Andy Burnham tells Labour MPs he will rein in Britain’s outsourcing industry
PM-in-waiting tells hustings he will appoint a ‘broad church’ ministerial team and bring government contracts in-house
What will Burnham do on immigration?
Likely next prime minister is looking to satisfy calls for tougher borders while appealing to Labour’s liberal supporters
FirstFT: Investors cut back bets on Asia’s chipmakers
Also in today’s newsletter: companies turn to Chinese AI models to cut costs and Jane Fraser’s ruthless remake of Citigroup
US launches strikes after Trump warns Washington will hit Iran ‘hard’
Price of Brent crude rises to highest in a month as tensions between Washington and Tehran flare
Stocks and bonds drop as mounting US-Iran tensions spook investors
Oil rises as US-Iran hostilities escalate and investors go into ‘risk-off’ mode
US court revives lawsuits linking painkiller Tylenol to autism
Federal panel in New York finds trial judge wrongly excluded expert testimony in dismissing litigation
Oil surges past $80 on Trump threat to impose 20% Hormuz fee
President claims Washington will be ‘guardian’ of waterway and seek reimbursement to provide security for vessels
Mexican food chain Chipotle takes its burritos and bowls to Mexico
Company expands in international push as domestic sales growth slows amid high inflation
Yemen’s Houthis fire missiles at Saudi Arabia
Four-year truce under threat as pro-Iran militants respond to strike on Sana’a International Airport
Judge says Trump’s IRS lawsuit had no ‘basis in law or fact’
Ruling casts doubt on whether president and his family can benefit from immunity deal
Shell sells Indian wind and solar business for $1.8bn
Aditya Birla Renewables takes on Shell’s renewable assets in India as energy major continues to refocus on oil and gas
Democratic states sue to block Paramount’s $110bn WBD acquisition
Lawsuit could delay deal and cost studio tens of millions of dollars
Top Fed official warns ‘hot’ inflation could trigger rate rise
Christopher Waller says a further elevated reading may prompt central bank to tighten policy
Fees for seas: a history of taxing waterways
From Ottoman sultans to Danish kings, Iran’s toll system for Strait of Hormuz revives an old maritime fight
El Salvador’s Bukele set to run for third term
Authoritarian leader wins party primary unopposed
The deceptive promises of America’s democratic socialists
The way forward for the party is not to swing to the left
Why Mastercard is playing the polite guest in the UK
The card giant is considering making a strategic exit — by selling a majority stake in payments subsidiary Vocalink
Burnham will struggle to exorcise Labour’s historic weakness
History shows us that the party will default to over-optimism and spending money that isn’t there
Hungary’s MPs oust president in purge of Orbán loyalists
Prime Minister Péter Magyar calls Tamás Sulyok a ‘puppet’ of illiberal former leader in speech to parliament before vote
UK uses new powers to ban Iran’s IRGC and Russian intelligence unit
Iranian group ‘almost certainly directed’ antisemitic attacks in UK earlier this year, says minister
Netanyahu opponent leads polls ahead of Israeli elections
Former military chief Gadi Eisenkot has overtaken prime minister as country sets October date for vote
US quantum computing needs a national buyer
Washington’s demand signal could do for the technology what early defence contracts did for silicon
Twelve arrests over alleged far-right threat to Muslim event in Suffolk
Organisers of religious festival ended event early after police warning about threat of ‘disorder’
UK and Switzerland to loosen visa restrictions as part of services trade deal
Agreement will also enable British travellers to use automated passport gates at Swiss airports