Writing the summary…
Mirror publisher to cut 220 editorial jobs as readers turn to AI summaries
Source: The Guardian
Original reporting
The Guardian: read the full reportRelated stories
BBC Business2 outlets
Petrol and diesel price rises push UK inflation higher
Summer holidays and disruption to global oil supplies by the Middle East conflict stoked price growth.
CNBC
Bizarre volatility bet in the options pits is a head scratcher ahead of Fed rate decision
The biggest trade in options on the Cboe VIX Index Tuesday was an unusual $6 million purchase of deep, deep in-the-money-puts.
CNBC
Saudi says Houthis targeted Mecca with a drone, Iran-backed group rejects claim
The Organization of Islamic Cooperation condemned the strike as a "heinous" attack. Mecca is Islam's holiest site and the focal point of the annual Hajj pilgrimage.
The Guardian
UK rents accelerate, as average London house price falls £19,000 below peak – business live
Soaring motor fuel costs have pushed UK inflation to a five-month high in August Full story: UK inflation rises to 3.1% as motor fuel prices jump by almost a quarter Worryingly, the cost of goods produced by UK factories rose at a faster rate in August too. Producer output prices – or the cost of goods at the ‘factory gate’ - rose by 3.7% in the year to August, up from 3.3% in July. “Rising crude oil and petrol prices increased both the annual cost of raw materials and the price of goods leaving factories respectively.” Continue reading...
CNBC
Consumers hit by one-two punch of oil and rates from Iran war. The estimated bill is $1,700 per household
Rising oil prices and Treasury yields are lifting energy and borrowing costs for U.S. households, pushing consumers to draw more heavily on savings.
The Guardian
Trump EPA’s arguments for letting power plants spew unlimited pollution ‘dead wrong’
Claims that dismantling pollution rules will lower energy bills and have little climate impact are far from convincing In allowing US power plants to emit any amount of planet-heating pollution they wish to, the Trump administration made two striking claims – that this will cut Americans’ electricity bills and that the pollution itself doesn’t really matter anyway. Both claims struggle to stand up to even basic scrutiny. On Monday, the Environmental Protection Agency (EPA) said it would erase any limits on emissions from coal and gas plants that are dangerously heating up our planet. This move, which follows a similar dismantling of pollution limits from cars ands trucks, is part of a broader push to eliminate the longstanding legal authority of this, or any future, US administration to deal with the climate crisis. Continue reading...