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G7 leaders agreed to release up to 100 million barrels of crude and diesel through the IEA over four months, including a substantial diesel release in the first 20 days. Members also agreed not to restrict energy exports to one another; Trump later said the US would not impose a diesel-export ban.
US average diesel price
The Supreme Court agreed to review the Trump administration's mandatory detention policy for migrants. The news wrap also reported an arrest in the United Kingdom after an air-base security incident and a Russian drone strike on a Kyiv school.
Global bond-market turmoil intensified amid inflation and deficit concerns. UK 30-year gilt yields reached 6%, a 28-year high, while rising five- and 10-year yields increased borrowing-cost pressure ahead of the budget.
The yield on 10-year UK government bonds reached 5.38% by mid-morning on Thursday.
MI5 warned UK universities and researchers to stop working with the China General Technology Research Institute, which it accused of funding research to strengthen Chinese espionage. The UK security minister told universities to end ties; China’s embassy called the warning fabricated.
MI5 said academics linked to the UK had contributed to projects funded by the Chinese Ministry of State Security through the front company.
The UK-France “one in one out” migration scheme has ended and is no longer processing new cases, although flights for people already detained will continue. Around 1,500 people moved in both directions under the scheme; 1,739 arrived in 23 boats from 2 to 7 October.
More than 1,400 people who arrived in the UK by small boat have been sent back to France under the scheme.
The United States and United Kingdom completed their military withdrawal from Iraq, ending the 12-year Operation Inherent Resolve mission. Prime Minister Ali al-Zaidi declared October 1 a Day of Sovereignty and Independence, while Kurdish leaders face security and political pressures.
Length of the U.S. military presence in Iraq
At Labour’s Liverpool conference, Andy Burnham outlined plans for free-at-use social care, changes to the pension triple lock by 2030, cheaper home ownership, publicly owned utilities and a long-term EU relationship. The government plans to legislate for the pension changes before 2030.
AllegedSome estimates put the proposed social care service's annual cost at up to £18 billion.
Three people, including a child, died and dozens were injured after an inflatable dinghy carrying 105 people reportedly overturned off Wissant while attempting to cross the Channel to the UK. Authorities said all passengers were taken into care and the dinghy had not sunk.
Three people died in the Channel crossing incident, according to French authorities.