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  Comment It may take a major attack before Britain takes defence seriously The Defence Investment Plan was supposed to make the Armed Forces ‘war ready’ by 2035 – but has instead raised serious questions about whether the government grasps the growing threat we face from Russia – and the widening gaps in our military capability, says former defence select committee chair Tobias Ellwood Tobias Ellwood Wednesday 01 July 2026 10:10 Listen On the first day of America’s campaign against Iran in late February, AI fused vast amounts of intelligence from satellites, drones, signals intercepts and surveillance into more than 1,000 prioritised targets, enabling an extraordinary opening salvo. This was the “kill web” in action: live data pouring in, analysed and ranked by AI, then passed instantly to manned and unmanned platforms across land, sea and air to deliver coordinated strikes. This is what modern warfare now looks like. It is also what Britain aspires to build. Read the Defence Inve...
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  This is nuts upon nuts. When’s the crash?  An earnings/valuation double bubble of Pleistocene proportions. This is nuts upon nuts. When’s the crash? on x (opens in a new window) This is nuts upon nuts. When’s the crash? Over on Main this morning, they’re talking bubbles again:  [S]ome investors are growing concerned about the speed at which analysts’ estimates are rising. Some fear rising costs for AI companies, a drop in demand for the technology or a difficulty turning spending into profits could see earnings fall short.   You know the routine. We’ve done it often enough over the decades. Supernormal profits are unsustainable, because they always are, but trying to time the turn is a mug’s game. Capex trends that have caused investors to crowd into tech hardware and energy stocks aren’t necessarily structural if there’s no clear path to a return on investment, the surge in net borrowing to pay for data sheds risks draining liquidity, and the interest rate ou...
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  The not-so-hidden costs of giving Iran $300 billion If the agreement holds, the Iranians could receive more than $300 billion through an economic reconstruction fund, sanctions relief, expanded oil exports and unfrozen assets. That is reminiscent of the 2015 nuclear deal but at three times the price. The hefty bill will get only more expensive if the West has to bolster its own defenses in return. Skeptical observers want to know: How much extra security spending will be necessary if Iranian terror groups receive the biggest injection of funds in a generation? Recall what happened a decade ago. Once the Obama administration eased sanctions as part of the Joint Comprehensive Plan of Action, the Iranian regime got to work. It spent billions on the Islamic Revolutionary Guard Corps’ support for the Assad regime in Syria and on Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen. The delay to Tehran’s nuclear program was matched by an acceleration in terrorism. Agents launde...
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  Comment Andy Burnham faces his first big test… on immigration In his determination to see the Rochdale grooming gang leader deported, the PM presumptive declared that ‘nothing is off table’ – but would he really ape Reform and take Britain out of the European Convention on Human Rights, asks John Rentoul Shabir Ahmed, the 79-year-old ringleader of the Rochdale grooming gang, has been released from jail and his victims have been told he cannot be deported back to Pakistan (GMP) (Greater Manchester Police) John Rentoul Thursday 02 July 2026 15:46 Listen A ndy Burnham  benefits from a blurred image with the public at the moment. When he spoke to the Labour faithful in Manchester, setting out his  vague retro agenda of devolution , council housing and greater public control of the utilities, he didn’t mention  immigration  once. But yesterday, to a different audience on social media, he took an uncompromising line on Shabir Ahmed, the boss of a  Rochdale rape...
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  China Tech’s Deepening Valuation Slump Fails to Win Back Buyers July 3, 2026 at 10:01 AM GMT+10 Updated on July 3, 2026 at 4:58 PM GMT+10 Save Translate Takeaways  by Bloomberg AI The selloff in China’s biggest internet firms has driven some valuations to record lows but investors say a recovery still looks a way off given the many headwinds they face. The 27% slide in  Tencent Holdings Ltd. ’s shares this year has pushed down its price-earnings ratio to an all-time low of 11 times, below that of Hong Kong-based utility  CLP Holdings Ltd.   Alibaba Group Holding Ltd. ’s stock tumbled more than 20% in June alone, putting its valuations at the lowest in almost a year.
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ALL CHINESE RATS MUST BE EXTERMINATED!

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  Two UK private schools close after takeover by Chinese owner Schoolgirl goes viral for deadpan response to UK social media ban Two historic  UK  private  schools  bought by a  Chinese  company are set to close their doors months after its owners were accused of asset-stripping. Durham  High  School  in Durham and Ruthin School in  Denbighshire ,  North Wales , will not reopen to pupils after the end of the  academic term  in July, both schools confirmed in statements this week. The schools are owned by Chinese company Galaxy Global  Education , which was accused of asset-stripping in April after it closed another  private school  in Worcestershire. Ruthin School, which was founded in 1284, reportedly announced its closure with immediate effect on Wednesday. Durham High School, which was founded in 1884, confirmed it will close at the end of term in a statement on its website on Thursday, shortly after...
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  US Supreme Court supercharges its 'shadow docket,' dividing the justices A view of the Supreme Court building as the court is set to issue the final rulings of its nine-month term, in Washington, D.C., U.S., June 30, 2026. REUTERS/Cheney Orr Purchase Licensing Rights , opens new tab WASHINGTON, July 2 (Reuters) - When the U.S. Supreme Court issued its ruling defending the Federal Reserve from political interference, it not only prevented President Donald Trump from firing one of the central bank's governors, it also highlighted growing unease among the justices about the use of their ever-expanding emergency docket. Three of the four conservative justices who dissented in Monday's ruling involving the Fed's Lisa Cook also criticized the five justices who were in the majority for making such a consequential decision using the court's procedure designed for emergencies — and short-circuiting lower courts in ​the process. Jumpstart your morning with the latest...
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