Houthi missiles and drones set an Aramco refinery near Riyadh on fire on Saturday, two days before oil trading reopens

The rest of the day

24 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

1. 02

   Iran's money runs out as its oil stops

   Iran loaded no oil at its export ports in September, the first time since its 1979 revolution, according to Kpler, a firm that tracks tankers. [12] A US naval blockade since mid-July has stopped nearly all of its sales. [12] Its currency, the rial, has fallen to a new low near 2.7 million to the US dollar on the street market. [1] It was about 1.5 million in January. [12] Iran's central bank began selling up to $2bn to hold it up. [1]

   Aug 20250.92 m rials

   Jan 20261.5 m rials

   2 Sep2.2 m rials

   Latest2.7 m rials

   Why it matters — Oil pays for about a third of Iran's state budget, and prices inside Iran are rising by nearly 90% a year. [12] Iran's president says money it is owed for oil sold to China is stuck there. [12]

2. 03

   The UAE links its UK money to a football ruling

   The United Arab Emirates has committed about 30 billion pounds to Britain. [14] Its officials warned that 'the Premier League's actions' against Manchester City would 'have an influence' on relations, Bloomberg reported. [13] The club is owned by Sheikh Mansour, one of the most senior figures in Abu Dhabi. [15] It was found guilty of 114 of 115 charges of breaking football's money rules, and has appealed. [13][16] A UK-UAE investment summit is planned for this month. [14]

   Why it matters — Britain's prime minister, Andy Burnham, said he would be 'really concerned' to lose the club's owners. [13] One expert told AFP the balance of power still favours Britain: the UAE is a small country in a dangerous region, and makes up only 1.3% of UK trade. [15]

3. 04

   A ratings firm warns about US debt

   Scope, a European firm that grades how safe it is to lend to governments, kept the US at AA-, three steps below the top grade. [19] It warned that the US is paying ever more interest on its debt. [19] The US government's interest bill reached $1.1 trillion in the year to September, more than it spends on defence. [19] Scope expects the US to hit its $41.1 trillion legal borrowing limit early in 2027. [19]

   Why it matters — Every rise in the rate lenders charge adds to that bill, and a group that tracks the budget estimates one extra point would add $3.5 trillion over ten years. [19] A fight in Congress over the limit after November's vote could shake markets again. [19]

4. 05

   Australia's treasurer blames the war

   Jim Chalmers, Australia's treasurer, said on Sunday the war on Iran has been an economic disaster. [17] He blamed it for higher prices and higher interest rates around the world. [17] Australia's central bank had raised its rate to a 15-year high, partly because of energy prices. [17] Chalmers said rising bond rates would add 'some billions of dollars' to his government's interest bill. [17]

   Why it matters — Australians pay through dearer fuel and dearer home loans, and their government through dearer borrowing. [17] Chalmers flies to Japan on Sunday to talk about energy and fuel supplies. [17]

5. 06

   Ukraine will hit more Russian refineries

   Ukraine's president, Volodymyr Zelenskyy, said Ukraine will attack more Russian oil refineries. [43] He said it was an answer to a new Russian plan to bomb a wider range of civilian targets before winter. [43] Russia says its strikes answer Ukrainian attacks inside Russia. [43] Zelenskyy also said a Ukrainian push had won back about 140 square kilometres in the Donbas region. [43]

   Why it matters — The world is already short of fuel because of the wars in Ukraine and the Middle East. [8] Fewer Russian refineries working would mean less fuel for sale.

6. 07

   A $4.2bn government loan for nuclear power

   The US government will lend about $4.2bn to Vistra, a big power company, a person familiar with the plan said on Saturday. [23] Energy Secretary Chris Wright is due to announce it on Monday at Vistra's nuclear plant on Lake Erie in Ohio. [23] The money will help at least three of Vistra's four nuclear plants make more power, which needs no new licences. [23] Its six reactors already make enough for about 3.25 million homes. [23]

   Why it matters — US demand for power is growing for the first time in decades, driven by AI data centres, electric transport and crypto mining. [23] Trump has set a goal of four times as much nuclear power by 2050. [23]

7. 08

   Gold and silver end a losing week

   Gold fell more than 3% last week and silver more than 6%. [9] The US dollar rose above 102 on its main index for the first time since April 2025. [9] Gold briefly passed $4,200 an ounce twice but closed below $4,150. [9] This week traders wait for the minutes of the US central bank's last meeting. [9]

   Why it matters — Gold pays no interest, so it suffers when government bonds pay more and the dollar is strong. [9] A softer jobs report on Friday cut bets on a US rate rise in October, but did not lift gold. [9]

8. 09

   Hong Kong has its biggest summer for share sales

   Companies raised a record $47.5bn by selling shares in Hong Kong from July to September. [27] Alibaba's $10.2bn sale of new shares was the biggest deal. [27] New listings alone raised $48.4bn in the first nine months, about double the year before. [28] Across Asia, third-quarter share sales passed $120bn, the most for the period in six years. [27]

   Why it matters — Chinese firms are raising money to spend on AI, some only months after their last round. [27] But only two of Hong Kong's ten biggest deals since July are worth more now than when they were sold. [27]

9. 10

   Towns push back on data centres

   Local objections have delayed or cancelled about $42bn of data-centre projects in Europe and about $77bn in the US, STL Partners, a research firm, says. [29] More than 70 European projects were rejected or limited from January to April. [29] Scotland has paused approvals for very large data centres. [29] Amazon promised to publish its water and power use and to spend more than $1bn over five years in data-centre counties. [30]

   US$77bn

   Europe$42bn

   Why it matters — The builders need land, power and water that local people control. [29] Some US towns now win money from them, such as bonuses for teachers in Louisiana paid by Meta. [30]

10. 11

    Polymarket takes bets on banks failing

    Polymarket, a US-owned betting website, has taken $77,507 of bets on whether big banks such as HSBC and Lloyds will fail this year. [20] People in Britain, the US, Canada and the EU are banned from that version of the site. [20] Britain's financial regulator, the FCA, said it has been talking to other regulators about such sites. [20] A member of Parliament warned that a fast-moving bet could help start a run on a bank. [20]

    Why it matters — A bank run is when many customers pull their money at once. [20] Silicon Valley Bank and Credit Suisse collapsed in 2023 after runs sped up by talk on social media. [20]

11. 12

    Trump promises $90 to older Americans

    Trump said late on Friday that 20 million people on Medicare, the US health plan for older people, will get $90 each this month. [24][25] That is almost half of one month's premium of about $203. [25] The money comes from a fund Congress set up in 2008. [24] Trump has also promised $5,000 to every adult if his party keeps Congress in the 3 November vote. [24]

    Why it matters — The $5,000 plan would need Congress and would likely cost more than $1 trillion, adding to the deficit. [24] Only 17% of Americans approve of how Trump is handling prices, polls show. [24]

12. 13

    UK carmakers caught between China and the EU

    Britain has put no import tax on Chinese cars, while the EU charges up to 45%. [34] EU officials reportedly told Britain it must, or face 'made in Europe' rules that would favour cars built inside the EU. [34] The EU takes 58% of UK car exports and China about 4%. [34] Chinese brands such as BYD have tripled their share of UK sales to 12% this year. [34]

    Why it matters — British drivers get cheaper cars from China, and UK car plants depend on selling to Europe. [34] Chery, a Chinese carmaker, is in talks to build cars at Nissan's plant in Sunderland. [34]

13. 14

    AI firms will need $6 trillion a year

    Bain, a consulting firm, says AI companies will need $6 trillion of sales a year by 2031 to pay for the computing they are building. [31] About $4.2 trillion of that would have to come from products that do not exist yet. [31] McKinsey warned US government agencies that the price per AI answer is falling, but their total AI bill is rising. [31]

    Why it matters — Nobody yet knows whether that much money will come in. [31] OpenAI and Anthropic are both preparing to sell shares. [31]

14. 15

    Shipyard workers win big raises

    More than 800 workers at General Dynamics NASSCO, a San Diego shipyard building ships for the US Navy, won a 10% pay rise for the first year. [32] Last month 4,500 workers at Bath Iron Works in Maine won 17%. [32] At Ingalls Shipbuilding, wages will rise 35% to 47% by 2031. [32] At Huntington Ingalls, the biggest US shipbuilder, the average electrical supervisor has four and a half years on the job, against 20 in the mid-1990s. [32]

    Why it matters — The Navy needs more ships, and a former Navy secretary said welders could earn the same at a roadside shop or at Amazon. [32] So the yards have had to pay more to keep them. [32]

15. 16

    AI may push 11 million Americans to change jobs

    AI and machines will cut demand for about 36 million US jobs by 2035 and create about 41 million, a McKinsey report says. [33] About 11 million workers, 7% of the total, would have to leave their line of work entirely. [33] Lower-paid workers are 7.6 times as likely to need a new kind of job. [33] Most cuts fall in office support, shops and transport. [33]

    Why it matters — The new jobs are mainly in healthcare, building and management. [33] About 770,000 people a year would need to switch fields, 3.6 times the usual number. [33]

16. 17

    A London council may raise its tax by 150%

    Hammersmith and Fulham, a council in west London, says it may have to raise its share of council tax by 150% in 2027-28. [35] Council tax is the yearly charge each home pays for local services. [35] Its government grant will fall by more than half, to 72.4 million pounds, under a new formula that sends money to poorer areas. [35] A typical family home would pay 29.11 pounds a week more. [35]

    100% rise19.4 pounds a week

    125% rise24.25 pounds a week

    150% rise29.11 pounds a week

    Why it matters — Six richer councils, including Westminster, may raise bills above the usual 5% limit next year. [35] Households in those areas pay for money moving to places hit hardest by cuts. [35]

17. 18

    London's grandest homes keep falling

    House prices in Westminster fell 25.4% in a year, and in Kensington and Chelsea 14.7%, official figures show. [36] Across Britain prices rose about 2% over the same year. [36] A house first listed at 20 million pounds was cut to 14 million this year. [36] Savills, an estate agent, says owners who bought at the peak face losses of up to 25%. [36]

    Why it matters — Agents blame higher property taxes, dearer borrowing and very rich foreigners leaving after a tax break for them was ended. [36] Ordinary Londoners still struggle with high rents and a lack of homes. [36]

18. 19

    US homeowners stuck in old houses

    About 80% of US homeowners with a mortgage pay less than 6%, and half pay less than 4%, so few want to move. [38] Mortgage rates rose above 7.5% this week, their highest in three years, CNBC reported. [37] About a third of home projects are being delayed or cancelled. [38] Analysts at Citi expect spending on home improvement to stay flat for a year. [38]

    Why it matters — Shops like Home Depot and Lowe's sell fewer big items. [37] Owners now stay in their homes 10 to 11 years, against seven or eight before. [38]

19. 20

    More US women working, fewer men

    Women have outnumbered men in the US workforce for eight months in a row, the longest stretch since 2010, Indeed, a jobs website, says. [39] About 1.2 million fewer men had jobs in September than a year earlier. [39] Women's jobs rose by more than 650,000. [39] Healthcare, where four in five workers are women, made more than half of September's job growth. [39]

    Why it matters — Friday's report showed only 29,000 new US jobs in September. [39] Men lose out partly because the industries that are growing hire mostly women. [39]

20. 21

    Berkshire keeps buying a housebuilder

    Berkshire Hathaway, Warren Buffett's company, raised its stake in Lennar, a big US housebuilder, to 11.2%. [26] It bought $53.6m of shares from Monday to Wednesday, a slower pace than the week before. [26] Morgan Stanley, a bank, started covering Lennar on Thursday with a price target of $65, about 19% below Friday's close of $79.81. [26]

    Why it matters — Berkshire is betting that US housing recovers over many years. [26] For now the average 30-year US mortgage rate is 7.30%, its highest since late 2023, by one survey. [26]

21. 22

    Lawmakers attack shop price errors

    Five members of the US House of Representatives criticised 7-Eleven and Circle K, the two biggest US convenience-store chains. [40] A Guardian investigation found they often charge more at the till than on the shelf. [40] 7-Eleven failed 47% of price checks in Colorado and Utah from 2023 to 2025. [40] Circle K failed 62% in North Carolina. [40] One member asked the Federal Trade Commission, the US consumer regulator, to investigate. [40]

    Why it matters — Shoppers pay the higher price unless they check every receipt. [40] Both chains said they take price accuracy seriously. [40]

22. 23

    A church and a film star on betting sites

    A top leader of the Church of Jesus Christ of Latter-day Saints said on Saturday that prediction markets are gambling and morally wrong. [21] Prediction markets let people bet on events, from sport to elections. [21] Novig, a new prediction market for sports, said trading rose 94% around an advert starring the actress Sydney Sweeney. [22] First-time depositors rose by more than 218%. [22]

    Why it matters — The Trump administration argues these sites are not gambling, so states should not limit them. [21] A federal judge ruled in August that Utah can apply its anti-gambling laws to them. [21]

23. 24

    Tesla's robotaxis trail Waymo in Texas

    Tesla had 169 of its Cybercab driverless cars approved for paid rides in Texas by Friday, up from 45 at launch a month ago. [42] Waymo, Alphabet's robotaxi company, had 1,154. [42] Some Cybercab riders complained of long waits and drop-offs in the wrong place. [42] Tesla shares are down 18% this year. [42]

    169Tesla Cybercabs

    vsvs

    1,154Waymo cars

    Why it matters — Investors are counting on robotaxis because Tesla's car sales are shrinking under pressure from Chinese rivals. [42] Waymo already runs more than 500,000 paid rides a week. [42]

24. 25

    BT cuts broadband to force a switch

    BT has briefly cut the broadband of some customers who ignored two years of letters about switching their landline. [41] Britain's old copper phone lines close at the end of January, and calls will move to the internet. [41] About 1.3 million copper lines are still left to switch. [41] BT says more than 80% of the customers it paused then switched over. [41]

    Why it matters — A campaign group, Silver Voices, called it bullying. [41] Landlines and care alarms kept working during the pause. [41]