Japan raises interest rates to 31-year high as central bankers fight inflation; retail sales rise in Great Britain – business live
Posted on Friday September 18, 2026

Rolling coverage of the latest economic and financial news

Mothercare has warned it faces a “highly uncertain” future after its Middle East franchise partner revealed it was set to close most of its franchised stores across the region next year.

The troubled baby products group said it was a “heavy blow” for the firm and has now launched an urgent strategic review, adding that it has sufficient resources to trade for “a number of months”

“Whilst our recent financial performance has been resilient, this is a heavy blow to the Mothercare business and our stakeholders. We will continue to pursue discussions to restore critical mass and value for stakeholders, against this more difficult backdrop.”

“That depends on how ​price conditions develop. There could be ‌various possibilities. We shouldn’t ‌rule anything out.“

“We’re at a phase where we need to look at various data carefully. ‌But that doesn’t mean we can move slowly. We will analyse data carefully and take timely action as needed.“

“If the renewed rise in energy costs persists, that could add further pressure to wholesale inflation and then consumer inflation. That’s something ​we need to look out for.“

“Financial conditions are becoming less accommodative as we raise rates ... It’s important to avoid financial conditions from tightening too much, or to cause a big adjustment in asset prices, by raising rates too sharply.“

“It is hard ⁠to pinpoint where the neutral rate is, and therefore the terminal rate. ​It might be the ​case that as we adjust policy ​as appropriate, we will know where those rates sit ex-ante.“

“Up till ​now, our short-term ‌policy focus was ​to push ​up underlying inflation from levels below 2%. Now, underlying inflation is approaching 2%. If risks of underlying inflation overshooting 2% materialise, that could have a negative impact on Japan’s economy. It’s important to stabilise underlying inflation at 2%. Our policy phase has changed.“

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MPs urge ministers to break off Thames Water talks with US hedge funds
Posted on Friday September 18, 2026

Efra committee calls for emergency legislation enabling government to take public control of the company

Andy Burnham is under further pressure to take control of ailing Thames Water from a cross-party group of MPs who are calling for ministers to break off talks with the US hedge funds who are effectively running the company.

Adding their voices to demands that the prime minister takes public control of the company, which has debts of £20bn and is being controlled by a group of 100 hedge funds and distressed-debt investors, the MPs said in a report that ministers should consider emergency legislation to take control of its financial affairs to stabilise the company.

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Global leaders urged to join initiative to fight extreme inequality
Posted on Friday September 18, 2026

More than 1,500 academics and economists sign letter, calling growing gap between richest and poorest ‘a policy choice that can be reversed’

More than 1,500 academics and economists from 100-plus countries are urging global leaders to join an initiative against extreme inequality, calling current unfairness “a policy choice that can be reversed”.

Before the UN general assembly in New York next week, the experts have signed an open letter backing the International Panel on Inequality (IPI).

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Find a credible plan for British Steel, ministers told as ‘startling’ costs soar
Posted on Thursday September 17, 2026

Government spending watchdog warns of price of keeping publicly owned firm in business

Labour has been urged to lay out a credible plan for the future of British Steel, as the government spending watchdog warned of the “startling” costs of keeping the struggling manufacturer in business with no end in sight.

British Steel was taken into public ownership in July to protect “the future of steel production”, 15 months after the government stepped in to prevent the closure of its steelworks in Scunthorpe and the loss of 4,000 jobs.

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Meta ordered to remove UK deepfakes as oversight board criticises ‘inadequate’ safeguards
Posted on Thursday September 17, 2026

Facebook told it was wrong in leaving up AI-generated videos of a Labour councillor and Muslim campaigner, amid calls to curb fakes

Meta’s “supreme court” has ordered the tech company to take down deepfake videos of a UK politician and a young Muslim woman from Facebook and do more to tackle AI-generated fake imagery.

A fake video showing a Labour party councillor in Scotland making inflammatory comments about refugees should not have been left up by Facebook, the board said. It also ruled that an AI-generated video of a Muslim campaign volunteer should have been removed after it falsely depicted her offering health advice while carrying out absurd exercises or eating junk food.

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Could AI really end humanity? Post your questions for our tech reporters now
Posted on Friday September 18, 2026

After a week of alarming warnings about the technology’s potential to destroy the world as we know it, our expert tech reporters will take your questions on the reality of the AI threat. Join us at 3pm BST (4pm CEST, 10am EDT) where they will answer live

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The last week or so has seen disturbing claims about the capacity of superintelligent AI to destroy the planet. It has also seen warnings coming from figures within the industry itself, including Anthropic’s report that criminals, state-sponsored groups, spyware vendors, scientists and propagandists have attempted to use its models to “design missiles and bombs, create deadly pathogens and surveil dissidents” and Elon Musk’s claim it could be “more dangerous than nukes”.

Our reporting team has been trying to make sense of the scale of these claims. Is the great AI freakout justified? They will be here from 3pm BST (4pm CEST, 10am EDT) to try and answer any questions you might have.

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England squad announcement; Premier League latest; European reaction: football news – live
Posted on Friday September 18, 2026

⚽ Friday’s team news, press conferences and analysis
⚽ The Knowledge: when were the first replica kits?
⚽ Get in touch! Email Dominic with any thoughts

Manchester United women’s head coach, Eva Olid, says her side’s difficult start will help them become stronger and that she is undeterred by criticism of their opening two defeats.

The former Hearts manager, who arrived at United in August, endured a 5-0 loss against Chelsea last Sunday after beginning with a 2-1 defeat at London City Lionesses.

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Sydney Sweeney’s cartoonish provocation has sparked a culture war but let’s just admit sport can be sexy | Emma John
Posted on Friday September 18, 2026

Yes sport is about effort, sweat and inclusivity – but it also turns elite athletes into magnificent specimens of humanity where the aesthetic is part of the appeal

Have you seen the 40-second video that will change the way you think about women’s sport, women’s bodies, just, you know, women? It’s been unavoidable on social media this week – brazen, unapologetic, dominating the algorithm like an AI kitten hacking a banana-bread recipe while lip-syncing to Cardi B. I for one have enjoyed it at least 50 times already.

It starts with some carefully curated passive-aggression – “Dear Sydney”, “Hey Sydney”, “Respectfully Sydney” – and follows up with clips of what, in its own words, “a woman in sport actually looks like”. It shows its subject pounding the treadmill or powering down the back straight, flooring a rival with a tackle or a roundhouse kick, lifting weights or throwing herself through the air. It is, inevitably, soundtracked by Dua Lipa. Training Season is getting a serious bump this week.

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