Charles Capel

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I'm Charles Capel.

The United States and Iran are considering a fresh proposal to end the war that has upended the global economy.

Sources say Washington has presented a one-page memorandum of understanding that would gradually reopen the Strait of Hormuz and lift the American blockade on Iranian ports.

Iran is expected to respond via Pakistan within the next two days.

The offer caps a chaotic 48 hours as President Donald Trump searches for an exit from a conflict that has driven up global energy prices and dented his political standing.

Speaking yesterday, he offered a characteristically bullish assessment of progress.

Throughout the war, President Trump has repeatedly suggested a deal is close, though none has materialised.

Under the plan, detailed negotiations over Iran's nuclear programme would come later, with nothing yet agreed.

Iranian state media have signalled that parts of the US proposal remain unrealistic to the country's leadership.

The Israeli army has carried out an attack in the southern suburbs of Beirut.

It's the first strike in the vicinity of the Lebanese capital since the US-brokered ceasefire came into effect last month.

Prime Minister Benjamin Netanyahu says Israeli forces were targeting one of Hezbollah's senior military commanders.

Tehran has previously threatened to withdraw from the ceasefire if Israel keeps up its attacks in Lebanon.

And China's new five-year plan is looking to build on industries where European companies have built their fortunes.

The world's second largest economy wants to modernise across the automotive sector, chemicals and machinery, as well as frontier technologies like robotics, biomedicine and nuclear fusion.

Bloomberg's Freddie Fulson has more.

The Bank of England is privately starting to doubt Britain's official growth statistics.

GDP data next week is likely to paint a rosy picture of the economy, but Bloomberg understands BOE officials think the UK's statistics agency is overplaying the numbers.

James Walcock has more.