Global energy watchdog warns oil stockpiles ‘rapidly depleting’ – business live
Posted on Wednesday August 12, 2026

The International Energy Agency calls for urgent reopening of the strait of Homuz amid ongoing pressure on global oil supplies

Spot gold prices are up 1.1% at around $4,414.63 per ounce, as market watchers eye US inflation data due out this afternoon.

The July inflation data is expected to shed some light on the Federal Reserve’s policy path and provide some further clarity over whether they could expect a rate hike next month.

A hot print will present Fed chair Kevin Warsh with an early test of his mettle - will he follow up those tough words on inflation with action, or continue to lean on jawboning the market and higher bond yields due to oil/inflation dynamics?

I continue to think the Fed will have to follow through with at least one hike this year as it remains short on the inflation side of its mandate, and it shouldn’t have to worry too much about the employment side, despite those apparently weak payrolls numbers.

Although the market is projected to return to surplus towards the end of this year, risks remain substantial and the urgency of reopening the Strait has increased, as previously available inventory buffers are rapidly depleting.

With an agreement enabling the reopening of Hormuz and unhindered transit through the Bab el-Mandeb Strait still elusive, we have again lowered supply estimates for the rest of the year.

Global oil supply is now forecast to fall by 4.3 mb/d in 2026, to 102 mb/d, as growth of 1.4 mb/d from the Americas only partly offsets losses in the Middle East and Russia.

Read more...

Great Britain faces electricity supply shortfall during solar eclipse
Posted on Wednesday August 12, 2026

Event expected to hit solar power just as fifth heatwave of summer increases use of air conditioning and fans

Great Britain faces a shortfall of electricity supplies on Wednesday evening as the near total solar eclipse is expected to wipe out solar power generation.

The government’s electricity grid operator raised an official alarm that there is currently not enough power generation expected as the moon blocks up to 95% of the sun over parts of the country, the most dramatic eclipse visible in Great Britain since 1999.

Read more...

Iran war and high living costs fueling last-minute holiday bookings, Tui says
Posted on Wednesday August 12, 2026

Geopolitics and cost of living crisis have cost Europe’s largest travel company €60m so far

Holidaymakers are waiting until the last minute to book their trips because of the continuing uncertainty caused by the war in Iran and the cost of living crisis, according to Tui, Europe’s largest travel company, which said the war had cost it €60m (£51m) so far.

In the weeks after the outbreak of war at the end of February, Tui recorded a temporary drop-off in customers wanting to travel to Cyprus or Turkey, in what the company called a “volatile market”.

Read more...

Eerie silence and ‘still surviving’: what happened next after steel town’s last blast furnace shut down
Posted on Wednesday August 12, 2026

Exhibition in Port Talbot is part of project exploring how communities experience endings and transitions

Margaret Heggett, 95, does not remember a time when Port Talbot was ever quiet. Born and raised in the shadow of the steelworks, with a father, brother and husband who worked there, she never imagined what the town could look or sound like without its blast furnaces.

“I’m not saying it was beautiful, but there were jobs. We did know the closure was coming and we have to move with the times but it’s affected the town a lot and it’s very sad,” she said.

Read more...

Meta glasses banned from courts in England and Wales
Posted on Tuesday August 11, 2026

Exclusive: Court service says anyone trying to enter buildings with glasses will have them confiscated and returned when they leave

Courts in England and Wales have joined a number of restaurants, theatres and pubs in banning Meta glasses, amid a mounting backlash against what has been described as “spyware”.

Last month courts in New York announced a ban on the controversial glasses, which can record video footage while being worn.

Read more...

Spotify to distinguish AI artists from real people – and stop recommending them
Posted on Tuesday August 11, 2026

Music streaming platform creates ‘AI persona’ label that will appear on profiles and track listings in crackdown on fake performers

Spotify is to label AI artists and exclude them from algorithm recommendations as part of a crackdown on fake performers.

The world’s largest music streaming platform is creating a label for AI-generated artist identities called “AI personas” that will appear on the artist profile and on track listings on playlists.

Read more...

Romell Glave soars to European men’s 100m title in British one-two ahead of Jeremiah Azu
Posted on Tuesday August 11, 2026

• Olympic champion Marcell Jacobs pulls up injured

• Italy’s Nadia Battocletti wins gold in women’s 5,000m

On Marcell Jacobs’ right arm there is a tattoo of the Roman colosseum and a gladiator: a reminder of his fighting spirit and what Italy’s capital means to him. But in the swirling bearpit of a European championships 100m final, the former Olympic champion’s body dramatically broke down.

That was the first shock. The second was the sight of two Britons, Romell Glave and Jeremiah Azu, blasting through to take gold and silver.

Read more...

Premier League 2026-27 preview No 5: Brighton
Posted on Tuesday August 11, 2026

Fabian Hürzeler has lost key players including Welbeck and Van Hecke with Brighton needing squad depth to cope with the demands of European football

Guardian writers’ predicted position: 9th (NB: this is not necessarily John Brewin’s prediction but the average of our writers’ tips)

Last season’s position: 8th

Read more...