Australian households face prospect of interest rate hike and petrol prices rising above $2 a litre

Economists’ warning comes as escalating Middle East crisis pushes global crude oil back above $US100 a barrel

European stocks rise as oil falls back below $100; UK could lose ‘advantage’ over EU due to Trump’s new tariffs, industry warns – as it happened

Rolling coverage of the latest economic and financial news

Burnham urged to award £2.4bn military satellite contract to Airbus over US rival

Unite union leader says giving Skynet 6 WSS contract to Lockheed Martin would be a ‘massive mistake’

New York Chinatown fears impact of $8bn casino development, calling it ‘predatory project’

Residents warn project could worsen gambling addiction and raise rents, while developers promise jobs

Trump’s latest tariffs put UK at disadvantage to EU, say experts

While overall levy for UK is unchanged, sectors not covered by Turnberry deal face tougher competition

Mass job cuts loom at VW as profits fall steeply on China sales slump

Carmaker expects to sell 3% fewer vehicles this year as it pushes through a programme that could eliminate 100,000 roles

Record heat sends online retail sales to five-year high in Great Britain

Soaring temperatures fuel demand for air conditioners and outdoor goods, helping retailers beat expectations in June

‘Forced labour’ rationale for Trump tariffs met with bewilderment

Measures effectively replace blanket 10% tariffs Trump imposed in February that were struck down by US supreme court

‘It’s become a nepo baby sport’: how secondhand fashion got so expensive

Thanks to gen Z resellers and platforms like Depop, thrifting has lost its subcultural roots - and ballooned into a $350bn business

Regional mayors to take key roles in UK policy decisions as part of No 10 North plans

Burnham says ‘no one in government loses when power is shared’ as he revives Brown-era national economic council

‘A small snippet’: what pubs make of Burnham’s £100m rates giveaway

Landlords say high costs of running hospitality business outweigh potential savings of business rates discount

Trump imposes fresh tariffs on UK, EU and dozens of other trading partners

New tariffs will replace 10% global duty and come after US supreme court declared many of the earlier levies illegal

‘Burnham bounce’ and World Cup lift mood in July, says data firm

‘Wave of optimism’ is sparked by prospect of new prime minister, England football team’s progress and hot weather

‘It’s more than backcombing a beehive!’ How tribute acts got massive – and put the live music scene back in the black

Versions of Amy Winehouse and hundreds of other musicians are generating millions for beleaguered UK venues. But what is the emotional toll for the imitators, and are they pushing out original artists?

Qantas tests new ultra long-range Airbus in 17,000km direct flight from France to Melbourne

Airbus A350–1000ULR becomes most watched plane on flight tracking websites as Qantas tests new aircraft for its Project Sunrise