UK bank shares fall as City fears budget tax raid; US trade deficit surges – as it happened

Shares in UK banks are falling this morning as the sector fears it could be targeted in the autumn budget.NatWest (-3.7%), Lloyds Banking Group (-2.8%) and Barclays (-2.3%) are leading the fallers on the FTSE 100 share index, reflecting rising concerns that chancellor Rachel Reeves could target banks to help shore up the UK’s public finances

Rate-rigging convictions of five more bankers may be unsafe, says SFO

Five more bankers convicted of rigging interest rates may be a step closer to clearing their names after the supreme court overturned a decade-old ruling against the trader Tom Hayes last month.The Serious Fraud Office said it had assessed the cases of six individuals who were charged with manipulating the euro interbank offered rate (Euribor) or the now defunct London interbank offered rate (Libor) and determined that five convictions “may be considered unsafe” after July’s ruling.Both Euribor and Libor rates affected the value of hundreds of trillions of pounds and euros worth of financial products around the world, including ordinary people’s pensions, mortgages and savings. The SFO’s investigations, which were launched 13 years ago, resulted in nine fraud convictions against senior bankers, including Hayes, who had been accused of rigging the rates.But Hayes, who was the first banker jailed over Libor rigging in 2015, had his name cleared in July after the supreme court found faults in the original trial

Government faces questions after review of 11 major UK data breaches

The government is facing calls to explain why it has yet to implement all the recommendations from a 2023 review into a spate of serious public sector data breaches, including the exposure of Afghans who worked with British military, victims of child sexual abuse and 6,000 disability claimants.On Thursday ministers finally published the information security review, which was triggered by the 2023 leak of personal data of about 10,000 serving officers in the Police Service of Northern Ireland.The review by Cabinet Office officials into 11 public sector data breaches, encompassing the HMRC, the Metropolitan police, the benefits system and the MoD, found three common themes:A lack of controls over ad hoc downloads and exports of aggregations of sensitive data.The release of sensitive information via “wrong recipient” emails and failure to use bcc properly.Hidden personal data emerging from spreadsheets destined for release

ChatGPT offered bomb recipes and hacking tips during safety tests

A ChatGPT model gave researchers detailed instructions on how to bomb a sports venue – including weak points at specific arenas, explosives recipes and advice on covering tracks – according to safety testing carried out this summer.OpenAI’s GPT-4.1 also detailed how to weaponise anthrax and how to make two types of illegal drugs.The testing was part of an unusual collaboration between OpenAI, the $500bn artificial intelligence start-up led by Sam Altman, and rival company Anthropic, founded by experts who left OpenAI over safety fears. Each company tested the other’s models by pushing them to help with dangerous tasks

USA 31-31 Australia: 2025 Women’s Rugby World Cup – as it happened

I’m not exaggerating when I say that was one of the best games of rugby I’ve ever watched.There’s a tendency to over hype the women’s game. To compensate for the unjust inequities, the blatant sexism and the years of neglect. There’s also an understandable need to focus less on results and the quality of rugby and shine a light on the stories of the individuals involved, to champion those heroes who have sacrificed so much to represent their nations.No need on this one

Australia and USA draw thriller to bring belated jeopardy to Rugby World Cup

Here was the captivating arm-wrestle we had been waiting for. Second place in Pool A behind England was probably on the line, and both teams gave everything in an utterly compelling match with a barely believable script.Neither deserved to lose, and if England comfortably defeat the Wallaroos next week, it should come down to points difference between these two sides for a place in the last eight. After Eva Karpani’s concluding try for Australia, Samantha Wood’s simple conversion chance could have won it five minutes from time, but she pulled it, in doing so arguably guaranteeing the right result.The precocious wing Desiree Miller and the 18-year-old full-back Caitlyn Halse both scored twice for the Wallaroos, while Freda Tafuna was credited with a hat-trick, although the No 6 said the third was scored by Hope Rogers