Russia threatens legal and economic retaliation as the EU advances plans to leverage frozen Kremlin reserves for sustained Ukrainian financing

The FTSE 100 hit a record 9,787 points as investors cheered progress in Washington towards ending the US government shutdown. Strong gains in Diageo, miners and financial stocks lifted the index to its highest ever close, mirroring a global rally across European and Asian markets.

President Trump’s new oil sanctions on Russia mark a sharp turn in US policy toward the war in Ukraine.

Sir Keir Starmer’s meeting with President Trump showcased corporate diplomacy in action, delivering tone over treaties as questions linger about Britain’s real gains and what remains at stake.

The U.S. Army has asked leading private-equity firms to propose funding models for a roughly $150 billion infrastructure overhaul. By seeking land-swaps and equity-style arrangements instead of standard contracting, the Army aims to bridge a $135 billion funding shortfall via private capital and innovative asset-investment structures.

The U.S. has announced 100 percent tariffs on Chinese imports in response to Beijing’s rare earth export controls. China called the measures illegal, while both sides prepare for a possible Trump-Xi meeting in South Korea. Businesses warn of rising costs and inflation as global markets react to the escalating trade conflict.

The UK government is reportedly prepared to allow higher NHS medicine prices to defuse U.S. threats of 100 percent tariffs on branded drugs. The shift comes as pharmaceutical firms balk at rebate regimes and paused investment. Ministers are in talks with Washington and mulling reforms to cost‑effectiveness metrics.

Donald Trump’s UK state visit yielded £150 billion in US investment promises across tech, energy and manufacturing sectors. The Tech Prosperity Deal centred on AI and nuclear cooperation. The visit was largely scripted, with the government highlighting economic benefits amid protests and broader geopolitical concerns.

President Lee Jae Myung begins a visit to Washington on 23 August with fifteen senior executives from South Korea’s largest companies. The trip comes ahead of his 25 August summit with President Trump and will address trade, investment pledges, energy purchases and defence cost-sharing between the two countries.

President Trump ruled out deploying U.S. ground troops to Ukraine but left air support on the table. Discussions are ongoing between U.S. and European planners to structure security guarantees that rely on European boots on the ground and U.S. air defence systems, while remaining mindful of geopolitical sensitivities.