UK Gets New Leader Today, US-Iran Attacks Spiral, More
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What is the main topic discussed in this episode?
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Ante Burnham will become Britain's new Prime Minister today, inheriting an in-trade dominated by a sluggish economy and pressure to tackle the cost of living. In his first address from Downing Street, he's expected to say that Britain can look forward to the future with hope and unity, but must also be honest about the challenges it faces. Burnham will also say he's acutely conscious of becoming Britain's sixth Prime Minister in just 10 years, arguing the unprecedented turnover shows the need for more stable and responsible politics. Speaking on Friday, Burnham said he would grow the economy by devolving power. More power to improve your high street, backing local businesses such as the pubs and the shops that bring them to life.
And make no mistake, everybody, I will be a pro-business leader of the Labour Party as I was a pro-business mayor of Greater Manchester. Burnham takes office with more than a million households behind on their electricity bills, while personal insolvencies in the UK have climbed to their highest level since early 2010.
Oil has climbed to its highest level in more than a month as the United States and Iran exchanged increasingly fierce attacks. Overnight, the US military launched another wave of strikes on the Islamic Republic after three American soldiers were killed in Jordan and Iraq. A week of tit-for-tat attacks have also expanded beyond military targets to include bridges, utilities and port facilities, suggesting little prospect of a return to last month's fragile ceasefire. US Secretary of State Marco Rubio says that the White House still wants a deal.
The United States always remains open to a diplomatic solution. We've tried multiple times with Iran, and we'll continue to try. If that door opens, we'll be happy to see it open. And they continue to send signals that they want to talk, that they want to negotiate, but their behavior is what we're responding to. And their behavior is they're launching missiles and drones against ships, including tonight.
What key news leads the episode about the UK getting a new prime minister?
Rubio says the US is focused on hitting Iranian assets that are being used to attack commercial shipping. Kuwait again bore the brunt of Iran's retaliation. The country's army says that attacks on power and desalination plants cause fires and severe damage to what it called vital infrastructure. The New York Times reports the US is also sending more fighter jets and aerial refuelling aircraft to the Middle East in what could signal a further escalation.
Analysts at Morgan Stanley say a diesel squeeze is playing out across Europe as a slew of major supply challenges coincide. Bloomberg's Ewan Potts has the details. Crude prices have topped a one-month high on renewed conflict in the Middle East, but that's just one factor driving the rise in diesel prices across Europe. Morgan Stanley says its modelling points towards European diesel inventories falling to multi-year lows towards the year end. The market for diesel has been tightening on a host of factors, including the disruptions in the Strait of Hormuz, but also Ukrainian attacks against Russian refineries and a diesel export ban imposed by Moscow. However, the US bank cautions against betting on further gains, saying the tightness is already reflected in prices.
In London, I'm Ewan Potts, Bloomberg Radio.
Ukraine's foreign minister has said that Russia unleashed its largest ballistic missile attack against Kyiv since the beginning of the war. According to President Zelensky, at least one person was killed and 16 wounded in attacks on the Ukrainian capital over the weekend.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:29
2
What key news leads the episode about the UK getting a new prime minister?
2:29–6:21
3
What priorities and economic promises does Burnham outline in his first Downing Street address?
6:21–8:33
4
How have US-Iran attacks escalated and what targets have been hit this week?
8:33–9:16
Speakers
7 identifiedMore from Bloomberg News Now
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