thursday during a discussion at the NEST Center, a think tank. Lockheed Martin, which manufactures the Patriot missiles for the US Army, has been ramping up production to record levels – but even so, it is only able to make just over 500 per year, with a plan to increase production to 650 a year by 2027. A major $5.5 billion deal between US and German companies to begin manufacturing the Patriot missiles outside of the US for the first time was approved last year following a NATO order of up to 1,000 rounds – but the first deliveries are not expected until several years from now. Germany, which has donated several of its Patriot systems to Ukraine in the past, is looking into the option of purchasing some missiles for Ukraine from the US, the spokesperson for the German government said in a news conference on Friday. Sidharth Kaushal, a senior research fellow at the Royal United Services Institute, a UK-based defense think tank, said that while global stockpiles of Patriot missiles are not 'critically low,' there are some grounds for concern about shortages. 'The requirement for Patriots, particularly in the Indo-Pacific, is growing significantly,' he said. He said that given that some of the missiles initially meant for Ukraine were diverted to other allies, including Israel, it was likely that the US wanted to – or even had contractual obligations to – deliver interceptors to countries who are, in some cases, located within range of Iranian missiles. Still, Kaushal said the US itself is highly unlikely to face any kind of urgent shortage of missiles. 'While the US has sent a considerable number of Patriot interceptors to Ukraine it has replenished stocks through buy-back schemes from Japan and more recent shipments were diverted from export customers rather than the US' own inventory,' he said in a note emailed to CNN. Zelensky said previously that Ukraine would need some 25 Patriot batteries to defend its airspace effectively. It has roughly half a dozen at the moment, although the exact numbers and their locations are closely guarded secrets. What is known, though, is that the Ukrainians are very worried about running out of the munitions – especially because the latest US pause doesn't concern future aid but impacts deliveries that have been approved and funded and were on their way to Ukraine, where the military was counting on receiving them in the very near future. 'One thing is not having future sales approved; another is stopping what is already in the pipeline. And so that's a very negative shift that is harmful for the future defense of Ukraine and the effect is going to be pretty quick. The Russian attacks are happening daily, and Ukraine relies on these systems to counter them,' Byman said. The pause in shipments is likely to give yet another boost to Russia. 'It's part of (the Russians') strategy. They believe that without the US support, Ukraine is more likely to collapse or at least make concessions… so it certainly increases the incentives for Russia to keep military pressure on Ukraine,' Byman said. The Institute for the Study of War (ISW), a US-based conflict monitor, said that previous delays in deliveries of aid to Ukraine have invariably accelerated Russian gains on the battlefield. When the US dragged its feet on military aid in late 2023 and early 2024, Russia pushed forward in Avdiivka in eastern Ukraine. When the US paused intelligence sharing with Ukraine in March, Russian forces advanced in Kursk. 'The suspension of US aid to Ukraine will reinforce Russian President Vladimir Putin's theory of victory that posits that Russia can win the war of attrition by making slow, creeping advances and outlasting Western support for Ukraine,' the ISW said. The pause in shipments will likely reinforce Putin's belief that time is on Russia's side – and that if he can delay negotiations for long enough, his troops will eventually outlast Western assistance to Ukraine. For Ukrainians, who have sacrificed so much trying to defend their country against a bigger, stronger aggressor, the absence of US military aid is not just yet another setback – it's potentially a disaster. CNN's Svitlana Vlasova, Kosta Gak and Victoria Butenko contributed reporting.
Yahoo
30 minutes ago
- Yahoo
The Weekend: When a government U-turn and a tearful chancellor rattled investors
It's been a tricky week for the UK government, and a turbulent week for financial markets as a result. Chancellor Rachel Reeves' much-touted welfare reform bill faced a huge rebellion from backbench Labour MPs and had to be heavily watered down to get over the line. Last minute-concessions by Keir Starmer's government – primarily the scuppering of plans to restrict eligibility for the so-called personal independence payments (PIP) – are likely to blow a hole in the £5bn a year the reforms were designed to save. It was enough to send gilt yields higher as investors questioned the government's grip on the public finances. Things got worse on Wednesday when Reeves appeared emotionally distraught in the House of Commons as an oblivious Starmer refused to explicitly back her. The yield on 10-year government bonds shot up by the most since the ill-fated Liz Truss minibudget in 2022. Claims that Reeves' tears were brought on by a "personal issue", and a belated insistence by the PM that she would remain in post for "a long time to come" finally brought some calm. There was another piece of legislation, described by its creator as "big and beautiful" making headlines during this tumult. Across the Atlantic, Donald Trump's hugely contentious tax cuts and spending bill was passed after a series of furious and often emotionally-wrought debates. "The golden age of America is upon us," Trump said at the White House Independence Day picnic after signing the bill into law. The president's former friend and aide Elon Musk was unequivocal in his critique of the bill's price and how it treats clean energy. He said in recent days that the $3.3 trillion increase in debt expected from the bill makes a "mockery" of his work at the Department of Government Efficiency (DOGE). Let's take a look at these and other stories stirring the markets in the last few days. Key investing trends in June, from defence stocks to Tesla's sales slump With geopolitical tensions dominating headlines, June's investing trends have strongly leaned towards defence and tech stocks. Fast-moving tariff news and the enduring conflict in the Middle East have been among the main market-moving topics during the month. Elsewhere, Tesla, (TSLA), bitcoin (BTC-USD) and gold (GC=F) assets were hot topics. Trump signs 'big beautiful bill' into law in White House ceremony The presiden't signature spending legislation moved through the Senate on a 50-50 tally that required vice president JD Vance to break the tie before the 870-page bill passed the House a few days later in a vote of 218-214. The process proved exceptionally controversial, mainly over healthcare provisions that are set to extract hundreds of billions in government savings but could cause millions of Americans to lose coverage. Trump seemed characteristically unmoved by such concerns, declaring: "It's going to be a period of time the likes of which I don't think this country has ever experienced before." How the government's benefits changes could affect your taxes The welfare reform bill faced strong opposition due to the harm it could cause to disabled people across Britain, as well as criticism that it was poorly designed in a scramble to find savings. For these reasons, the government was forced into a series of 11th-hour U-turns that ate into the targeted savings. Since departmental spending plans are now effectively locked in, and the government has already had to row back on planned cuts to pensioner benefits and working-age benefits, tax rises are looking increasingly likely. Bank of England asks Britons for banknote design ideas The UK's banknotes have featured towering historical figures since William Shakespeare first appeared on one 55 years ago. Not merely a means of payment, they "serve as a symbolic representation of our collective national identity and an opportunity to celebrate the UK,' says Victoria Cleland, the BoE's chief cashier. With this in mind, the central bank has launched a public consultation on the theme of its next series of notes, inviting UK residents and British citizens abroad to help shape the nation's currency for years to come. Entrants can either select one of six suggested themes, ranging from "architecture and landmarks" to "innovation" or decide to be, well, innovative, and go completely off piste. UK's best-selling cars revealed New car sales in the UK rose 6.7% year-on-year in June to 191,316 units, the best figures for the month since 2019. A quarter of all of June's sales, or 47,354, were electric. New petrol registrations fell 4.2% and diesel volumes gained only 0.2%, suggesting that combined share of the market was 51.6%. Total electrified vehicle registrations achieved a 48.5% market share. Tesla (TSLA), Kia, Volkswagen ( and Nissan (NISA.F) all featured in the top-10 bestsellers. But which models, and in what order? Read our story to find out. Ever fancied living by the sea? A modern apartment overlooking the bay, perhaps? Or how about a large, traditional home with easy access to the beach for your morning dip? Whatever your taste, it could be a costly move. Then again, it might not be as expensive as you think. It all comes down, of course, to location: Britain's priciest and most affordable seaside property hotspots With tax-free monthly prizes ranging from £25 to a eye-popping £1 million, premium bonds are a unique and popular choice of investment for British savers. Instead of an interest rate they have an annual prize rate, which will stand at 3.6% from August, when the draw is expected to deliver more than 6 million tax-free prizes worth over £396m. Find out more by clicking here: What are premium bonds and what are the odds of winning? Find more personal finance gems here Tariffs will be the main focus for investors in the coming week, with US president Donald Trump's deadline for the resumption of sweeping duties coming up on 9 July. But there are also a number of major companies due to report. Shell (SHEL.L) will kick off the week's company reporting, with the oil major due to update on its second quarter performance on Monday. Investors will be looking at TSMC's ( TSM) latest monthly sales figures, given the company is the world's largest contract chipmaker, helping to give a sense of demand in the sector. In the world of retail, investors will be keeping an eye on results from Levi Strauss (LEVI) to see how the jeans brand is navigating tariff uncertainty. Back in the UK, Vistry (VTY.L) will be in the spotlight, with investors hoping the housebuilder's troubles are behind it after issuing three profit warnings towards the end of last year. Given Jet2 (JET2.L) has already provided some guidance on performance for the year in a trading update, the focus will be on the travel company's outlook for the year ahead. Read more: Stocks to watch next week They're back. And if the first reviews are anything to go by, they're sounding as fresh as they were in their 90s heyday. I'm talking of course about Oasis, who took to the stage in Cardiff last night after a 16-year hiatus. They happen to be this old hack's favourite band, so it's a great excuse for me to put them in the spotlight. Here's one of their monster hits from debut album Definitely Maybe, performed during their iconic 1994 Glastonbury set. Enjoy!Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
37 minutes ago
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Young voters want credibility, not nostalgia, Johari tells Umno members
KUALA LUMPUR, June 28 — Datuk Seri Johari Abdul Ghani today urged Umno delegates to shift their mindset and move away from clinging to past leadership glory, as the political landscape continues to evolve. According to Buletin TV3, the Umno vice-president said 40 per cent of voters in the next general election will be made up of young Malaysians, whose expectations and outlook differ from previous generations. 'These young people are not interested in narratives that divide Malaysia's multiracial society. Their friends come from diverse backgrounds. 'What they want is a leader who can navigate and shape a harmonious multiracial nation,' he said during his keynote address at the 2025 Titiwangsa Umno Division Delegates' Meeting today. Johari, who is also the Titiwangsa Umno division chief, said the party must remain inclusive and not marginalise non-Malay communities. He warned that failure to move beyond outdated thinking could result in a loss of trust among young voters. 'They're not interested in nostalgia. They want to see whether future leaders are transparent, open, and free of corruption. 'They are evaluating leaders based on integrity, credibility, and their knowledge to build a better future for their generation — and those to come. 'They're also looking for strong commitment from leaders — those who are willing to sacrifice time, effort and ideas for the nation without expecting rewards,' he reportedly said. Johari, who also serves as minister of plantation and commodities, said Umno delegates carry the responsibility of developing credible community leaders who can be seen as products of the party.
