News Summary - 07/24/2025
🎧 Summary Daily News. | 🎧 Summarie Economic & Financial.
We might get killed, but we have to get food, injured Gazan tells BBC
Patients arriving at UK-Med's Gaza field hospital often came looking for food aid but encountered violence instead, highlighting the dire humanitarian situation and risks faced by civilians amid ongoing conflict.
Zelensky announces new draft law on anti-corruption bodies after protests
Following the largest anti-government protests since the war began, Zelensky has introduced new draft legislation targeting anti-corruption bodies to address public concerns and restore confidence in governance.
EU chief says ties with China at 'inflection point'
The EU-China summit has been shortened to one day amid increasing tensions, signaling a critical juncture in their relationship as both sides navigate growing challenges.
Twelve killed in Thailand-Cambodia military clashes on disputed border
Twelve people have died in renewed military clashes between Thailand and Cambodia along their disputed border, escalating a century-old conflict between the two neighboring countries in Southeast Asia.
Justice department official to meet Epstein accomplice Maxwell
Amid increasing pressure on the Trump administration to disclose files related to Jeffrey Epstein's sex trafficking network, a Justice Department official is scheduled to meet with Epstein's accomplice, Ghislaine Maxwell, to discuss pertinent matters.
Former head of Central African football body jailed for war crimes
Edouard Ngaïssona and Alfred Yekatom were convicted for war crimes involving attacks on the Muslim population in the Central African Republic.
BBC and news agencies warn journalists in Gaza at risk of starvation
News organisations report that local journalists in Gaza are facing severe food shortages, struggling to feed themselves amid the ongoing crisis. They are enduring the same harsh conditions as the residents they cover, highlighting the escalating humanitarian challenges in the region.
No survivors after plane carrying 48 people goes down in Russian far east
An Angara Airlines An-24 plane carrying 48 people crashed while approaching an airport in Russia's Amur region. There were no survivors in the incident.
Two die in car during Cyprus wildfire as 44C heat expected
An elderly couple was found dead in their car in Malia village, Limassol district, amid ongoing wildfires in Cyprus and extreme heat warnings of up to 44°C. The bodies remain unidentified.
Rescue under way for three workers trapped by Canada mine collapse
Three workers remain trapped in a collapsed mine in Canada. They are believed to be uninjured, but communication with them has been limited as rescue efforts continue.
Benin names Spike Lee and wife ambassadors for African-Americans in the US
Benin appointed Spike Lee and his wife as ambassadors to promote initiatives aimed at reconnecting African descendants in the US with their ancestral roots on the African continent.
He went to get aid and didn't come back - stories of people killed in Gaza
Aid agencies warn of "mass starvation" in Gaza. The BBC shares heartbreaking accounts from relatives of those killed in the past week while seeking aid, highlighting the human toll of the ongoing crisis.
Why are Thailand and Cambodia fighting at the border?
The border conflict between Thailand and Cambodia traces back over a century, involving historical territorial claims and disputes. This longstanding disagreement has led to recurring tensions and clashes along their shared border.
Can you un-bleach coral? BBC visits remote reef to find out
The BBC's Katy Watson visited Australia's Ningaloo Reef, recently affected by mass coral bleaching, to explore whether the damage to the coral can naturally reverse and the reef's chances of recovery.
A mother's heartbreak: The unresolved mystery of missing Indian student
Najeeb Ahmed, a student from India's JNU university, went missing in 2016. Despite years of search and investigation, the case remains unresolved, and a court has now officially closed it, deepening the anguish and heartbreak for his family.
Furious protests at move to cement Togo ruling family's grip on power
Though Faure Gnassingbé is no longer president, he continues to control Togo from behind the scenes without facing elections, sparking furious protests against the ruling family's continued grip on power.
BBC goes inside rebel-held city in DR Congo
The BBC returns to Goma, six months after it was taken over by M23 rebels, providing an inside look at the city's current situation under rebel control.
Watch: 'Living is how I honour them' - Families address Idaho murderer
Families of Bryan Kohberger's victims shared heartfelt impact statements as he was sentenced to life imprisonment for the murder of four students, emphasizing the enduring pain and their commitment to honoring their loved ones.
Watch: Ozzy Osbourne sings Iron Man at Black Sabbath's final gig
At Black Sabbath's final performance, fans joined Ozzy Osbourne in singing their iconic song "Iron Man," creating a memorable and emotional farewell moment.
Camp Mystic: Why were so many people killed there during Texas floods?
The floods in Kerr County, Texas, claimed 135 lives, including many young children. The high death toll at Camp Mystic is attributed to rapid floodwaters and inadequate warning systems, which left residents trapped and unable to escape the disaster.
European Central Bank holds interest rates as tariff turmoil keeps policymakers on edge
The European Central Bank has paused interest rate hikes for the first time this year, with inflation stabilizing near its 2% target. This decision comes amid ongoing tariff uncertainties that continue to concern policymakers.
Trump's aluminum tariffs may be sparking a green recycling boom — unintentionally
Trump's aluminum tariffs, intended as protectionist measures, are unintentionally promoting environmental benefits by encouraging the recycling of millions of tonnes of scrap metal, boosting the green economy despite conflicting with environmental goals.
El-Erian breaks ranks with Wall Street, says Powell should resign to preserve Fed independence
El-Erian, president of Queens' College, Cambridge, expressed his unique stance that Fed Chair Powell should resign to maintain the Federal Reserve's independence, diverging from the prevailing Wall Street opinion.
Treasury Secretary Bessent calls for a review of 'the entire' Federal Reserve
Treasury Secretary Bessent has called for a comprehensive review of the Federal Reserve, extending beyond the ongoing controversy surrounding building renovations.
Brexit made businesses abandon the UK. Trump's hefty EU tariffs could bring them back
President Trump's proposed 30% tariffs on the EU may encourage businesses to reconsider the U.K. as a viable location, potentially reversing some post-Brexit departures.
‘30% is untenable’: From Irish whiskey to Italian cheese, Trump's tariff threat rattles EU exporters
EU exporters, including Irish whiskey producers and Italian cheese makers, are alarmed by Trump's proposed 30% tariffs, warning such high rates would create a lose-lose scenario for both sides, threatening trade relationships and economic stability.
Inflation outlook tumbles to pre-tariff levels in latest University of Michigan survey
Consumers' concerns about tariff-driven inflation have eased, with the latest University of Michigan survey showing inflation expectations returning to levels seen before tariffs were imposed. However, many consumers remain cautious and continue to anticipate future price rises.
Israel's stock market outperforms Middle East counterparts despite multi-front wars
Israel's stock market has outperformed other Middle Eastern markets, driven by substantial foreign investment and renewed investor confidence after its 12-day conflict with Iran.
Kevin Warsh touts 'regime change' at Fed and calls for partnership with Treasury
Kevin Warsh advocated for major reforms in the Federal Reserve's operations and emphasized the need for closer collaboration between the Fed and the Treasury Department to enhance policy effectiveness.
Trump denies that he plans to fire Powell: 'Highly unlikely'
Following the Supreme Court's suggestion that President Trump lacks the authority to arbitrarily remove Fed Chair Jerome Powell, Trump denied any plans to fire him, calling such an action "highly unlikely."
Wholesale inflation measure was unchanged in June
The producer price index (PPI) for June remained unchanged, falling short of the expected 0.2% increase predicted by Dow Jones consensus estimates, indicating stable wholesale inflation for the month.
UK inflation hits hotter-than-expected 3.6% in June
UK inflation rose to 3.6% in June, surpassing economists' expectations of 3.4%, indicating a hotter-than-anticipated increase over the past year.
Inflation picks up again in June, rising at 2.7% annual rate
The consumer price index for June is projected to rise 2.7% compared to the previous year, aligning with Dow Jones consensus estimates and indicating a renewed increase in inflation.
Inflation report Tuesday should provide clues on the impact tariffs are having on prices
June's inflation report is expected to reveal insights beyond headline figures, focusing on underlying data to assess how tariffs are influencing price changes.
India's inflation cools to 2.1% in June, extending slide to more than 6-year lows
India's inflation rate eased to 2.1% in June, marking the lowest level in over six years. This decline reflects weaker demand and falling prices in key sectors, supporting the central bank’s view of subdued inflationary pressures. The cooling inflation could influence future monetary policy decisions aimed at sustaining economic growth amid global uncertainties.
Treasury posts unexpected surplus in June as tariff receipts surge
In June, the Treasury recorded a surprising surplus of over $27 billion, a significant turnaround from May's $316 billion deficit, driven largely by increased tariff receipts.
Trump announces 35% tariffs on Canada starting Aug. 1, warns of higher levies if Ottawa retaliates
President Donald Trump announced a 35% tariff on Canadian imports starting August 1, signaling tough trade measures and warning of increased tariffs if Canada retaliates.
Inflation expectations drift back down to pre-tariff levels, New York Fed survey shows
Earlier concerns that President Donald Trump's tariffs would cause a significant inflation spike have dissipated, with inflation expectations now returning to levels seen before the tariffs were announced, according to a New York Fed survey.
Trump threatens extra 10% tariff on countries that align with 'Anti-American' BRICS policies
Trump announced the U.S. will begin sending letters outlining tariff rates and agreements with trading partners starting Monday, signaling potential additional tariffs on countries supporting 'Anti-American' BRICS policies.
Here's where the jobs are for June 2025 — government sector leads the way
In June 2025, job growth in the U.S. was primarily driven by state and local government sectors, strengthening the overall labor market.
U.S. payrolls increased by 147,000 in June, more than expected
In June, U.S. nonfarm payrolls rose by 147,000, exceeding the expected 110,000 increase. The unemployment rate was projected to climb to 4.3%.
With June jobs report looming, DOGE government layoffs could start becoming a factor
Hiring and job openings are gradually slowing as hundreds of thousands of federal employees face layoffs and begin seeking new jobs, potentially impacting the upcoming June jobs report.
The private sector lost 33,000 jobs in June, badly missing expectations for a 100,000 increase, ADP says
ADP reported a loss of 33,000 private sector jobs in June, far below economists' forecast of a 100,000 gain, signaling a weaker labor market than expected.
Core inflation rate rose to 2.7% in May, more than expected, Fed’s preferred gauge shows
The core PCE price index rose more than expected in May, reaching an annual rate of 2.7%, surpassing the projected 2.3% inflation rate and a 0.1% monthly increase forecast by Dow Jones consensus.
Fed Governor Bowman favors July interest rate cut if inflation stays low
Fed Governor Bowman indicated that if inflation remains low, she supports an interest rate cut in July. She also noted that tariffs are expected to have only a temporary and limited effect on prices, aligning with views from other central bankers.
The Fed is likely to keep rates the same but give a forecast that moves markets. What to expect
The Fed is expected to hold interest rates steady, but its economic forecast and guidance may influence market movements despite no rate changes.
Retail sales fell 0.9% in May, worse than expected, as consumers pulled back
Consumer spending dropped significantly in May, driven by falling gas sales and increasing concerns about the economy's future. This decline exceeded expectations, reflecting growing caution among shoppers.
Consumer sentiment reading rebounds to much higher level than expected as people get over tariff shock
The University of Michigan's Surveys of Consumers reported a significant rebound in consumer sentiment, surpassing expectations as people adjust beyond concerns about tariffs.
Here are the three reasons why tariffs have yet to drive inflation higher
Despite President Donald Trump's tariffs, traditional inflation data has not reflected a significant increase. The expected rise in consumer prices has been muted due to factors like businesses absorbing costs, varied tariff impacts, and offsetting economic variables, resulting in minimal inflationary effects so far.
UK Finance Minister Rachel Reeves’ spending plans risk creating ‘a snowball effect’ that pushes borrowing costs higher
Experts warn that UK Finance Minister Rachel Reeves’ spending plans could trigger a "snowball effect," increasing Britain's annual interest payments, which already total £105 billion, and further drive up borrowing costs.