Good morning. Keir Starmer defends Rachel Reeves’ position as chancellor. US House Republicans struggle to find the votes to pass Donald Trump’s big tax bill. And drones are helping clean up Mount Everest. Listen to the day’s top stories.
UK Prime Minister Keir Starmer told the BBC that Rachel Reeves will stay on as chancellor “for many years to come,” as he sought to end speculation about her future that sparked a bond selloff. The pound steadied during Asian trading hours.
House Speaker Mike Johnson in the Capitol on Wednesday. Photographer: Kent Nishimura/Bloomberg
House Republican leaders struggled to find the final numbers to advance Donald Trump’s tax bill, holding key votes open for hours as the president and his allies worked to win them over.
The US lifted at least some export license requirements for chip design software sales in China, according to Siemens, which restored access to its technology for its Chinese customers.
Jerome Powell’s silence is complicating Trump’s search for a replacement for the Federal Reserve chief. He’s repeatedly declined to say whether he will step down when his four-year term as chair expires in May, or remain on the board.
Deep Dive: Price Doubts
Photographer: Jason Alden/Bloomberg
Just a few months ago, the UK housing market seemed to be finding its footing, but that hope has since faded.
In June, house prices fell the most in more than two years, in a sign buyers are under pressure after an increase in transaction taxes.
That surprised economists who had been expecting a small uptick in values.
Iran’s booming energy sector, the cash cow of the regime, emerged unscathed from the US and Israeli strikes, Javier Blas writes. And all those petrodollars will facilitate the country’s reconstruction.
A drone operated at the Everest base camp. Source: Airlift Technology
Mount Everest’s trash-covered slopes are being cleared up with the help of drones. During the recent climbing season, two giant drones operated by Airlift Technology handled more than 280 kilograms of refuse.
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