Time to wrap up for the day.

Brent crude has risen by around 1% and eurozone bond yields have increased slightly, amid nervousness over the prospects of a deal to reopen the strait of Hormuz soon.

The Trump administration is reportedly considering a new round of sweeping tariffs on semiconductors – despite warnings from technology companies that the move could harm US hopes of dominating artificial intelligence.

One tariff approach under consideration would dramatically expand the number of tech products subject to the duties, hitting not just chips but potentially many of the goods made with them, such as laptops, gaming consoles or the servers that fill data centres, Politico reported on Thursday, citing eight people familiar with discussions.

US commerce secretary favours a structure that would tie foreign companies' relief from the tariffs to investment in US chip manufacturing to fuel more domestic production, according to four of the people, Politico said.

The administration is mulling a phase-in period for the new tariffs, the four people said. They added that the framework could still be substantially revised in the coming weeks or months.

(We haven't heard any more about this…)

shares jumped 7.6% on Wall Street, after the US chipmaker's boss hailed a "golden age" for AI in the US and globally, as it more than doubled second-quarter revenues to nearly $100bn. Investors breathed a sigh of relief as worries over ballooning debt-fuelled spending on AI infrastructure triggered a selloff in AI companies' shares in recent months.

Our other main stories:

Thank you for reading. We'll be back tomorrow, with news from Jackson Hole and elsewhere – good-bye! – JK

Brent crude has gained $1.15, or 1.3%, to $89 a barrel, after hitting a two-week low of $85.40 on Wednesday.

Qatar's prime minister will ⁠visit Tehran on Thursday to try to relaunch diplomacy between the US and Iran, with both sides ​at odds over control of the strait, through which a fifth of the world's oil and supplies flows in normal times.

Iran's Revolutionary Guards said on Wednesday that Iran and Oman had agreed how ‌to share the waterway and its revenues, but a senior Iranian source later said the two countries were still working on the details of an agreement.

Government bond yields rose slightly as a result, as higher oil prices could push inflation higher in coming months.

Germany's 10-year bond yield rose 3 basis points to 3.253%, close to a 15-year high. France's 10-year yield also advanced 3bps to 4.107% but remained below last week's 18-year high of 4.143%. UK and US yields also rose slightly.

In the US, the Jackson Hole economic policy symposium is kicking off today, and a highlight is the keynote address by US Federal Reserve chair Kevin Warsh on Friday.

, chief economist at St. James's Place, said:

Kevin Warsh is likely to use his first Jackson Hole address as Federal Reserve Chair to focus less on the next interest rate decision and more on the Fed's longer-term policy framework, including the work of the task forces he has established.

Markets will nevertheless be looking for reassurance on the Fed's commitment to its 2% inflation target and, importantly, how policymakers would respond if price pressures began to build again. Recent inflation data have been encouraging and support the case for rates to remain on hold. However, Warsh may keep the door open to further tightening if progress on disinflation stalls, reinforcing the Fed's data-dependent approach.

Warsh has previously advocated reducing the Fed's reliance on detailed forward guidance, reflecting concerns that excessive signalling has contributed to policy mistakes in the past. The irony is that he now faces pressure to communicate more clearly to address questions around the Fed's credibility. Explicit guidance on the near-term path for rates would therefore be at odds with his preferred approach, but markets will scrutinise his language closely for any indication of how the Fed's reaction function is evolving.

Any discussion of balance sheet policy will also attract attention, particularly following the US Treasury's decision to increase its bond buyback programme and the questions this raises about its interaction with monetary policy. For investors, the central issues will be whether Warsh can reinforce confidence in the Fed's inflation-fighting credentials while setting out a clear and credible approach to policy communication.

The UK's hospitality industry body has launched new guest safety principles for accommodation providers, a week after the boss of resigned following a backlash over security failings at the hotel chain.

, the budget hotel chain's then-chief executive, was heavily criticised for her handling of incidents which included a case where a domestic abuser was given a key to a woman's room before assaulting her.

UKHospitality said the new guidance has been driven forward by its members and developed in partnership with accommodation businesses to further protect guest safety, security and privacy.

1. Guest safety comes first

2. Privacy is an essential part of security

3. Verification should be proportionate but effective

4. Well-trained employees are the strongest safeguard

5. Security arrangements should continually improve.

Each principle is expanded upon in greater detail, including recommendations and practical scenarios to guide businesses. All accommodation providers are urged to use the new guidance to review their security arrangements and continue to strengthen standards across the sector.

, chief executive of UKHospitality, said:

Millions of people stay in accommodation every year, right across the UK. Whether it's visiting friends and family, taking a holiday or travelling for work, they all expect a safe, secure and welcoming environment, where their privacy and safety are the number one priorities.

I know that every accommodation provider in the UK takes this important responsibility incredibly seriously.

The expertise and experience underpinning that responsibility from across accommodation businesses has driven this detailed guidance forward, and I'm extremely grateful for the dedication, effort and knowledge they have put into developing this document.

This guidance has been developed to ensure that any type of accommodation business, whether it's a city centre hotel or a rural holiday park, can use these principles to review their current security arrangements and continue to strengthen standards in ways that work for their specific business. I would urge every single accommodation provider to do so.

The guidance has been developed by a UKHospitality working group, with representatives from , , , , , , , , , and owner .

The owner of is taking on , and the supermarkets with the launch of its cut-price chain Lefties in Britain, backed by an army of robots.

The Spanish fashion brand opened its first UK store in Liverpool on Thursday, a few weeks after quietly launching its UK website.

The store has embraced robotics to reduce staffing costs, with self-checkouts that scan a whole basket in one go and a clothes-hanger sorter. Shoppers put their hangers in a slot as they pay and they are taken on a hidden conveyor belt to two robots behind a screen who sort them into boxes for different sizes.

The outlet at the Liverpool One city centre development also has fitting rooms equipped with a hatch through which unwanted items go to be sorted behind the scenes, again by robots.

has posted sharp ⁠sales declines in China ⁠and the ​US and issued a more gloomy forecast through 2029, in a sign of the downturn facing global spirits makers.

Shares in the French wine and spirits group fell more than 6% as chief executive told investors that the US, its largest market, offers little potential ⁠over the next three years, dragging down overall performance.

The maker of Martell cognac and Absolut vodka, whose merger talks with Jack Daniel's maker ‌, based in Kentucky, ended in April without a deal, now expects ‌sales growth at the lower end of its 3% to 6% target range through 2029.

Ricard told Reuters:

The assumptions that ‌drive that kind of outlook are based on a US market which is not in growth over that period and which is quite soft.

However, he said Pernod's broad geographic footprint should help underpin sales in the coming years.

Sales in the US and China fell 14% ​and 19%, respectively, in the year to 30 June, and prospects for the current year are also muted.

Pernod, the world's second-largest spirits maker after the UK's , ‌forecast broadly stable organic net sales, with trading conditions in the US and China expected to remain tough in its first quarter.

Bernstein analyst said Ricard's comments on the US had been expected after Diageo said earlier this month that the market would remain negative for the next three years.

There was no "massive surprise" in the results to justify the share reaction, he added, given Pernod's ⁠performance and guidance were in line with expectations and peers.

Ricard said Pernod expects to complete its €1bn restructuring programme ‌a year ahead of ​schedule and has cut ​around 3,600 jobs since its 2024 financial year.

The board is also considering a potential stock market flotation of the group's Indian business and has already taken preparatory steps. India has overtaken China as Pernod's second-largest market.

Manchester, London Stansted and East Midlands airports have been hit by a cyber-attack, with hackers accessing the data of about 8.7 million customers.

Hackers obtained their email addresses, phone numbers, vehicle registration numbers and postcodes, as the incident affected data related to "car park, lounge and fast-track bookings and in-airport wifi sign-ups", said (MAG), which operates the three air hubs.

The company added that "at no point has passenger safety or aviation security been compromised" during the incident and operations at the airports were unaffected. The hacked system did not hold customer bank and payment details.

In an email to customers, London Stansted said:

We would urge you to be particularly cautious of unexpected emails, calls or text messages claiming to be from us. We will never contact you unexpectedly to ask for payment or banking information. We apologise for any inconvenience or concern this may cause.

, partner and head of privacy at law firm Gordons, said the news will be concerning for customers.

So far we know that around 8.7 million customers have had their data stolen, including email addresses, phone numbers and postcodes, but not bank details. The scale of this attack is notable - the important thing now is how Manchester Airports Group (MAG), which operates all three airports, responds in line with its cyber security plan.

This is another reminder of the importance for organisations to take legal, regulatory and best practice measures to build and maintain cyber resilience. Airports sell a number of services including lounge access, parking and fast-track bookings. Wi-fi access also requires customers to input their data. As a result, operators will hold large amounts of customer data and this, together with the increased use of technology, only increases the threat of a cyber attack.

MAG has done the right thing in communicating early with affected customers, and has already said it's working with specialist advisors who will be taking appropriate action to contain the risk and inform the Information Commissioner's Office in line with guidance.

, the lead clinician in the phase III trial of Tezspire for eosinophilic esophagitis, a chronic inflammatory disorder of the oesophagus, said because of the disease,

Patients start to eat smaller bites, start to avoid food, start to chew very slowly and start to avoid any social situation where eating is involved. So, it has a big impact on their lives, and it would be very valuable if you could treat that with an appropriate therapy.

For many of these young patients, it's a very big challenge to take a medicine twice a day, and often results in failure of the therapy. Tezepelumab can be administered only once every four weeks, so there is very little burden for patients."

This medicine targets TSLP, an alarmin that is released by the epithelium in response to stress. TSLP plays a role in type 2 inflammatory conditions, including chronic rhinosinusitis with nasal polyps, allergic asthma and eosinophilic esophagitis.

Nowadays we see more and more patients being diagnosed with EOE. It seems that the incidence is doubling every five years now, so it's a big new indication.

Britain's biggest pharmaceutical company said its asthma ⁠drug Tezspire had positive results in a late-stage trial in patients with a chronic inflammatory disorder of the oesophagus –- a boost to its drug portfolio after a string ⁠of recent setbacks.

The study showed that Tezspire, developed with California's , met its main goals. It significantly reduced inflammation in the oesophagus and eased difficulty in swallowing, compared ⁠with a placebo in patients suffering with eosinophilic esophagitis.

EoE is a chronic and progressive inflammatory disorder of the esophagus affecting more than 470,000 people in the US, with the prevalence increasing five-fold since 2009.Nearly half of patients, including adolescents, do not achieve adequate disease control with current first-line treatments, which include dietary restriction, corticosteroids and proton pump inhibitors. For patients, the risk of food moving slowly or becoming stuck can make daily meals difficult and stressful.

Tezspire, a monoclonal antibody, generated $1.1bn in sales for AstraZeneca last year.

Chief executive ‌is steering AstraZeneca towards ‌its goal of $80bn in annual sales by 2030, betting on up to 20 ‌new drug launches as the company faces patent expiries and suffered several drug setbacks recently.

In July, its injected drug Wainua (approved to treat nerve damage from a rare genetic disease called hATTR amyloidosis) unexpectedly failed a heart disease trial, while a late-stage study of the rare disease drug Ultomiris also failed.

AstraZeneca also scrapped an advanced study of experimental lung cancer drug volrustomig earlier this month after a committee overseeing the trial said it was ​unlikely to meet its main goal.

Despite the latest news, the company's shares dipped 0.4% on Thursday, having fallen 14% since Wainua's trial failure.

While the Tezspire results are encouraging, investors remain focused on upcoming results from two cancer trials that are seen as critical ⁠to AstraZeneca's pipeline.

, executive vice president of BioPharmaceuticals R&D at the company, said:

The positive results of the Phase III CROSSING trial reinforce our confidence in the differentiated mechanism of action of which has now demonstrated clinically meaningful efficacy in a third epithelial-driven inflammatory disease.

Epithelial science represents an important and rapidly evolving area in respiratory and immunology medicine, and we look forward to sharing these results at an upcoming medical meeting and with regulatory authorities as quickly as possible.

Epithelia are tissues consisting of sheets of similar cells bound closely together, which include the epidermis, the surfaces of the eyes, the surfaces of the hollow tubes and sacs that make up the digestive, respiratory, reproductive, and urinary tracts, and the secretory cells and ducts of various glands.

There could be , , and shortages, as 40 workers at Lockwood Haulage Ltd in West Yorkshire plan to strike next month in a dispute around pay.

The workers, Unite members based in Knottingley and South Kirby, have rejected a "miserly" 1% increase, applied across all grades and allowances, backdated to 1 March 2025, the union said.

Lockwood, a family-owned medium-sized business, has also said it will introduce an attendance-based bonus scheme, rather than pay increases. This would be £250 each quarter if they meet the attendance criteria, which workers believe will leave them financially worse off.

The cost-of-living crisis is impacting these workers, who previously worked for before being transferred in March 2025 in a TUPE agreement and have not had a pay rise since October 2023, Unite said. They work four days on four days off and their salary includes weekend working, shift allowances, and bank holiday pay.

Unite has attended multiple meetings to try to reach an agreement but said Lockwood has failed to resolve the issue.

Unite general secretary said:

The fact that workers have not had a pay rise in nearly three years is an absolute insult and to be now offered a measly one per cent is a further kick in the teeth.

Moving away from yearly increases to a bonus scheme is simply another way to shortchange our members at Lockwood. Unite will not allow this unacceptable attack on pay and our members have our full support in their industrial action.

Strike action will have a major impact on Lockwood's customer and the household names it supplies which include Coca Cola, Budweiser, Stella and Heineken, and could lead to shortages of these products, according to the union. It also produces whiskey bottles for , and as well as wine bottles.

Unite regional officer said:

Any strike action is completely the fault of Lockwood management, who have insulted our members with this paltry pay offer.

Industrial action can be avoided, but that relies on Lockwood coming back with improvements to the pay offer which our members will find acceptable.

Workers at the Knottingley site previously went on strike in July 2025 in a bid to gain Unite recognition after being transferred from GXO, where they had recognition, after Lockwood refused to recognise the union. Unite members won the dispute and the union is now formally recognised for collective bargaining at Lockwood.

The company has been contacted for comment.

The Trump administration is reportedly considering a new round of sweeping tariffs on semiconductors – despite warnings from technology companies that the move could harm US hopes of dominating artificial intelligence.

One tariff approach under consideration would dramatically expand the number of tech products subject to the duties, hitting not just chips but potentially many of the goods made with them, such as laptops, gaming consoles or the servers that fill data centres, Politico reported on Thursday, citing eight people familiar with discussions.

US commerce secretary favours a structure that would tie foreign companies' relief from the tariffs to investment in US chip manufacturing to fuel more domestic production, according to four of the people, Politico said.

The administration is mulling a phase-in period for the new tariffs, the four people said. They added that the framework could still be substantially revised in the coming weeks or months.

Here's more reaction to the 981,000 young people not in education, employment or training (Neets) in the UK.

, deputy chief executive of the Youth Futures Foundation, said:

This is a stark reminder that, despite small fluctuations in the data, the youth employment challenge remains a large, long-term problem. Hundreds of thousands of young people are continuing to miss out on the opportunity to earn, learn and build a secure future, leaving long-term scarring effects on their wellbeing, health and earning prospects.

, chief executive of learning disability charity Mencap, said:

Today's welcome figures are a reminder that young people are not work-shy, but it is too often the systems around them that are failing to meet their ambitions…youth unemployment is still at its highest in more than a decade.

Only around one in four adults with a learning disability has a paid job, despite the vast majority telling us they want to work. The issues – inaccessible recruitment, a postcode lottery of employment support, and employers lacking confidence – are as high as they were yesterday.

Nearly a million young people not earning or learning is the result of an economy that leaves young people behind, creates too few opportunities, and particularly fails those growing up in poverty.

It speaks to a lack of support for young people to move forward with their lives. Not only does growing up in persistent poverty more than triple the risk of being out of work or learning, inadequate income also prevents people from being able to move back into learning or earning.

He added that the review by former government minister on youth unemployment must be a "turning point" for the support offered to young people.

guarantee scheme is a new government programme which has promised to create 90,000 fully funded jobs by 2029, a key part of the government's £2.5bn drive to tackle high youth unemployment.

The first young people have started their jobs under the initiative. It offers a direct route into work for all 18– 24-year-olds who have been claiming universal credit and looking for work for 18 months.

Roles on offer are matched to the individual's skillset, with the government funding up to 25 hours' paid work for six months to get young people into the labour market.

Work must be "part of the answer" to the mental health crisis among young people, the work and pensions secretary, , said as he met some of the first beneficiaries of Labour's youth jobs guarantee scheme, .

Some of the recruits were packing and labelling boxes of products to be posted out to households, and others are in administrative roles. They told McFadden about long periods of fruitless jobhunting.

A rise in cases of mental illness is widely cited as one cause for the increase in the number of young people not in education, employment or training (Neets) in recent years.

But McFadden said the reasons could run the other way, too.

Work is part of the answer. Work is good for you. It's bad for your mental health to be sitting at home, isolated.

, director of the Work Foundation at Lancaster University, a think tank, said the figures show "there are no quick fixes to the youth employment crisis" facing the UK.

And although nearly three quarters (73%) of employers recognise youth worklessness as a national crisis, according to the Work Foundation's research, more than a third (36%) report having cut entry-level jobs in the last year. For young jobseekers, facing repeated rejection and struggling to secure a foothold in work can be particularly demoralising, he said.

Although more young people are now looking for work than a year ago, they are doing so at a particularly difficult moment to take their first steps into the labour market. Work Foundation research indicates the number of 'starter' jobs accessible to people entering work for the first time has fallen by 49% over the last decade, leaving only one starter vacancy for every three NEET young people nationally.

This decline in employment opportunities is critical, as without improving young people's access to secure jobs, it will be very challenging to sustainably reduce the number of young people outside the labour market. Government and employers must therefore focus urgently on expanding the quantity and quality of entry-level opportunities available to them.

In particular, to ensure the Jobs Guarantee genuinely strengthens the first rungs on the jobs ladder for young people, it must create additional, secure jobs that provide realistic routes to sustained employment and progression. And there is scope for government to provide additional support to employers to improve recruitment, induction, mentoring and workplace adjustments to help ensure these workplace policies are not creating additional barriers to young people seeking work.

"Almost one million young people stuck out of work is a crisis which has been a decade in the making, and will take time to turn around," warned TUC general secretary .

The prime minister has rightly made getting more young people into work a priority – from strengthening vocational education to delivering greater access to work placements and training.

The evidence is crystal clear - good quality employment support, more good training places and a strong growing economy with more vacancies is what we need. Holding down workers' rights will only hold back young people's employment prospects.

That's why the prime minister must keep going with measures to support young people into good quality work – including by delivering rights to guaranteed hours in full and ending the scourge of insecure work.

The government's jobs guarantee is an important step forward too. But ministers need to put the turbo boosters on the scheme by expanding places and ending the 18-month wait.

We know that early experience of good-quality, paid work can make a huge difference to young people's prospects across their lifetimes.