We’ve summarised the top stories of the last week into an easily digestible briefing, so that you can stay up to date on what’s happening around the world. You can subscribe to receive the briefing in your inbox each week.

Business & Economics

  1. UK inflation rose sharply in August by 3.2%, over 1% higher than the Bank of England’s 2% target. This is the highest increase in UK prices since 2012 and means that Andrew Bailey, the governor of the Bank of England, will have to write a letter to the Chancellor of the Exchequer to explain why inflation is so high and how it will be reined back in. In a recent survey, only 33% of people thought that the Bank of England was doing a good job at maintaining stable prices.
  1. US inflation has risen at its slowest rate in the past six months in August, indicating that inflation may have peaked. However, prices still increased by 0.3% month-on-month and 5.3% compared to a year before, which is still a relatively high level.

  2. UK fruit and vegetable producers have decreased planting estimates for 2022. This announcement follows a year of widespread waste caused by labour shortages. The decrease in workers has been caused by Brexit as well as the wider labour shortages within the economy. The Financial Times reports that many farmers expect the decrease in domestic production to be met by increases in imports.
  1. The UK has delayed checks on goods imported from the EU. They are now scheduled to be introduced next January and July. This decision comes amid a wider supply chain crisis, with a lack of lorry drivers leading to shortages in shops and supermarkets. Critics of the decision claim that it is an indicator of the government’s failure to come up with a coherent plan, while defenders note that this situation is beyond the government’s control.
  1. Natural gas prices in the UK have soared over the past week, driving up energy costs. Several energy suppliers have removed their services, and the BBC reports that four gas companies may be forced to stop business by next week.
  1. The Competition Commission of India submitted a report accusing Google of using unfair trade practices. If Google is found guilty, it may face penalties or be forced to stop anti-competitive behaviour. This blow comes after a series of laws around the world restricting the power of Big Tech firms, such as South Korea’s law enabling third-party vendors on Apple devices.
  1. The World Bank has alleged that Kristalina Georgieva, the managing director of the IMF, manipulated China’s position in the annual Doing Business report. These claims reach back to Georgieva’s time as World Bank CEO. Georgieva has denied these accusation, but the World Bank has discontinued the Doing Business, citing concerns with the reliability of the metrics used.

Politics

  1. The United States, Australia, and the United Kingdom have signed a deal to provide Australia with nuclear-powered submarines, boosting American presence in the Asia-Pacific region. There has been some international backlash. France withdrew its diplomats from the United States and Australia, calling the deal a ‘stab in the back’.
  1. Emma Raducanu won the US Open last week. This marks the first time that a British woman has won a Grand Slam title since 1977. Raducanu, who is of Chinese-Romanian origin, is also the youngest person to win a Grand Slam event since 2004.
  1. Russia is currently facing wildfires that are sending smoke plumes all the way to Greenland and Canada. Carbon emissions from wildfires globally is at record levels, increased by fires in California. These are just the latest in a series of climate change-induced events, such as the recent floods in the East Coast of the United States.
  1. Scottish National Party MP Joanna Cherry accused her party of ‘abuse, threats, and smears’. This development comes alongside the new SNP-Green Party coalition that is increasingly belligerent in opposition to Westminster. The coalition wishes to hold another independence referendum within the next five years.

  2. Girls were barred from education while schools reopened in Afghanistan. Following the United States’ withdrawal from the country and the Taliban’s takeover, the international community has been especially worried about the repercussions for women’s rights. There is still some quiet resistance in the Panjshir region, but as of writing, it seems as if the Taliban has cemented control over the country.
  1. The US Food and Drugs Administration has rejected plans to roll out a Pfizer Covid-19 booster jab. It only recommends a third shot for elderly and at-risk groups. This presents an issue for the Biden administration’s ambitions for a widespread booster programme.
  1. US Representative Anthony Gonzalez, one of the 10 House Republicans who voted to impeach Donald Trump, has announced that he will not run for re-election in 2022. Gonzalez cited family considerations and safety concerns following his impeachment vote.
  1. The University of St Andrews has topped the Times Good University Guide for the first time since its conception. This is also the first time neither the University of Oxford nor the University of Cambridge is at the top of the survey. The change in rankings is due to Covid-19 decreasing student satisfaction at Oxbridge as well as A-level grade inflation over the summer.

Written by John Chang

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