Writing the summary…
Oil prices rise sharply as investors seek progress on U.S.-Iran talks
Source: CNBC
Original reporting
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CNBC
30-year Treasury yield hits highest level since 2004
U.S. Treasury yields continued their upward momentum after hitting a 19-year high on Wednesday.
The Guardian2 outlets
Nick Clegg plays down fears ‘godlike’ AI could exterminate humanity
Former deputy PM now involved in tech industry says many within the sector are ‘winding themselves up into a lather’ UK politics live – latest updates Nick Clegg has dismissed fears over AI’s “godlike power to exterminate humanity”, calling it a sign that tech bosses are “breathing their own fumes”. The former UK deputy prime minister said that tech bosses should focus on addressing known “specific threats” such as cybersecurity, bio-weapons and emotional dependence rather than the “slightly hand-wavy view that this technology is unavoidably going to develop some godlike power which is going to turn on us and exterminate humanity”. Continue reading...
The Guardian
UK interest rates ‘increasingly likely to rise’ if energy prices remain high, Bank of England’s Lombardelli warns – business live
Rolling coverage of the latest economic and financial news Newsflash: A Bank of England deputy governor is warning that interest rates will be raised, if necessary, to combat the risk of persistent inflationary pressures from higher oil prices. Clare Lombardelli is telling the Sixth Biennial Conference on Macroeconomic Policy in Warsaw that the energy shock due to the conflict in the Middle East is likely to keep pushing UK inflation higher in the coming months. Strong demand for AI components is already pushing up global export prices and weather-related shocks add upside risks. On the other hand, trade diversion is reducing inflation. The longer higher energy prices persist, the greater the risk that indirect effects build and that inflation expectations, wage bargaining and price-setting behaviour begin to adjust in response. On that basis, policy is increasingly likely to need to tig
CNBC
New York Fed’s Williams says it's 'reasonable' to expect another rate hike by year-end
John Williams was speaking at the London Macro Policy Forum on Thursday.
The Guardian
Housebuilder Vistry slashes profit forecasts as losses balloon
Firm unveils further cost-cutting plan including job losses blaming poor summer sales of private homes Business live – latest updates Vistry Group, one of Britain’s biggest housebuilders, has slashed its annual profit expectations after half-year losses ballooned as it grappled with a £600m pile of unsold homes. Adam Daniel, the new chief executive of the Bovis Homes and Countryside owner, insisted that “the issues can be fixed”, as he set out a detailed turnaround plan that involves pulling out of private sales in south-east England and slimming operations to turn Vistry into a more focused, 12,000-homes-a-year builder. Continue reading...
BBC Business
Europe's car makers are in crisis. Will the threat of war rescue them?
Auto executives across Europe hope rearmament can help them flex their industrial muscles once more.