US debt set to soar above Italy and Greece after Trump’s ‘big, beautiful bill’

Donald Trump is on course to push US debt levels above those of Italy and Greece by the end of the decade after wide-ranging tax cuts and increased defence spending, according to International Monetary Fund (IMF) forecasts.Illustrating the rising debt levels in Washington and efforts made by Rome and Athens to bring spending under control after the 2008 financial crash and Covid-19 pandemic, the IMF predicts the US will see its debts climb from 125% to 143% of annual income by 2030, while Italy’s will flatline at about 137%.Greece is on track to cut the ratio of debt to gross domestic product (GDP) from 146% to 130% over the same period. According to IMF data, Athens has tackled a budget overspend that raced to 210% as a proportion of GDP in 2020.Amid tax cuts for high earners, the US is expected to run annual budget deficits of more than 7% over the next five years, while Italy is due to cut its spending shortfall this year to 2

Oil and gas firm Petrofac files for administration, putting thousands of jobs at risk

Petrofac, one of the biggest North Sea oil and gas contractors, has filed for administration, putting more than 2,000 jobs in Scotland at risk.The energy services provider said it had applied to the high court of England and Wales to appoint administrators, after it lost a major offshore wind project over its failure to meet contractual obligations.Petrofac, which employs about 7,300 people globally, said the administration plans – likely to be carried out by the business services firm Teneo – applied only to its ultimate holding company and that it would continue to trade during the process.Nevertheless, any uncertainty over the company’s continued viability could add to political pressure on the UK government, as it faces a backlash over plans to tackle the climate crisis by blocking new North Sea oil licences for exploration.Energy secretary Ed Miliband’s department said on Monday it was leading efforts across “all parts of government” to support Petrofac’s UK arm, which it employs about 2,000 people at its North Sea hub in Aberdeen

‘People thought I was a communist doing this as a non-profit’: is Wikipedia’s Jimmy Wales the last decent tech baron?

In an online landscape characterised by doom and division, the people’s encyclopedia stands out – a huge collective endeavour giving everyone free access to the sum of human knowledge. But with Elon Musk branding it ‘Wokipedia’ and AI looming large, can it survive?Wikipedia will be 25 years old in January. Jimmy Wales’s daughter will be 25 and three weeks. It’s not a coincidence: on Boxing Day 2000 Wales’s then wife, Christine, gave birth to a baby girl, but it quickly became clear that something wasn’t right. She had breathed in contaminated amniotic fluid, resulting in a life-threatening condition called meconium aspiration syndrome

US and China reach ‘final deal’ on TikTok sale, treasury secretary says

The US treasury secretary, Scott Bessent, claimed on Sunday that the US and China have finalized the details of a deal transferring TikTok’s US version to new owners.“We reached a final deal on TikTok,” Bessent said on Sunday on CBS’s Face the Nation with Margaret Brennan. Alluding to Donald Trump and his Chinese counterpart, Xi Jinping, Bessent continued: “We reached [a deal] in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction” during a meeting scheduled for Thursday in Korea.Bessent did not disclose any details of the deal. But he did say it was a part of a broader framework – agreed to by both the US and China – of a potential trade deal to be discussed when Trump and Xi meet in the coming days

‘I’m making it work’: Lando Norris confident he is finally getting to grips with his McLaren

Lando Norris has said he is finally confident handling his McLaren car after a dominant victory at the Mexico City Grand Prix that moved him to the top of the world championship standings with four races remaining.The British driver won at the Autódromo Hermanos Rodríguez with a superb drive from pole to flag. With his McLaren teammate Oscar Piastri finishing only fifth and Red Bull’s Max Verstappen in third, the Briton now leads Piastri by one point and Verstappen by 36. Piastri had held the title lead since the Saudi Arabian Grand Prix but Norris has moved to the front as the championship enters its final run-in.He has struggled for much of the season, particularly in qualifying, not enjoying the feel of the grip from the front axle as much as he would like while Piastri enjoyed a strong run of results

England look to dodge lightning strike after familiar crumble in opening ODI

At the time and taken in isolation England’s opening ODI against New Zealand on Sunday seemed wild, chaotic, bizarre. As they batted at the start of the game wickets fell to the first ball, the ninth, the 12th, and – except for the period when the brilliant Harry Brook was joined at the crease by Jamie Overton – fairly regularly thereafter. Beyond that pair, the rest of the team scored 25.But to anyone who witnessed the start of their last series in the format, against South Africa at Headingley last month – when they lost the toss, were put in to bat and rolled for 131 – it was a very familiar kind of freakishness. Indeed in 12 bilateral ODI series since their 2022 T20 World Cup win they have won the first game twice and lost it nine times (one was abandoned) – and in all but one of those defeats they batted first and posted a score that was easily chased down, losing by six wickets, eight wickets, four, seven, eight, four, seven and most recently four