US Allies Exasperated, Creditors Court Burnham, Finland’s Public Debt Spiral

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) New Prime Minister Andy Burnham has approved the use of British military bases by the US for what the UK calls defensive strikes against Iran, in a continuation of his predecessor Keir Starmer’s policy even as President Donald Trump ramps up his war.

(2) UK government borrowing costs are lingering around two-month highs as oil prices and fiscal jitters keep the market on edge. Both Britain's new prime minister and its new chancellor are stressing their commitments to fiscal discipline.

(3) To the latest earnings, and Spanish lender Santander has reported profits that beat estimates in the second quarter of just over 3.5 billion euros.

(4) Ukrainian President Volodymyr Zelenskyy dismissed Armed Forces commander-in-chief Oleksandr Syrskyi after nationwide protests calling for the top soldier’s ouster.

(5) Farm products are once again in the crossfire of trade tensions between China and the European Union. This time, the target isn’t French wine or Dutch cheese — it’s Peking duck.

(6) France passed legislation to restrict the use of social media for children under 15 years old, becoming the first major European country to do so in a move that may strain relations with US technology companies and President Donald Trump.

(7) Finland’s economy, which has barely grown since the financial crisis, is in a precarious position. While public debt has steadily increased since 2009, going largely to pensions, healthcare, education and social benefits, the private sector has struggled, leading to weak employment and low tax revenue. That has trapped the government in a vicious cycle: in order to bring down national debt, leaders have cut social benefits, which economists say could further chill the economy.

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