Starmer Resignation Watch, Iran Says 'Progress' in Talks, More
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The UK Prime Minister Keir Starmer is expected to set out a timetable to step down as soon as this morning. Starmer's allies have told Bloomberg that the timing was not certain but say the leader is considering leaving power. Business Secretary Peter Kyle says the Labour leader has spent the weekend talking to his supporters.
He has been engaging in conversations with a wide range of people, including myself, and that he is, as well as working really hard over this weekend, I think he is making time to reflect on the political realities, challenges and opportunities that he finds himself in.
The Business Secretary, Peter Kyle. Starmer considering quitting power is a remarkable turnaround from the landslide election victory he secured in 2024 after losing his Health Secretary, his Defence Secretary and the support of a quarter of his MPs. Many in the Labour Party want a change of leader. If Starmer does set out a plan to step aside, Britain would see its seventh Prime Minister in 10 years. Labour MP Justin Madders says the newly elected Andy Burnham is the only person for the job.
He's got that human touch that we need in our leaders. I think he's got the ability to unite the party. And he's shown in Makerfield, actually, he can corral the progressive votes around him in a way that we haven't been able to succeed in recent times. So I think he's got all the qualities we need to have an excellent prime minister.
Justin Matters was pointing to Andy Burnham's major win in a by-election last week, which has added to the pressure on Starmer. But investors are wondering which direction the British government will take next, including who could succeed Chancellor Rachel Reeves.
Now let's get to the Middle East. The US and Iran have made encouraging progress in talks on a peace deal, according to a joint statement from mediators Qatar and Pakistan. Technical level discussions are set to continue this week, even as President Trump again threatens strikes against Iran if Hezbollah keeps attacking Israel. US Vice President J.D. Vance says discussions are in their early stages.
What today really represents is the beginning of a technical negotiation that's not going to solve every disagreement, but is going to allow us to sit together as teams for the first time really in history to figure out what matters most to the respective parties, to settle those issues, to solve those issues, and get to a better tomorrow.
J.D. Vance was speaking in Switzerland where the talks are taking place and they included Iranian Foreign Minister Abbas Araghchi. Bloomberg understands that a positive outcome in the negotiations ultimately hinges on Israel's support and a resolution to the fighting in Lebanon.
Millions of barrels of oil continue to flow through the Strait of Hormuz even after Iran claimed to have closed the waterway. Five oil supertankers were seen entering or travelling inside the Strait over the weekend before going dark. Chubb chairman and CEO Evan Greenberg told Fox News that questions still remain over the status of the world's most important shipping chokepoint.
It's a bit uncertain.
What led to Keir Starmer's potential resignation?
It's from day to day, hour to hour. But the U.S. military is providing vigilance and protection to ships that are transiting the straits. It's important that that international waterway, which is important to the world, commerce, be open and transited.
Chubbs Evan Greenberg there speaking yesterday. US Central Command said on Saturday that 17 million barrels had passed through Hormuz despite reports in Iran's media that the strait was closed.
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